Pay Day Loan Lender – MrLender.com Review
I guess that as you are looking at our Mr Lender review then you have probably already decided to take out a payday loan so I will not bore you about how they work. What I will do instead is dive straight into some details of how this particular UK lender works. I will also describe its advantages and disadvantages and where possible do this by comparing it against other lenders so you can clearly see what they are.
Mr Lender, like all the payday lenders, allows you to take out short-term loans for up to 1 month. The amount of money that you can borrow starts from 10, which is one of the smallest amounts you can borrow from these type of lenders – an option that could prove to be quite useful. The maximum amount you can borrow with Mr Lender is 750. This is valid only in case you are a repeat customer. For first-time lenders the maximum amount available is 500. Note that this sum is higher compared to other lenders on the market. The only company that offers loans higher than 500 to their first time borrowers is Quick Quid.
You will notice by looking at a comparison table – link below – at an APR of 1990%, Mr Lender is one of the better-value lenders in the UK. However, only comparing the APRs of different lenders does not give you all the information about the cost of loans. For example, requiring a same day transfer could add to the cost of borrowing. It is precisely this that makes the said comparison site so useful: in the 3 columns titled ‘Repayable on 100′ it provides you with the comprehensive cost of a 100 loan from each of the UK lenders.
If you do not want to consult the comparison site, I’ll provide you with some facts here. Even when taking into account all of the costs involved, Mr Lender is one of the cheapest options. When you require a loan for 30 days with same day transfer, only Quick Quid and Wonga are better value. There is also Speed-e-loans, but that is only cheaper by 5 pence.
One downside of borrowing from Mr Lender is the 5 administration fee they charge on all of their loans. In fact they are almost the only lender that do so. Despite this they still pull off a very competitive overall price. And as we learned from above, you have to consider the full cost of loans to get the clear picture when comparing different lenders.
Another big advantage is that it is one of the few lenders that can approve you without needing documents faxed in and without credit checking you. This is ideal for those with poor credit ratings and for those that want an instant payday loan.
They accept applications from full- and part-time employees, as well as the self-employed, this makes for a high acceptance rate. The main thing really is to prove that you have regular income which is deposited into your bank account: this way your loan application stands a good chance of being approved.
This review of Mr Lender has been written by the Team at WhichPaydayLender and we sincerely hope that it aids you in your decision making. Just to summarise, Mr Lender has many advantages including that you do not always need to fax in documentation or have a great credit rating as they do not check you. They are also one of the cheapest lenders if you need a loan for up to 30 days and with a same day funding. Main disadvantage is that they charge a 5 admin fee on all their loans.
Want A Fully Comprehensive Report On UK Lender Requirements? Then I Suggest Looking Into Our MrLender.com Review. Download A Mr Lender Payday Loans Review at www.whichpaydaylender.co.uk. UK Loan Lender Comparison Is Also Possible At This Site.
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