Mr Lender: An Alternative to Payday Loans

Updated: July 28, 2024 Author:

Quick Answer Mr Lender is an alternative payday lender of high-cost short-term loans. Instead of a payday loan, they provide installment loans from £200 to £1,000, repayable over 3 to 6 months at a fixed rate APR of 292%.

What Does Mr Lender Do?

PDL Finance Ltd trades under the name of Mr Lender, offering short-term, high-cost loans to UK borrowers. Loans are up to a maximum of £1000 and typically start at £200. Repayments can be made over a 3–6-month period. 

Is Mr Lender a Legitimate Company?

Loan companies like Mr Lender can sometimes be disreputable, however, Mr Lender is legitimate, being registered with Companies House under company number 06738633 and registered with the FCA under number 673310. 

Is Mr Lender a Payday Loan Company?

Mr Lender loans are not described by the company itself as payday loans, however, they have some similar features. They are designed to be a short-term borrowing solution for periods of up to six months, and for amounts under £1000. Mr Lender top up loans are described by the company itself as being “Flexible short-term loans”. 

Would You Be Eligible for a Loan from Mr Lender?

The firm will offer short-term loans to people who are resident in the UK, aged between 18 and 64 years of age, and have part or full-time employment with a regular income of a minimum of £600 net each month. They must also have a debit card linked to the account into which the funds will be transferred. While Mr Lender will usually lend money to people with poor credit scores, they will not offer loans to anyone who has had a CCJ in the past 3 years, who is bankrupt or has an IVA.

What Do Mr Lender Reviews Say?

In general, Mr Lender reviews are very positive. Borrowers report that they are able to secure the funds they need even when they have a poor credit history or previous financial problems. Decisions are made quickly and the application process is said to be stress-free and straightforward. However, it is important to bear in mind that, as with any lender, you should think carefully before borrowing money and ensure that you are able to afford the repayments before making an application, as defaulting on the loan could lower your credit score and potentially even lead to a CCJ in the worst-case scenario. 

What Are Mr Lender APRs?

As with most short-term, payday-style lenders, you can expect Mr Lender APRs to be high. Interest rates are fixed at 292% pa, or 1245.7% APR. That equates to an interest rate of 0.80% per day. 

With those figures in mind, if you borrow £500 over a six-month period, you will end up paying back a total of £920. If you are borrowing £200 over a three-month period, you’ll have to repay £284.80 altogether. 

While these interest rates make Mr Lender one of the more affordable short-term lenders in the market right now, this is quite a significant amount of interest, and this must be borne in mind when borrowing from this type of lender. 

How Do I Contact Mr Lender?

You can contact Mr Lender by calling 0208 532 1969 or by emailing the company at customerservices@mrlender.co.uk. Their postal address is PO Box 366, Loughton, Essex, IG10 9EW.

You can call Mr Lender during the office hours of 8 am – 6.30 pm on Mondays to Fridays, and 8 am – 3.30 pm on weekends.