The content below is not a brief 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 Mr Lender review.
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 advertise an APR of 1990% and if you see the comparison table below (link also provided below) you will see that with this APR they are one of the cheapest lenders in the UK. However, on such short-term loans certain costs can inflate the APR so this is not the best measure to compare loans. Depending on whether you want a same day transfer of funds or not can have a huge impact on the APR, but fortunately the said comparison table takes all of this into account as you will see when you compare the 3 columns labelled ‘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.
As a disadvantage, unlike most other lenders, Mr Lender charges an admin fee of 5 on all the loans they offer. Regardless of this, they still have one of the lowest overall prices on the money they lend out and I have stressed the importance of taking into account all of the possible costs when comparing different companies for payday loans.
One other advantage is that it is one of the few lenders that can approve you without needing documents faxed in and without credit checking you. This is ideal for those with poor credit ratings and for those that want an instant payday loan.
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.
We at WhichPaydayLender.co.uk sincerely hope that this review on Mr Lender has proved to be useful for you in making an informed decision. To sum up, the advantages of Mr Lender are better-value loans for up to 1 month with same day transfer, no need to fax in documents and no credit checks. The main disadvantage is, of course, that admin fee of 5 charged on all loans.
Want A Fully Comprehensive Report On Loan Lender Requirements? Then I Recommend Our MrLender.com Review. Get A Mr Lender Payday Loans Review at www.whichpaydaylender.co.uk. You Can Also Compare All UK Lenders At This Site.
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