Read This MrLender.com Review Prior To Applying To Them
This article is not a general introduction into payday lending, but an informed overview on borrowing from Mr Lender, its advantages and disadvantages and we also compare it against other UK loan providers to offer you a better overview on the matter. So this is obviously a review on Mr Lender.
You can get a same day loan from Mr Lender for a maximum of 1 month, which is similar to all other payday lenders. The amount of money you can borrow varies from 10 to 750, note however that as a first-time customer, you can only borrow up to 500. This brings us to one of the upsides of borrowing from Mr Lender: you can take out a loan as little as 10 which is one of the smallest amount among UK payday lenders. Also, the first-time loan of up to 500 is higher compared to most other companies. In fact the only lender that gives out loans exceeding 500 for new customers is Quick Quid.
They promise an APR of 1990% which you will notice looking at a comparison table, the link of which I’ll provide at the end, is one of the cheapest among UK payday lenders. Looking solely at the APR does not paint a complete picture though as certain costs that are characteristic to such short-term loans can somewhat blow up the price. One typical extra expense occurs when you wish to have a same day transfer of the loan. This is where the said comparison table comes in handy as it takes everything into account when comparing the 3 columns titled: Repayable on 100.
But if you cannot be bothered to go view the comparison table I can give you some facts here. Mr Lender is one of the cheapest lenders even when all costs are taken into consideration. Only Quick Quid and Wonga are cheaper than Mr Lender if you need to borrow up to 30 days with a same day transfer included. Speed-e-loans is cheaper by 5 pence, but only marginally so.
One of the only disadvantages with them is the 5 quid administration fee they charge on all of their loans. In fact they are almost the only lender that do so. Despite this they still pull off a very competitive overall price. And as we learned from above, you have to consider the full cost of loans to get the clear picture when comparing different lenders.
A great thing with Mr Lender is that they are one of the few payday lenders that are able to accept your loan application without requiring a credit check or any documents faxed to them. This is helpful should you have a poor credit rating or in case you want a payday loan in as little time as possible.
Mr Lender have a high accept rate and this is partly due to the fact that they consider applications from both part-time and full-time employees and also from the self-employed. In fact if you can prove that you have regular income and if it is paid into your bank account then you have a chance of being approved for a fast loan.
This Mr Lender review, that has hopefully provided you with the necessary information for your decision, was put together by our team at whichpaydaylender.co.uk, the site that has the comparison table that was mentioned above. To conclude, the biggest downside is the 5 admin fee they charge for all their loans. The advantages of choosing Mr Lender include a cheaper price for a loan for up to 1 month with same day transfer, no credit checks and no need to fax in documents.
Want to Find Out More? Get A Free Professionally Written Review for MrLender.com At WhichPaydayLender.co.uk.