Frequently Asked Questions

Below are a selection of the most popular questions which I am often asked.
If you need to know something that is not answered below, please do not hesitate to contact me or phone 0208-502-1288*

He likes to help people out of short-term financial difficulty by providing loans of between £80 and £500 that will generally be repaid within 30 days.

He brings a trustworthy, reliable and friendly face to payday loans. Born and bred in Britain, Mr Lender has dedicated his life to providing simple and straightforward access to money and great customer service.

(Mr Lender is a trademark of PDL Finance Limited © Copyright PDL Finance Limited, Trading as Mr Lender. Company Number 06738633. Registered Office Galley House, Moon Lane, EN5 5YL CCL Number 623787 DP: Z1575177)

We carry out credit checks and affordability assessments on each loan application. You must be over the age of 20 at the time of applying, be in full time employment and have a regular income of £800 (net) per month. You must also own a valid debit card that is linked to the bank account that you would like us to transfer your money in to. We will NOT lend to any customers that have any evidence of CCJs, IVAs or Bankruptcy.

If it is the first time you have ever borrowed from Mr Lender he may be able to lend you up to £500. When you pay back a payday loan he may be able to increase the amount you can borrow the next time. Please note, each time you apply for a loan with Mr Lender you will be subject to credit checks and affordability check in line with responsible lending criteria.

We do not encourage you to borrow more money. Our short-term loans are usually repayable within 30 days and would not be suited if you wished to borrow over a longer period. A payday loan from Mr Lender should just be used to help you out of an unexpected financial situation until you next get paid. Payday loans are not suitable for long-term borrowing and should only be used as a short-term financial solution.

Upon approval, he will transfer the money into your bank account. There is a fee of £10 for a same day bank transfer and this will be deducted from the loan amount that he lends you should you choose the same day transfer option. The money usually reaches your account within an hour from approval. If you don't want to pay the same day transfer fee, you can have the funds deposited free of charge and within 72 hours..

We have tried to make the loan tool as easy to use as possible. Firstly, please select how much money you wish to borrow by moving the sliders to the correct value or by typing in a figure where indicated. Once you have selected the amount you wish to borrow, please select your next pay date by moving the sliders to the correct date. The total amount repayable will automatically be calculated including any discounts. Once the values are correct, click Apply Now. Please note the loan tool is an example only and you can change your mind when you apply.

We try to keep the loan application process as paperless and hassle free as possible so in most cases, there is no need to send any documents to us via fax or post. However, in some cases where application information can't be verified, we will be in touch to request that you provide us with supporting documentation.

He charges up to £35 for every £100 you borrow, the total amount payable on £100 borrowed will be £135. There is also an administration fee of £7 and same day bank transfer fee of £10 (optional if you require the funds the same day). If you have been accepted for a loan of £100 loan, you will receive £83 to your bank account as the administration fee and same day bank transfer fee (if applicable) will be deducted from your loan amount.

We may be prepared to roll over your loan, subject to our discretion, further assessment and in line with our responsible lending guidelines. A diferral request must be made by you and you must repay the outstanding interest and any accrued fees before a diferral will be agreed. We will carry out a sound, proper and appropriate affordability assessment before the term of the loan is extended. Payday Loans are only suited to very short-term lending.

The Representative APR is the highest APR at which at least 51% of loans made through the advertisement are written at, this percentage is prescribed by regulations. This means that you can be sure that Mr Lender is being transparent in showing you, in terms of the APR, a percentage that is representative of the loans made.

However, see our FAQ below on APR as an unsatisfactory measure for comparison and actual cost of short term loans.

The APR, or Annual Percentage rate of Change, is required by law to be included on certain documents and promotional metarials and calculated according to a formula laid down by regulations.

Essentially the APR looks at annualized charges and the formula used (which is quite complex) means that really high APRs are often shown for very short term loans and they can give a distorted impression of what the interest charge applied to your loan really is.

We would recommend that you always look at the total amount repayable, and how long you can have the loan for as well to help you compare offers. You should always remember that with Mr Lender you will never pay more than £35 per £100 borrowed per period in interest on a single period loan.

Yes you can. We consider all circumstances of credit history, however we cannot guarantee that we will be able to offer a loan to everyone that applies.

The answer is simply, YES IT WILL - in either a positive or negative way. When you repay a loan, he will update your credit history with confirmation that you have settled your debt which may make you more desirable lending proposition to other lending institutions. If however you do not pay back a loan to Mr Lender, he will show this on your credit history making it more difficult for you to obtain credit in the future.

If you think you may struggle to pay back your loan, you MUST contact us at least 24 hours prior to the repayment date with details as to why you may have problems repaying the loan. We understand that from time to time the unexpected may occur and we will review your situation on an individual basis.

If Mr Lender decides that it is genuinely in your best interest, we may agree to an extension or a new repayment plan over the weeks that follow. An extension would be a charge of another months interest. We may be prepared to extend your loan, subject to our discretion, further assessment and in line with our responsible lending guidelines. A diferral request must be made by you and you must repay the outstanding interest and any accrued fees before a diferral will be agreed. We will carry out a sound, proper and appropriate affordability assessment before the term of the loan is extended.

You must always assume that we will try to collect your repayment on the specified agreement date unless you have received confirmation from us that we are willing to extend the period for repayment. Please do not take a loan from Mr Lender if you do not think you can repay it on the repayment date. Doing so may result in your credit history, extra administrative and recovery costs and other serious consequences.

If you fail to make a repayment on the due date we shall charge you a late payment fee of £20. Unless we have agreed that you may defer making payment the following fees will be charged. If we have to write to you regarding your non-payment we will charge you a fee of £20. If we have to serve you with a default notice we will charge you a fee of £20. If any payment is not paid on its due date, then you will be liable to pay us interest calculated on the overdue amount at the borrowing rate until the date of actual payment. We will suspend interest and charges if you are unable to pay what you owe us in full but give us a repayment plan which is reasonable and acceptable to us, or after a maximum of 60 days after non-payment.

Should you require any further assisstance there are number of free debt counselling organisations who can also help you, these include:

On the morning of your repayment date, we will debit your payment card with the full balance outstanding from your loan. You grant us permission to debit all sums due using continuous payment authority charged to the debit card to which the authority relates.

A continuous payment authority (CPA) is a type of regular automatic payment that authorises us to withdraw sums from your account without having to seek repeat authorisation for each payment. Use of CPA is fully explained to you throughout our application process. Once agreed by you CPA is used to collect payments however, it is important to us that you are made fully aware of the commitment you are making when applying for and accepting a short-term loan with us.

You can cancel the authority by contacting either us on 0208 532 5022 or the debit or credit card provider. If you do contact your debit or credit card provider then you should tell us. If you cancel you will still owe any outstanding debt and will need to provide us with an alternative method of repayment on the due date to avoid going into default.

Yes you can. You can repay your loan in full at any time by giving notice to us, either in writing or orally. If you want to settle in full you will need to tell us the date on which you want to settle the loan. We will then send you a statement showing what you must pay, after deducting any rebate to which you are entitled. If you want to settle part of the agreement, once we have received your payment we will work out any rebate to which you are entitled, apply it to your loan amount and recalculate your repayments. If you make a partial early settlement you may ask us to send you a statement.

If you have a complaint about our service then you should contact us at complaints@mrlender.co.uk.

We will acknowledge the complaint within five working days and review it under the Consumer Credit Trade Association's complaint handling procedures. We are committed to provide the best possible outcome however, should you feel dissatisfied with our final response you may refer your complaint to our Trade Association, the Consumer Credit Trade Association ("CCTA") by writing to them at the Chief Executive, Consumer Credit Trade Association, Suite 4 The Wave, 1 View Croft Road, Shipley, West Yorkshire, BD17 7DU.

If your complaint has not been resolved to your satisfaction within eight (8) weeks, you may have a right to have your complaint dealt with by the Financial Ombudsman Service (“FOS”). To do so, you should contact FOS within 6 months of our final response to your complaint. You may write to FOS at the following address: The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR, or refer to their website at http://www.financial-ombudsman.org.uk/ or calling 0800 023 4567 or emailing complaint.info@financial-ombudsman.org.uk.

Your right to complain to FOS is independent of your right to take your complaint to the CCTA. You are not required to approach the CCTA before FOS.

Further sources of information and advice that are freely available to you, include local trading standards and the Citizens Advice Bureau – www.adviceguide.org.uk. To find your local office, look in your phonebook.

Please follow the link to get more details about complaints procedure.