Alternative to Mr Lender

Where is the best place to get a loan? There seem to be hundreds of loan companies out there. But how can you work out which is the best? What should you be looking for?

One loan company you may have heard of is Mr Lender. For new customers they offer short term loans of up to £500, repayable over a period of up to 6 months. However, they describe their loans as high cost.

To understand what high cost means, consider an example of borrowing £200 for 6 months. The total cost of this loan would be £367.40, which is a representative apr (rate of interest) of 1248.9%.

If you are looking for a better value alternative to Mr Lender, why not take a look at what Fair Finance can offer?

Firstly, our loans for new customers can be any amount up to £1000. And if you take out a loan with us you can choose to repay it over a period between 6 and 12 months, and can make repayments in either monthly or weekly instalments.

To compare the cost of your loan and decide whether we are a good alternative to Mr Lender, use the slider above to enter the amount you want to borrow, and the repayment period you think you will need. You can then see how much the loan will cost, including your repayments, interest, and a one-off administration fee.

The good news is that there is nothing else to pay : no hidden charges or unexpected surprises. More good news is that if your circumstances change and you decide to repay your loan early there is no additional charge for doing this.

So Fair Finance could be a good alternative to Mr Lender, but many people worry about applying for a new loan because they have poor credit history – perhaps even a CCJ. However, we will still consider lending to you in these circumstances if you are now able to afford the loan repayments. We are more concerned with the present than the past.

Needless to say, Fair Finance is fully regulated by the FCA (Financial Conducts Authority). This means that we are legally permitted to offer loans, and that we are obliged to follow all the rules that apply to consumer credit firms in the UK. This provides you with extra reassurance that you are protected, and is something that you need to look for in any alternative to Mr Lender.

So, if you are looking for a good alternative to Mr Lender, you are very welcome to apply for a loan with Fair Finance, and we will see what we can do to help.