Instalment Loans

Mr Lender offers instalment loans for customers looking to borrow between £200 and £1,000 for up to six months. Repayments are made on your scheduled pay date each month, and whilst the majority of instalment lenders allow repayment in equal monthly instalments, the feedback we received is that it is easier for borrowers to pay in decreasing amounts and this is exactly what we have done. So as your capital decreases, so does the interest owed as interest is charged only on the outstanding capital at the time.

As an example based on a loan of £300 over 3 months (based on 30 day periods), the instalments would be broken down as follows:
Month Capital Outstanding Capital repayment Interest Total instalment
1 £300.00 £100.00 £72.00 £172.00
2 £200.00 £100.00 £48.00 £148.00
3 £100.00 £100.00 £24.00 £124.00
Total £0.00 £300.00 £144.00 £444.00

Founded in 2009, Mr Lender has become a leading credit provider in the UK. We are a direct lender meaning that all applications made through our website will be processed in-house by our dedicated team.

There are no fees for applying on our website and provided that you have completed the application and passed the necessary affordability and creditworthiness checks, the funds can be transferred into your debit account within 1 hour of approval.

How do instalment loans work?

An instalment loan allows you to stagger your loan repayments in smaller, more affordable collections.

  • Pay in monthly instalments
  • Spread repayment over 6 months*
  • Repay smaller amounts each month

With payday loans, you will typically receive the loan in one lump sum but repaying the entire loan amount and interest on your next pay date in just a few weeks can sometimes put pressure on your finances.

With a more flexible instalment loan, you have the opportunity to spread your repayments over time, so there won’t be a rush to repay everything in full on your next pay date and you have more time to get your finances back on track.

With Mr Lender, you can choose exactly how many months you want your loan to be for and how many instalments you want to repay in. So if you want to repay over three, four, five or six instalments*, you can certainly do so.

How do the repayments work?

If your loan has been approved, you will schedule a date for your repayments to be collected each month. This is usually the date you receive your salary from work, as it is when you are likely to have money in your account.

All future repayments will be made on your agreed repayment date and taken automatically from your debit account. So there is no need to worry about setting up a direct debit, sending in a cheque or calling us every time you need to make a repayment as our system takes care of this.

The amount you owe each month will decrease during the loan term and if you find that you are in a position to repay early, you can do so at any point. By calling our customer service team or logging into the 'my account' section of the website, you can settle your accounts at any time.

Since your loan is based on a daily interest rate, repaying your loan earlier will mean your loan is open for less days and therefore the total amount you owe is less too.

How to apply with Mr Lender

Customers can apply for a Mr Lender loan through our online application form on desktop, mobile or tablet. Applicants will start by choosing how much they wish to borrow, how long for and their repayment date. Next, they will be required to provide details of their employment, monthly expenses, contact details and bank details.

To be eligible, borrowers must be aged 18 to 65, living in the UK, in employment earning a minimum of £600 per month and have a working debit card, mobile phone and email address.

Prior to funding, customers will be required to sign a loan agreement, which highlights all the terms including the loan amount and repayment dates. Instead of printing this off and sending it by post, we allow this agreement to be electronically signed using a code sent to your mobile phone and link sent to your email address.

During the underwriting process, we will review your affordability and consider how much you have requested to borrow and how much you can afford to repay. We may request a copy of your most recent pay-slip or bank statement as a proof of your income and this can be scanned and sent to us by email.

In addition, we will carry out a credit check using one of the UK’s main credit reference agencies. This allows us to get an idea of your previous credit history, how well you have paid previous loans and if you have any outstanding debts.

There may also be a phone call to the customer in order to confirm a few details. But provided that we have confirmed everything and your application has been successful, we can send the funds to your account within 1 hour.