Frequently Asked Questions

Below is a selection of the most popular questions, which we are often asked by customers.
If you need to know something that is not answered below, please do not hesitate to contact us on 0208-532-5022 or by completing our quick enquiry form.

Mr Lender is a leading UK-based short term credit provider. We help people out of short term financial difficulty by providing payday loans and instalment loans of between £200 and £1,000 to be repaid in a period from three to six months. As a responsible lender we are committed to providing a clear, trustworthy service to our customers. We pride ourselves in providing simple and straightforward access to money and great customer service.

Mr Lender is a trading name of PDL Finance Limited, Company Number 06738633. Registered Office 6th Floor, 25 Farringdon Street, London, EC4A 4AB, UK. PDL Finance Limited is authorised and regulated by the Financial Conduct Authority under registration number 673310. You can confirm our registration on the Financial Conduct Authority's website www.the-fca.org.uk or by contacting the Financial Conduct Authority on 0800 111 6768.

To apply for a loan with Mr Lender, you must be a UK resident between the ages of 18 and 65. You must be employed* and have a regular income of at least £600 (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 into. We will NOT lend to anyone with evidence of County Court Judgments (CCJs) within the last 3 years, Individual Voluntary Agreements (IVAs), or Bankruptcy. All applications are subject to credit checks and affordability assessments, and not everyone who applies will be offered a loan or the amount applied for. However, we will do our best to help.

*Full time or part time employment

If it’s the first time you’ve ever borrowed from Mr Lender, we may be able to lend you up to £500*. When you’ve paid back your loan, you may be able to increase the amount you can borrow should you apply for a subsequent loan. Please note, each time you apply for a loan with Mr Lender you will be subject to credit checks and affordability assessments in line with responsible lending criteria.

We do not encourage you to borrow more money. Our short term loans are usually repayable within a period from 3 to 6 months and would not be suited if you want to borrow over a longer period. Short term loans are not suitable for long-term borrowing and should only be used as a temporary solution. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

*Subject to exceptions specified in our Responsible lending procedure

Upon approval, your loan amount will be transferred into your bank account. The money usually reaches your account within an hour from approval.

We have tried to make the loan calculator as easy to use as possible.

Firstly, select how much money you’d like to borrow by moving the slider to the desired value or by typing in a figure where indicated. Next, choose the number of months you want to repay your loan over. Then tell us your pay frequency i.e. when you’re paid be it weekdays, or a certain day every month. Once you’ve done this, you’ll see the payment instalments clearly shown, telling you how much is due on which date(s). If you’re happy with the instalment amount(s) and total cost of the loan, and you've read the 'How It Works' section of this website, just click ‘Apply Now’.

Please note the loan calculator is an example only and you can change your mind regarding the amount and payment term 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 post or email. However, in some cases where application information can't be verified, we may get in touch to request supporting documentation.

We charge 0.80% per day for every £100 you borrow. You will never pay back more than double the amount that you have borrowed. For example, if you borrow £200 the most you will ever pay back in total will be £400.

Representative Example: Borrow £500 for 6 months, repay with 6 payments — payment 1: £203.33, payment 2: £183.33, payment 3: £163.33, payment 4: £143.33, payment 5: £123.34, payment 6: £103.34 . Rate of interest 0.80% per day on outstanding capital. Total repayable £920.00 (based on 30 day periods). Interest rate 292% per annum (fixed). Representative 1,248.5% APR.
Maximum APR 1,462.3%. Loan terms available between 3-6 months.

With a loan from Mr Lender, your monthly payments will decrease as you progress through the term of the loan. The capital you borrow is split equally over the term of the loan meaning the interest you pay will reduce with each instalment payment.

As an example based on a loan of £500 over 6 months, the instalments would be broken down as follows:

Capital outstanding Instalment amount Interest payable Total instalment
£500.00 £83.33 £120.00 £203.33
£416.67 £83.33 £100.00 £183.33
£333.34 £83.33 £80.00 £163.33
£250.01 £83.33 £60.00 £143.33
£166.68 £83.34 £40.00 £123.34
£83.34 £83.34 £20.00 £103.34
  £500.00 £420.00 £920.00

Representative Example: Borrow £500 for 6 months, repay with 6 payments — payment 1: £203.33, payment 2: £183.33, payment 3: £163.33, payment 4: £143.33, payment 5: £123.34, payment 6: £103.34 . Rate of interest 0.80% per day on outstanding capital. Total repayable £920.00 (based on 30 day periods). Interest rate 292% per annum (fixed). Representative 1,248.5% APR.
Maximum APR 1,462.3%. Loan terms available between 3-6 months.

We do not offer a deferral service. However, if you are facing financial difficulty please call our customer services team on 0208-532-5022 as soon as possible so that we can discuss your repayment options.

The Representative APR is the highest APR (Annual Percentage Rate) at which at least 51% of loans made through advertisements are written at. The display of this APR 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, you should read the question below about APRs, and how they are 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 materials and calculated according to a formula laid down The APR, or Annual Percentage Rate of Change, is required by law to be included on certain documents and promotional materials and calculated according to a formula laid down by regulations.

Essentially the APR looks at annualised charges and the formula used (which is quite complex), which means that really high APRs are often shown for very short term loans. They can therefore give a very 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 0.80% interest per day for every £100 borrowed while your loan is outstanding. Under price cap regulations, you will also never be required to repay more than twice the amount you originally borrowed.

Representative Example: Borrow £500 for 6 months, repay with 6 payments — payment 1: £203.33, payment 2: £183.33, payment 3: £163.33, payment 4: £143.33, payment 5: £123.34, payment 6: £103.34 . Rate of interest 0.80% per day on outstanding capital. Total repayable £920.00 (based on 30 day periods). Interest rate 292% per annum (fixed). Representative 1,248.5% APR.
Maximum APR 1,462.3%. Loan terms available between 3-6 months.

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 who applies. Representative 1,248.5% APR.

Yes, it will affect your credit history. When you repay a loan with us, your credit history is updated to confirm that you have repaid your debt. However if you do not pay back a loan this will also be reflected on your credit history.

We do not charge a fee if you are late making a payment, or if you miss a payment. If any payment is not made on its due date you will continue to accrue interest on the outstanding capital balance at the rate of your agreement until the date of actual payment. The borrowing rate is clearly explained in your agreement. If you are unable to pay what you owe us, we will suspend interest and charges and agree with you a repayment plan that you can afford and which suits your financial circumstances.

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.

Should you require any further assistance there are number of free debt counselling organisations who can also help you. These include:

If you find your circumstances have changed and you may not be able to make the required repayments on their due dates, please call us as soon as possible as we will always try to help find an amicable solution. If your due repayment fails and we don’t hear from you we will make attempts to contact you by a variety of methods including telephone, email and SMS.

If you don't respond to our attempts to contact you or if we cannot agree a reasonable outcome we will pass your account to a third party collections agency. This will be an external company who will contact you to obtain payment of your loan. They will have the necessary Financial Conduct Authority interim or full permission to carry on business in this area. We will always let you know if this happens, and give you the name of the agency your debt has been transferred to, but we hope you will work with us to resolve the situation before this action becomes necessary.

On the morning of each repayment date, we will debit your payment card with the agreed instalment amount. 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 your debit card provider. If you do contact your debit 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 your loan going into default.

We will make no more than two CPA attempts on the day each instalment falls due. In the event that the two attempts are not successful and you call us on the day, we will arrange a one-off payment with you to settle the outstanding instalment. This is outside of the CPA authority.

In the event that the two attempts are not successful and you do not call us on the day we will attempt to contact you by a variety of methods to remind you that the instalment remains outstanding and agree a suitable plan for repayment. This may involve a one-off payment, agreeing a repayment plan, and/or agreeing with you to use the CPA on subsequent instalments.

Yes, you can. You can repay your loan in full at any time by contacting a member of our customer service team by any of the following methods:

  • Email customer.services@mrlender.co.uk
  • Call 0208-532-5022
  • Write to us at Suite 105W, Sterling House, Langston Road, Loughton, IG10 3TS
  • Log in to your Mr Lender account to pay online at any time

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 or by calling 0208-532-5022 and requesting to speak to our customer service team. .

We will acknowledge your complaint promptly and send a notification letter or email within five working days, and review it in line with the Financial Conduct Authority’s Dispute Resolution rules. We are committed to provide the best possible outcome however, should you feel dissatisfied with our final response you can refer your complaint to the Financial Ombudsman Service within 6 months of our final response to your complaint.

If we have not issued you with a final response within eight (8) weeks, you have the right to have your complaint dealt with by the Financial Ombudsman Service (“FOS”).

You may write to FOS at the following address: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR, or refer to their website at Exchange Tower, London, E14 9SR, or call 0800 023 4567 or email complaint.info@financial-ombudsman.org.uk

You may also submit your complaint for conciliation to our Trade Association, the Consumer Credit Trade Association ("CCTA") by writing to them at the Chief Executive, Consumer Credit Trade Association, Airedale House, Aire Valley Business Park, Dowley Gap Lane, Bingley, West Yorkshire, BD16 1WA.

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.

You are also able to use the European Commission’s Online Dispute Resolution platform (ODR) which allows you to make a complaint about online purchases through the platform. This platform may be used to facilitate resolution of disputes and sits alongside our existing complaints procedure. For more information click here http://ec.europa.eu/consumers/odr/

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.

Unfortunately we are not able to fund everyone who applies with us. If you have given your express consent for us to pass on your details as described in the section titled 'who will we give your information to' of our privacy policy we may pass your details to our third party introducer who may be able to facilitate other loan options for you. In this regard Mr Lender is acting as an introducer and we have permission from the Financial Conduct Authority to undertake credit brokerage.

PDL Finance Limited (t/a Mr Lender) currently works with Quint who are a third party introducer and when we pass on your details to them we may receive a commission for this.

We carry out due diligence on our partners to ensure they treat customers fairly and maintain standards of compliance. This includes ensuring, as far as possible, that customers are not directed to other introducer sites where up front fees may be charged.

Mr Lender does not pass your details directly to other lenders. The introducer who receives your details may work with a panel of lenders and you may receive multiple contacts by SMS, email or by other method. Multiple credit searches may also be carried out. Although Mr Lender has no influence over the lender panel with whom the introducer works with, we will always seek reasonable confirmations from the introducer as described above.

In accordance with the requirements of Part 4 of the Payday Lending Market Investigation Order 2015, effective from 13 August 2016, Mr Lender must ensure that we provide our customers with a summary of the cost of borrowing. This summary is made available to you when:

  • You settle the balance of your loan with us; or
  • Your account with us is closed as a result of default or forbearance; or
  • Three months have passed since you last made a payment to us and we have not closed your account.

Your summary is made available to you at the latest within one working day of the event described above taking place and you will receive a notification email informing you of this.