Mr Lender allows you to borrow between £200 and £1,000, repayable over 6 months, but new users are limited to a max of £500.
Short-term loans can be a good option for handling urgent needs, with most providers rendering fast responses to ensure you get the funds quickly.
With a growing list of direct lenders in the UK, you will likely get one that works for you, including with fair to bad credit scores, as eligibility criteria differ per company.
Mr Lender
Max. Amount
£1,000
Credit Check
Yes
Type
Loan
Tip: Its starter loan amount is £200 if you qualify after its eligibility check, with the maximum accessible funds being £1,000.
Mr Lender is another popular option when it comes to payday loans in the UK, with the platform allowing plans that include 3 to 6 months.
It works very similarly to Moneyboat, as both share the same minimum loan amount of £200, but its highest of £1,000 makes it lower.
The platform charges 0.80% on unpaid balances daily, just like many of the direct lending providers. This means that you save by repaying the complete funds very early.
If it is your first time interested in a short-term loan with MrLender, the maximum you can borrow is £500.
For regular users of its service, there is up to £1,000, but this depends on previous loans and how responsible you were with repayments.
Every time you apply for financing with Mr Lender, the platform will conduct an inquiry that can have an impact on your credit score. This also applies to existing users.
Its requirements are basic, with the provider able to consider your request if you are employed with a minimum monthly income of £800 and a debit card for repayments.
The service is for short-term needs, with the maximum term being 6 months. If you prefer a long-term contract, you may consider alternatives like Drafty and any other credit providers.
How Mr Lender Loans Works
Mr Lender offers short-term loans designed to provide flexibility and put you in control. The process is straightforward and easy to follow.
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Choose Your Loan Amount and Duration
Use the loan calculator to select the amount you want to borrow, from £200 to £1,000 (first-time borrowers are limited to £500). You can also choose the repayment term, which ranges from three to six months. The calculator will provide a clear breakdown of your repayment schedule, including the cost of each instalment and the total amount repayable. If you are satisfied with the terms, you can proceed by clicking Apply Now. -
Credit Checks and Decision
After submitting your application, Mr Lender will check your credit history, assess your financial details, and perform an affordability evaluation. This ensures the loan is suitable for you. Keep in mind that the decision is provisional until all your information is verified. -
Receive Your Funds
Once your loan is approved and all information is confirmed, the funds will be transferred to your account.
Requirements for Mr Lender Loans
To be eligible for a loan with Mr Lender, you must meet the following requirements:
- Be a UK resident and at least 18 years old
- Be employed with a regular net income of at least £800 per month
- Have an active mobile phone number and a personal email address
- Own a valid debit card linked to the bank account where the loan funds will be transferred
- Not have any County Court Judgements (CCJs) within the last three years, Individual Voluntary Agreements (IVAs), or cases of bankruptcy
All applications are subject to credit checks and affordability assessments to ensure responsible lending.
Features of the Mr Lender Loans
Below are some of the things you should know before taking a loan from Mr Lender:
Daily Interest Rate of 0.80%
The platform charges a daily interest rate of 0.80% on unpaid balances, which is standard among many direct lenders.
This structure allows you to save money if you repay the loan in full earlier, as the interest accumulates daily based on the outstanding balance.
First-Time Borrowing Limit
For first-time borrowers, the maximum loan amount you can request is £500.
This limit ensures that initial loans remain manageable and helps you build trust with the lender.
Higher Limits for Returning Customers
If you are a regular user of Mr Lender’s service and have a good repayment history, you may qualify for loans up to £1,000.
This higher limit reflects the platform’s confidence in your ability to manage your financial obligations responsibly.
Impact of Credit Inquiries
Each time you apply for a loan using the service, the platform conducts a credit check.
This inquiry can have an effect on your credit score, regardless of whether you are a new or returning borrower, as part of the responsible lending process.
Basic Eligibility Requirements
The eligibility requirements for its loans are straightforward. You must be employed with a net monthly income of at least £800 and possess a valid debit card linked to your bank account.
These basic criteria ensure that loans are offered to those who can demonstrate their ability to repay.
Short-Term Loan Duration
Its loans are designed to address short-term financial needs, with a repayment period of up to six months.
If you are seeking a longer-term borrowing solution, you may need to explore alternatives such as Drafty or other credit providers better suited to extended repayment terms.
Loan Disbursement Upon Approval
Once your loan is approved, the funds are transferred directly to your bank account.
This ensures quick access to the money, allowing you to address your short-term financial needs without unnecessary delays.
FCA Approval and Licensing
Mr Lender is the trading name of PDL Finance Limited, which is authorized and regulated by the Financial Conduct Authority (FCA) under reference number 673310.
This regulation highlights the company’s adherence to responsible lending practices and industry standards, ensuring its legitimacy and providing borrowers with confidence in the service.
No Late Payment Fees
Unlike some competitors, such as Moneyboat, the platform does not charge late payment fees.
This policy reduces additional financial strain on borrowers who might experience unforeseen delays in repayments, although timely payment remains crucial to avoid further interest accrual and potential credit score impact.
How Long It Takes Mr Lender to Approve
The actual time for approval can vary based on how quickly you provide any additional information or documentation required to process your application.
Mr Lender strives to provide a quick and efficient approval process for short-term loans. Once you submit your application, it undergoes a series of checks, including credit history reviews and affordability assessments, to ensure responsible lending.
If your application is approved, the decision is often made swiftly, and the funds are typically transferred into your bank account within an hour of approval.
With transparent terms, no late payment fees, and an FCA-approved framework, the platform is designed to offer borrowers flexibility and peace of mind.
However, it is essential to borrow responsibly and understand the impact of interest and credit inquiries on your financial health.
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