Mr Lender Loans Review

Not everyone can live within their paycheck; at least not always. Now and then, you will find yourself with an emergency that you had not planned for. Consequently, you might need to spend a substantial amount of money. Mr Lender is one of the many lending services in the UK that gladly come to your rescue in such seasons.

Mr Lender is a reputable financial company under the FCA board in the UK and has received at least two awards for its outstanding services. However, before you decide on whether you will require its services, it is advisable to have a clear understanding of what you are in for.

Mr Lender Loan Service

Mr Lender only offers loan services. Its two main products are Payday loans and Short-Term loans. Payday loans are loan services with the shortest payment period. They cover people who may need a quick fix within the month. The customer is thus expected to pay the loan in full the next time they receive their monthly pay plus the interest. It lasts for a few weeks.

On the other hand, short term loans allow you to repay over three to six months. They are better compared to payday loans as they allow you to pay your loan in smaller instalments. The difference between Mr Lender’s short-term loans and other loans is that instalments are planned in a decreasing order which encourages a customer to make their payments when they are supposed to.

How Mr Lender Works

Loan limits here range from £200 to £1000. However, for first-time applicants, you will only be allowed to borrow from £200 to £500. Your loan limit then increases once you clear the first loan promptly.

The loan is then distributed between the number of months you agree to pay in three to six months. You can see the amount payable per month as calculated by the loan calculator on your Mr Lender account screen. You can as well use the calculator to see much you will be required to pay for any loan choice you have before you decide on whether to take the loan or a lesser amount.

All loan applications are done online via Mr Lender’s app, and then you wait for about an hour before you get approved. When need be, loan accessors will call you for more clarification. The team at Mr Lender will run a credit check and use financial experts to get all the information they need before they can sign you as an eligible borrower.

If you have a poor credit score, you will probably not qualify for a loan with Mr Lender. Also, it would be best if you were employed or have a stable source of income before you can be eligible for any amount of loan. In case you feel that your application was not handled well, you can always call their customer care team for clarifications.

In summary, for you to eligible for a Mr Lender loan, you need to match the following criteria:

  • Must be an adult of at least 18 years and above.
  • Have to be a UK resident
  • Must be employed either on a full time or part-time basis
  • Must be earning at least £600 per month
  • Must have a reliable phone number and personal email address
  • Must have a good credit score, no record of bankruptcy in the last three years.
  • No record of Individual Voluntary Agreements and County Court Judgements.

Pros and Cons of Mr Lender

Some of the advantages of using Mr Lender Include:

1. There are no upfront fees on your loans and no late repayment charges as well.

2. Using the Mr Lender App is simple and first. You only need to talk to a loan advisor when your loan processing process is complicated.

3. Repayment options are flexible, and the interest rate keeps decreasing after every payment. It is because the interest is recalculated after every payment.

4. Mr Lender is open for business even on weekends as the service providers understand that emergencies come with no notice.

5. You can make full payment as soon as your able to. You can also use direct deposits and checks, which is quite convenient.

6. You can change your repayment date by speaking to a customer care agent if you were not able to make your payment on time.

7. He customer care team is quite friendly and do not mind answering your questions any time you call. They will also advise you on what to do in case you did not qualify for a loan the first time you applied.

8. It is safe as the platform uses encryption to store customers’ data. The FCA also regulates it. Meaning that any member of the public in the UK can trust its legitimacy.

However, Mr Lender Also has its disadvantages. They include:

1. You will have to go through a thorough assessment before you are eligible for any loan. Any case of poor credit takes away the chances of you qualifying for a loan with Mr Lender.

2. The loan limit is quite low compared to other personal loan services. It is also only a short- term loan, a maximum of 6 months, so not a good option if you need a higher amount for a longer time.

FAQ

The lender is a paperless loan service provider. You, therefore, do not need to send in any document when applying for a loan.

Customer care as soon as possible so they can help you push your repayment date forward.

You can clear your balance earlier than the dates given on your account.