Payday Loans explained

At Mr Lender we understand that sometimes the demands of modern life can’t wait until payday. Our flexible payday loans put you, our customer in control. We offer fast loans ranging from £200 to £1,000*. To find out how much you could be eligible to borrow, please use our loan calculator. Although our loans are fast, our checks are thorough.

A short term payday loan with Mr Lender makes managing your loan even easier. Not only are payments spread over the duration of your loan, the amount due each month also decreases as interest is only charged on the outstanding capital balance. This is to make the loan more affordable and manageable – helping you to get back on your feet and in control of your finances.

You can find out more about how our repayments work here. Even if you think you have bad credit, that may not be the case so you can still apply for a loan with us; we have stringent creditworthiness and affordability assessments and we only lend to people who are able to pay us back. You can find out more about our lending process here.

When you take out a loan with Mr Lender, you can be sure that you’ll not be charged any fees or face any penalties for early repayments and despite some other lenders charging up to £15 for a missed payment, we do not charge a late fee. The interest rate we charge is capped by the Financial Conduct Authority (FCA) at a maximum of 0.8% per day on the capital outstanding and you can find us on the Financial Services Register here.

What is a payday loan?

Pay day loans have developed throughout the years. They were previously classified as small loans which would be paid back in full at your next payday. However, they now are more commonly referred to by most providers as a short term loan, spread over multiple months resulting in a more manageable repayment plan.

These loans can be useful for those urgent, unexpected situations which your usual salary or savings wouldn’t be able to initially cover. Common reasons for a payday loan include car repairs, boiler failure and other emergency home maintenance.

Mr Lender are proud to be one of the longest-running short term loan providers in the UK and we’ve won multiple awards in recognition for our responsible lending and excellent customer service.

Why choose us

Mr Lender has a strong reputation as a leading provider of credit and in particular, for outstanding customer service.

There are a lot of lenders out there to choose from, and the below are just some of the reasons why you should choose us:

  • We are a direct lender with over 33,000 positive reviews on, Trust Pilot and Google.
  • Mr Lender has been around for over 10 years.
  • Winner of multiple awards year on year.
  • Outstanding customer service.
  • No up front costs or late fees.
  • Our UK based call centre is open 7 days a week.
  • Login at any time and manage your account.
  • The money could be with you the same day.

Things to consider before applying:

To be eligible to apply for a payday loan with Mr Lender, applicants must meet the following criteria:


UK resident


Employed (part time or full-time) with a net income of at least £800 per month


At least 18 years of age


Valid debit card


Working mobile phone


Email address

  • UK resident
  • At least 18 years of age
  • Employed (part time or full-time) with a net income of at least £800 per month
  • Valid debit card
  • Working mobile phone
  • Email address

You must own a valid debit card that is linked to the bank account that you would like us to transfer your money into and take repayments from - which must also be the bank account your salary is paid into.

As a responsible lender 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 employment checks, credit checks and affordability assessments, and not everyone who applies will be offered a loan or the amount applied for. For more information, read about the checks we carry out.

Your credit history

As a responsible lender, we’ll complete various checks to make sure the loan is affordable and that you’ll be able to keep up with the repayments. This includes performing a credit check to assess your credit history. You can check your credit file before applying for a loan by using agencies such as Clear Score, Experian and TransUnion.

APR explained

The Annual Percentage Rate of Charge (APR) is not the flat interest rate applied to the loan, and the APR is high because it’s calculated as though the loan is being taken out for an entire year – this explains why it might seem higher than other credit product options, because our loans last just a few months.

The 'representative' APR is the highest rate that is offered to at least 51% of customers that are successfully funded. The rate you are charged may vary due to the length of the loan or your individual circumstances and affordability.

Direct lender vs broker

With Mr Lender, you can be certain that you’ll be dealing with us directly with no ‘middle-man’. As a direct lender, we personally process each application on an individual basis and all correspondence will be made directly.

You can apply for a Mr Lender loan in confidence, knowing that you’ll never be charged any application fees. You’ll only ever be contacted by us directly via emails, SMS or phone calls. Find out more about applying for a Mr Lender loan here.

If applying for a loan elsewhere with a company identifying as a ‘loan providing service’, this could mean they are a broker. FCA regulations also mean brokers must make it clear that they are brokers and not a direct lender.

Be aware of brokers who promise to approve a loan before the application process is complete as these could potentially be fraudulent companies. For peace of mind, it’s always a good idea to check a company’s customer reviews before applying as this can give a good indication of their reputation. Additionally, you can also check they are authorised by searching for them on the Financial Services Register.

Repay early at any time

Taking a loan with Mr Lender should be flexible, and we understand that everyone’s financial positions can change quickly so we’re proud to offer our customers the opportunity to repay their loans early with no penalties or additional fees.

So, if you find that you are in a better financial position than you thought, you can simply call us or log into your my account page and clear your outstanding balance. It will also be cheaper to do this as we only charge you the daily interest on the outstanding balance. Therefore, if you initially took the loan for six months and you want to pay back after three months, you will only be charged the interest for the period you borrowed over.

You can also make a partial capital payment at any time, which will help to reduce the interest you will pay overall.

What happens if I can’t make a payment

We all know what it is like when life throws a curved ball; just give us a call and let us know the situation. Don’t panic - but also don’t hide from your creditors. If your account falls into arrears and you have not made an arrangement with us, daily interest will continue to be applied to your account and this can lead to your balance increasing. Failing to repay on time can also negatively impact your credit file which can make it harder to access finance in the future. Mr Lender is a fair, responsible lender and treating our customers fairly is at the forefront of all we do. We will work hard to find a suitable solution for you based on your circumstances. You can find out more information here.

If you are financially struggling, you can contact any of the following companies for free debt advice:, or

Keep up to date with Mr Lender

We are very active on social media, you can find out more on our Facebook, Instagram and Twitter pages. Also be sure to check our blog for regular finance-related stories, information and money saving tips. If you have any further questions regarding a loan application, you can contact us by email or feel free to give us a call on 0208-532-1969 (Mon - Fri 8am - 6:30pm,Sat - Sun 8am - 3:30pm).

Warning: Late repayment can cause you serious money problems. For help, go to

*First time borrowing limited to £500.