Same Day Loan Lender – MrLender.com Review
This article is not a general introduction into payday lending, but an informed overview on borrowing from Mr Lender, its advantages and disadvantages and we also compare it against other UK loan providers to offer you a better overview on the matter. So this is obviously a review on Mr Lender.
Just as most short-term loan companies, Mr Lender provides short-term loans for up to 1 month. The loans are small in size ranging from 10 to 750, although as a first-time borrower with this company you can only get up to 500. Two advantages to mention here: one is that starting at 10 this is one of the smallest amounts you can borrow from such a lender; and secondly, having the possibility to borrow up to 500 first time round is one of the highest amounts from such lenders in the UK. The only company in the UK that lends out more to first timers is Quick Quid.
They advertise an APR of 1990% and if you see the comparison table below (link also provided below) you will see that with this APR they are one of the cheapest lenders in the UK. However, on such short-term loans certain costs can inflate the APR so this is not the best measure to compare loans. Depending on whether you want a same day transfer of funds or not can have a huge impact on the APR, but fortunately the said comparison table takes all of this into account as you will see when you compare the 3 columns labelled 'Repayable on 100'.
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.
A disadvantage with Mr Lender is that they charge a 5 admin fee on all their loans which is a bit cheeky as almost no other lenders do this. But they still manage to give out loans with an overall price that is very competitive in the UK market and as stated above it is the overall costs of the loan that must be considered when comparing 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.
Review Of Mr Lender For Free Right Here.
Tags: United Kingdom, short-term loan companies, decision making, high acceptance rateFiled under Personal Loans by 
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I got a call from a "Jack Anderson" with no company name associated with it. They said I did not pay back a Payday Fast Cash International loan. I will however say that I did take out several internet loans in 2007/2008 but have since paid them all back. I kept careful records of my payments and never heard anything for about a year and a half. Then this morning 2/10/2010, I get the "Jack Anderson" call from some guy who is quite obviously Mexican from the way his accent indicates and kept callinig me "Mr. David" by my first name. He says that I own $3,945.00 on a $300.00 loan I took out from Payday Fast Cash International loan and if I commit to him to pay two installments of $500.00 and another a month later of $452.00 that I will not have to go to court. He had all my personal information and I thought that perhaps it was legitimate and that I may have forgotten about an outstanding loan. He had me draft a letter with credit card information and a statement saying how I would make good on the payments. Scared, and since he called me at work, I followed through with his threat. Then I decided to check out the internet and found him to be a scam and a fraud. I called an attorney and he said the worse thing they can do is sue me if in fact I do owe money. The attorney also indicated that these "companies" sell blocks of paid debts to illegal collection agencies and they attempt to harass and intimidate people (as they did me) into paying on loans that have already been paid off. I immediately withdrew all of my money from the credit card account and closed out the card. I then drafted a letter declaring that I would not allow any monies to be withdrawn from my account (there is nothing in the account anyway), had it notorized and faxed it to "Senior Jack Anderson" LOL. I then called him and got someone answering the phone with a simple "hello"… business? I think not! I told Jack Anderson to please review the new fax. He put me on hold, came back and said I would be going to court then to jail!? Since my attorney said you cannot be arrested for owing money on a loan I was not worried. I never passed any bad checks, although I have had a couple bounce but they were covered by the bank and were for non-related issues. This Jack Anderson also started saying things to me like "Have you ever been in legal trouble before" and "do you want to go to jail, if not then pay us the money". This is no way a debt collection agency operates. The worse thing they can do is they have to prove in court that you owe them the money first before any legal action can be taken. I have never passed any bad checks, which I know is a crime. "Jack" also indicated to me that this was a Federal crime and that I would be arrested. I should also mention that Jack kept hanging up on me everytime I tried to get more information out of him regarding this matter each time saying "You are going to go to court, Mr. David". At this point I am going to wait and see what happens and I'll keep you posted on any new developments. But this is the mother of all scams, extortion, harasments and frauds I've ever heard of. BE AWARE!!!
In the UK is it by far preferable to use a credit card in all situations. This is because the Consumer Credit Act in the UK makes the merchant and the card supplier jointly and separately liable for the transaction.
In other words if the merchant fails to deliver, or goes bust you can reclaim the money from the credit card company.
It's also usually far easier to dispute fraudulent transactions on a credit card, with a debit card from a bank account once the money has been removed from your account that's generally it and you won't get it back.
They are there to help people….yah right. Then why are their interest rates so? damn high?
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'wonga.com voted the next best money lender in 2010' nut no if mr nicholson had been there, he would have told them all how it's a scam! lol
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