Frequently Asked Questions

Mr Lender is a leading UK-based short term credit provider. We help people by providing instalment loans, an alternative to payday loans between £200 and £1,000 to be repaid in a period from three to six months. As a responsible lender we are committed to providing a clear, trustworthy service to our customers. We pride ourselves in providing simple and straightforward access to money and great customer service.

Mr Lender is a trading name[A trading name is an alternative name to the firm's official registered name and is often less formal.] of PDL Finance Limited, Company Number 06738633. Registered Office 2 Leman Street, London, E1W 9US, UK. PDL Finance Limited is authorised and regulated by the Financial Conduct Authority[The Financial Conduct Authority (FCA) regulate the financial services industry, in some cases alongside the Prudential Regulation Authority (PRA). They are based in the UK but operate independently from the Government. The FCA oversee rules which firms must follow and good practice guidance. They also perform research and publish their findings and recommendations. All consumer credit firms must be authorised by the FCA and the FCA undertake reviews of firms' operating practices to ensure these are fair to customers and all relevant rules are being followed.] under registration number 673310. You can confirm our registration on the Financial Conduct Authority's website www.fca.org.uk or by contacting the Financial Conduct Authority on 0800 111 6768. Data Protection ICO[The Information Commissioner's Office oversee how personal data (such as full name, address, or bank details) is collected, used, and stored in the UK by businesses and other organisations.] number Z1575177

To apply for a loan with Mr Lender, you must be a UK resident over the age of 18. You must be employed* and have a regular primary income[Your main income from your employer.] of at least £800 (net) per month. You must also have an active mobile number and personal email address and also own a valid debit card that is linked to the bank account that you would like us to transfer your money into as well. We will NOT lend to anyone with evidence of County Court Judgements (CCJs)[These are payment orders which must be implemented through a court, often for debts which have been unpaid for a long period of time. If approved by the court, the debtor usually pays the outstanding debt through an 'attachment of earnings' which allows the debtor's employer to deduct monies from their salary and send them directly to the court.] within the last 3 years, Individual Voluntary Agreements (IVAs)[An agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. These are usually for a term of 5-6 years and as long as the IVA is completed, any remaining debts including in the agreement are written off at the end of the agreed term.], or Bankruptcy[A way for individuals to deal with debts they cannot pay. The individual applies for bankruptcy through a court order and once the order has been made and fees have been paid, assets can be sold, and the proceeds divided between the creditors. The remaining debts are usually written off after 1 year.]. All applications are subject to credit checks[Creditors can carry out a search on your credit file which will provide them with certain information such as how you have repaid previous credit commitments, how many are currently outstanding and if you have made any late payments or missed any payments. This information is used to help them decide whether you meet their requirements. Creditor requirements differ; not all creditors have the same thresholds.] and affordability assessments[An affordability assessment is an evaluation of whether a customer can afford to repay a loan or credit product. It is based on the customer's income and expenses, any current debts and credit history. The credit provider also looks at the customer's record of payments, and the total costs of credit.], and not everyone who applies will be offered a loan or the amount applied for. However, we will do our best to help.

*Full time or part time employment

If it's the first time you've ever borrowed from Mr Lender, we may be able to lend you up to £500*. When you've paid back your loan, you may be able to increase the amount you can borrow up to £1,000 should you apply for a subsequent loan. Please note, each time you apply for a loan with Mr Lender you will be subject to credit checks[Creditors can carry out a search on your credit file which will provide them with certain information such as how you have repaid previous credit commitments, how many are currently outstanding and if you have made any late payments or missed any payments. This information is used to help them decide whether you meet their requirements. Creditor requirements differ; not all creditors have the same thresholds.] and affordability assessments[An affordability assessment is an evaluation of whether a customer can afford to repay a loan or credit product. It is based on the customer's income and expenses, any current debts and credit history. The credit provider also looks at the customer's record of payments, and the total costs of credit.] in line with responsible lending criteria.

We do not encourage you to borrow more money. Our short term loans are usually repayable within a period from 3 to 6 months and would not be suited if you want to borrow over a longer period. Short term loans are not suitable for long-term borrowing and should only be used as a temporary solution. Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk

* Subject to exceptions specified in our Responsible lending procedure

Upon approval, your loan amount will be transferred into your bank account. The money is usually sent within an hour from approval.

We have tried to make the loan calculator as easy to use as possible.

Firstly, select how much money you'd like to borrow by moving the slider to the desired value or by typing in a figure where indicated. Next, choose the number of months you want to repay your loan over. Then tell us your pay frequency i.e. when you're paid be it weekdays, or a certain day every month. Once you've done this, you'll see the payment instalments clearly shown, telling you how much is due on which date(s). If you're happy with the instalment amount(s) and total cost of the loan, and you've read the 'How It Works' section of this website, just click 'Apply Now'.

Please note the loan calculator is an example only and you can change your mind regarding the amount and payment term when you apply.

First time borrowing is limited to £500.

We try to keep the loan application process as paperless and hassle-free as possible so in most cases, there is no need to send any documents to us via post or email. However, in some cases where application information can't be verified, we may get in touch to request supporting documentation.

We charge 0.80% per day for every £100 you borrow. You will never pay back more than double the amount that you have borrowed. For example, if you borrow £200 the most you will ever pay back in total will be £400.

With a loan from Mr Lender, your monthly payments will decrease as you progress through the term of the loan. The capital you borrow is split equally over the term of the loan meaning the interest you pay will reduce with each instalment payment.

As an example based on a loan of £200 over 6 months, the instalments would be broken down as follows:

The Representative APR is the highest APR (Annual Percentage Rate) at which at least 51% of loans made through advertisements are written at. The display of this APR is prescribed by regulations. This means that you can be sure that Mr Lender is being transparent in showing you, in terms of the APR, a percentage that is representative of the loans made. However, you should read the question below about APRs, and how they are an unsatisfactory measure for comparison and actual cost of short term loans.

The APR for instalment loans is displayed as thousands of percent and can be off putting for anyone considering applying for one. The reason the figure is so high is due to the fact an instalment loan normally lasts between 3 - 6 months, but to express the cost as an Annual Percentage Rate, the interest is compounded to show what it would cost as if the loan were taking out for an entire year, which increases the percentage dramatically.

At Mr Lender, we charge a Representative APR of 1,248.9% for loans that typically last between 3 and 6 months. Our interest rate per annum[In a 1-year period] is 292% fixed which works to be 0.80% or simply put 80 pence per day for every £100.00 borrowed. Our rates are considered very competitive within the industry.

Yes, it will affect your credit history. When you repay a loan with us, your credit history is updated to confirm that you have repaid your debt. However if you do not pay back a loan this will also be reflected on your credit history[Credit history is a record of your past borrowing and repayment behaviour as shown in your credit report.].

On the morning of each repayment date, we will debit your payment card with the agreed instalment amount. You grant us permission to debit all sums due using continuous payment authority charged to the debit card to which the authority relates.

A continuous payment authority (CPA) is a type of regular automatic payment that authorises us to withdraw sums from your account without having to seek repeat authorisation for each payment. Use of CPA is fully explained to you throughout our application process. Once agreed by you CPA is used to collect payments however, it is important to us that you are made fully aware of the commitment you are making when applying for and accepting a short term loan with us.

You can cancel the CPA authority by contacting us on 0208-532-5022; you may also consider contacting your debit card provider to notify them. If you cancel the authority you will still owe any outstanding debt and will need to provide us with an alternative method of payment on the due date to avoid your loan going into arrears.

We will make no more than two CPA attempts on the day each instalment falls due. In the event that the two attempts are not successful and you call us on the day, we will arrange a one-off payment with you to settle the outstanding instalment. This is outside of the CPA authority.

In the event that the two attempts are not successful and you do not call us on the day we will attempt to contact you by a variety of methods to remind you that the instalment remains outstanding and agree a suitable plan for repayment. This may involve a one-off payment, agreeing a repayment plan, and/or agreeing with you to use the CPA on subsequent instalments.

Yes, you can. You can pay your loan in full or make additional payments at any time by contacting a member of our Customer Service team by any of the following methods:

• Log in to your Mr Lender account
• Call 0208-532-5022 Mon-Fri 8am-6:30pm Sat-Sun 8am-3:30pm
• Email customerservices@mrlender.co.uk - please note emails can take up to 5 working days to respond to
• Write to us at Mr Lender, PO Box 366, Loughton, Essex, IG10 9EW

We do not charge a fee if you are late making a payment, or if you miss a payment. If any payment is not made on its due date you will continue to accrue interest on the outstanding capital balance at the rate on your agreement until the date of actual payment. The borrowing rate is clearly explained in your agreement. If you are unable to pay what you owe us, we will suspend interest and charges and agree with you a repayment plan that you can afford and which suits your financial circumstances.

You must always assume that we will try to collect your repayment on the specified agreement date unless you have received confirmation from us that we are willing to extend the period for repayment. Please do not take a loan from Mr Lender if you do not think you can repay it on the repayment dates.

Should you require any further assistance there are number of free debt counselling organisations who can also help you. These include:

• Citizens Advice - www.citizensadvice.org.uk. To find your local office, look in your local telephone directory or online.
• StepChange - www.stepchange.org - 0800-138-1111
• National Debtline - nationaldebtline.org - 0808-808-4000
• Money Helper - www.moneyhelper.org.uk - 0800-138-7777

You may be able on two occasions during the term of your loan pay a reduced monthly instalment on the following basis;

• The reduced instalment will be the interest payable in that month, the capital due will be deferred until one month after your final scheduled instalment would have been due; this payment will be due in line with your confirmed payment frequency.
• Interest will continue to apply on the balance of capital outstanding and will be payable in addition to the capital deferred one month after your final scheduled instalment.

Please note this option is not for you if you are experiencing financial difficulty. Contact us to discuss your account for other options available if you are in difficulty. Eligibility is based on your payment profile for your current loan, and the adjusted total amount you will have to repay must be within the total cost cap[The total cost of credit to the borrower cannot legally exceed 200% of the original amount borrowed, so if you borrow £200, you will never repay more than £400.].

If you find your circumstances have changed and you may not be able to make the required repayments on their due dates, please call us as soon as possible as we will always try to help find an amicable solution. If your due repayment fails and we don't hear from you we will make attempts to contact you by a variety of methods including telephone, email and SMS.

If you don't respond to our attempts to contact you or if we cannot agree a reasonable outcome we will pass your account to a third party collections agency. This will be an external company who will contact you to obtain payment of your loan. They will have the necessary Financial Conduct Authority[The Financial Conduct Authority (FCA) regulate the financial services industry, in some cases alongside the Prudential Regulation Authority (PRA). They are based in the UK but operate independently from the Government. The FCA oversee rules which firms must follow and good practice guidance. They also perform research and publish their findings and recommendations. All consumer credit firms must be authorised by the FCA and the FCA undertake reviews of firms' operating practices to ensure these are fair to customers and all relevant rules are being followed.] interim or full permission to carry on business in this area. We will always let you know if this happens, and give you the name of the agency your debt has been transferred to, but we hope you will work with us to resolve the situation before this action becomes necessary.

If you have a complaint about our service then you should contact us by clicking here or by calling 0208-532-5022 (Monday to Friday 9am to 5.30pm) and requesting to speak to our customer service team.

We will acknowledge your complaint promptly and send a notification letter or email within five working days, and review it in line with the Financial Conduct Authority's Dispute Resolution rules[The Financial Conduct Authority's Dispute Resolution Complaints Sourcebook outlines how complaints should be dealt with by firms including timescales.]. We are committed to provide the best possible outcome however, should you feel dissatisfied with our final response you can refer your complaint to the Financial Ombudsman Service (FOS)[The Financial Ombudsman Service (FOS) are an organisation which customers can raise complaints to, who help to resolve these, if the customer is not happy with the resolution offered by the firm they are complaining to/about. This is a free service, fees are paid by the firms the complaints are made against instead of the customer complaining, but the customer must have made a complaint directly to the firm first and given them an opportunity to resolve the issue before escalating the complaint to the Ombudsman Service.] within 6 months of our final response to your complaint.

If we have not issued you with a final response within eight (8) weeks, you have the right to have your complaint dealt with by the Financial Ombudsman Service.

You may write to FOS at the following address: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR, or refer to their website at Exchange Tower, London, E14 9SR, or call 0800-023-4567 or email complaint.info@financial-ombudsman.org.uk

You may also submit your complaint for conciliation to our Trade Association, the Consumer Credit Trade Association (CCTA) by writing to them at the Chief Executive, Consumer Credit Trade Association, Unit G5, Spring Mill, Main Street, Wilsden, West Yorkshire, BD15 0DX.

Your right to complain to FOS is independent of your right to take your complaint to the CCTA. You are not required to approach the CCTA before FOS.

You are also able to use the European Commission's Online Dispute Resolution platform (ODR) which allows you to make a complaint about online purchases through the platform. This platform may be used to facilitate resolution of disputes and sits alongside our existing complaints procedure. For more information click here https://ec.europa.eu/consumers/odr/

Further sources of information and advice that are freely available to you, include local trading standards and the Citizens Advice Bureau - www.citizensadvice.org.uk. To find your local office, look in your phonebook.

Unfortunately we are not able to fund everyone who applies with us. If you have given your express consent[Permission confirmed either verbally or in writing.] for us to pass on your details as described in the section titled 'who will we give your information to' of our privacy notice we may pass your details to our third party introducer[A firm which introduces customers looking for credit to businesses who may be able to provide this. Similar to a credit broker.] who may be able to facilitate other loan options for you. In this regard Mr Lender is acting as an introducer and we have permission from the Financial Conduct Authority[The Financial Conduct Authority (FCA) regulate the financial services industry, in some cases alongside the Prudential Regulation Authority (PRA). They are based in the UK but operate independently from the Government. The FCA oversee rules which firms must follow and good practice guidance. They also perform research and publish their findings and recommendations. All consumer credit firms must be authorised by the FCA and the FCA undertake reviews of firms' operating practices to ensure these are fair to customers and all relevant rules are being followed.] to undertake credit brokerage[Credit brokers are firms which offer services to help people find credit products by comparing the market and introducing you to a company that may be able to offer you a product or deal.].

PDL Finance Limited (t/a Mr Lender) currently works with T.Uk who are a third party introducer and when we pass on your details to them we may receive a commission for this.

We carry out due diligence[Review or investigation to confirm facts or details and ensure firms the business is considering working with are following relevant laws.] on our partners to ensure they treat customers fairly and maintain standards of compliance. This includes ensuring, as far as possible, that customers are not directed to other introducer sites where up front fees may be charged.

Mr Lender does not pass your details directly to other lenders. The introducer who receives your details may work with a panel of lenders and you may receive multiple contacts by SMS, email or by other method. Multiple credit searches may also be carried out. Although Mr Lender has no influence over the lender panel with whom the introducer works with, we will always seek reasonable confirmations from the introducer as described above.

In accordance with the requirements of Part 4 of the Payday Lending Market Investigation Order 2015, effective from 13 August 2016, Mr Lender must ensure that we provide our customers with a summary of the cost of borrowing. This summary is made available to you when:

• You settle the balance of your loan with us; or
• Your account with us is closed as a result of default or forbearance; or
• Three months have passed since you last made a payment to us and we have not closed your account.

Your summary is made available to you at the latest within one working day of the event described above taking place and you will receive a notification email informing you of this.

We take everyone’s data protection rights seriously including your right to ask that we erase your personal data if you believe that there is no reasonable basis for us to continue to hold it. However, the right to deletion of personal data does not apply where that data is required to enable us to comply with our legal obligations – even if you're not a current customer.

Mr Lender is authorised and regulated by the Financial Conduct Authority[The Financial Conduct Authority (FCA) regulate the financial services industry, in some cases alongside the Prudential Regulation Authority (PRA). They are based in the UK but operate independently from the Government. The FCA oversee rules which firms must follow and good practice guidance. They also perform research and publish their findings and recommendations. All consumer credit firms must be authorised by the FCA and the FCA undertake reviews of firms' operating practices to ensure these are fair to customers and all relevant rules are being followed.] and this means we have ongoing legal and regulatory responsibilities which include keeping records for a range of regulatory purposes including but limited to;

• Anti-money laundering purposes and to help prevent financial crime
• To adhere to DISP[The Financial Conduct Authority's Dispute Resolution Complaints Sourcebook (DISP) outlines how complaints should be dealt with by firms including timescales.] timescales
• To comply with SYSC[The Financial Conduct Authority's Senior Management Arrangements, Systems and Controls (SYSC) sets out rules and guidance regarding the governance and running of an authorised business.] requirements
• To comply with the Limitation Act 1980
• To meet with our accounting obligations
• Enabling us to comply with our reporting requirements to the Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS)[The Financial Ombudsman Service (FOS) are an organisation which customers can raise complaints to, who help to resolve these, if the customer is not happy with the resolution offered by the firm they are complaining to/about. This is a free service, fees are paid by the firms the complaints are made against instead of the customer complaining, but the customer must have made a complaint directly to the firm first and given them an opportunity to resolve the issue before escalating the complaint to the Ombudsman Service.]

As part of our compliance with our regulatory responsibilities we maintain a Data Retention Policy on what the standard length of time is that we keep information for from the date of when our business relationship with our customers ends (unless reformed). After this period, we will automatically delete all the information we hold.

Should you require any further assistance or have any further questions, please email rtbf@mrlender.co.uk.

All requests will need to satisfy internal data protection security measures.

Once we have confirmed your identity, we have 1 month to respond to your request.

You are entitled to a copy of the personal data we hold about you. Much of the information we hold can be accessed through your 'My Account' page via the Mr Lender website. The information available contains your personal details, bank details and the summary of borrowing which gives a breakdown of any previous loan/s within the last 12 months.

The information we hold will always be what you have given to us over the course of any loan applications with Mr Lender or any documentation we have forwarded to you as a part of our legal/regulatory obligations.

If you are unable to find what you are looking for on your 'My Account' page, click here to request a DSAR

We will acknowledge your request within 5 working days and send you a DSAR security form to verify your identity, once the fully completed form is received we have one month to respond to your request.