Payday Loan Information - FAQ's From Mr Lender

REPRESENTATIVE EXAMPLE

Rate of Interest: 30% (fixed)
Loan Amount: £300
Admin Fee:* £7
Same Day Funds:* £10
Duration of agreement: 30 days
Total amount payayble: £390
* Admin fee and same day transfer fee (if required) is deducted from the loan amount.

Who is Mr Lender? What criteria do I need to be approved for a payday loan? How much money can I borrow? How long until the money is transferred into my bank account? How do I use the payday loan tool on the home page / loan tool page? Am I required to send any documents or fax any documents to apply for a payday loan? How much will a payday loan cost me? Can I defer my Loan? What does ‘Typical APR’ mean? Can I apply for a payday loan if I do not have a good credit history? Will a payday loan affect my credit history? What happens if I struggle to pay back the loan or I cannot repay back the loan? How do I pay back my payday loan? Can I pay back my loan early? How can I make a complaint?

Who is Mr Lender?

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 623787/1. DP: Z1575177)

What criteria do I need to be approved for a payday loan? To qualify for a loan, you must be over the age of 20 at the time of applying, be in full time employment and you must have a regular income of £800 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.

How much money can I borrow?

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.

How long until the money is transferred into my bank account? 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.

How do I use the payday loan tool on the home page / loan tool page? 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.

Am I required to send any documents or fax any documents to apply for a payday loan? 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.

How much will a loan cost me? He charges up to £35 for every £100 you borrow. 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.

Can I defer my Loan? We may be prepared to roll over your loan, subject to our discretion, further assesment and in line with our responsible lending guidelines. Payday Loans are only suited to very short term lending.

What does ‘Typical APR’ mean? This is the APR it will offer the majority of borrowers but not all. The 'Representative' APR will be offered to 51% or more of borrowers.

Can I apply for a loan if I do not have a good credit history? Yes you can. Anyone can apply for a loan.

Will a payday loan from Mr Lender affect my credit history? 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 making you a 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.

What happens if I struggle to pay back the loan or I cannot repay back the loan?

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.

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.

How do I pay back my loan? 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 or credit card to which the authority relates. 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. You will remain liable for all sums due under the agreement and will have to pay us by some other method.

Can I pay back my loan early? Yes you can. Paying back a loan early will only increase your status on the ‘Friendometer’ chart and improve your credit allowance in the future. You will never incorporate any fines for or hidden fees for early repayment of a loan. Just contact us to authorise immediate payment.

How can I make a complaint? 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.

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Mr Lender is a responsible lender: CCTA Code of Practice (2011) | Good Practice Customer Charter | CCTA Code of Practice Addendum

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

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