Mr Lender is a leading short term credit provider in the UK that can offer short term financial solutions to people having money troubles. They provide many UK residents with short term payday loans when they’re low on cash. However, Mr Lender isn’t necessarily a lender for everyone. There are lots of reasons why people look for a Mr Lender payday loan alternative. Sometimes Mr Lender loans aren’t as flexible as you want your loan to be, or your application might be rejected. If this is the case for you, consider LoanPig as a great Mr Lender loan alternative. We offer flexible, affordable loans that are quick and reliable.
What Are The Differences Between Mr Lender Loans and LoanPig Loans?
One of the most notable differences between Mr Lender and LoanPig is that Mr Lender is a direct lender and LoanPig is a finance broker. When you apply for emergency loans from Mr Lender, they are the ones who directly approve and supply the funds for your loans. When you apply for loans through LoanPig, however the process is a little bit different.
As a loan broker, rather than supplying the funds to your loan directly, we have a panel of top UK lenders available to approve your loan. When you submit your application, we share your loan requirements with our lenders and if any of them accept your loan application, we will put you in touch and they will be the ones to supply your loan to you. This is what makes LoanPig loans a great Mr Lender loan alternative. With more lenders on our side we can give you more options and a better chance of finding a direct lender with good rates.
The Application Process
From the perspective of the person applying for a Mr Lender loan, the application process is quite similar to applying for a loan with LoanPig. With both Mr Lender and LoanPig you can use an online loan calculator to enter your loan requirements and check your estimated repayment amount. You can then click ‘Apply’ and you will be sent to a short online form. Here, you fill out your basic details, including your name, income, monthly expenses and bank details. After submitting your application you just have to wait for your loan to be approved. However, it is after this stage that the application process differs between Mr Lender and LoanPig loans.
Rather than sending your loan funds straight into your account after your application has been approved, we will send you information about the lender that we have found for you as well as a link to their website. Here, you can find more detailed information about your loan and finalise your application, which may or may not include providing additional information.
Annual Percentage Rate
Mr Lender loans have a maximum APR of 1,462.3% and a representative APR of 1,245.7%. This means that you can expect the APR of your Mr Lender loan to be somewhere between these two amounts. At LoanPig, our representative APR is 1261%, however the lenders on our panel all offer different amounts. The interest and fees on LoanPig loans differ depending on the direct lender we put you in touch with, the arranged repayment dates and affordability. We make it our job to hunt down lenders with the best rates that can provide you with the loan you want, so the price of your loan may differ when you apply through LoanPig.
Mr Lender is regulated by the Consumer Credit Trade Association (CCTA) and adheres to the guidelines set by the Good Practice Customer Charter. This means that when you apply for a Mr Lender payday loan you will not be pressured into applying if you change your mind somewhere along the application process. You will be told clearly the terms and cost of your Mr Lender loan before you choose to accept it and they will notify you in advance of recovering a payment from your account.
On the other hand, LoanPig and the lenders on our panel are regulated by the FCA. This means that caps have been put on prices and interest and we prioritise responsible lending practices. This means that you will never be pressured into applying for a loan and all information about your loan will be given to you before you finalise your application and if you agree to an automatic repayment. Furthermore, your lender will never attempt to take more than what is available in your account and you will be given fair notice beforehand in case you can’t afford your next repayment.
How Much Can I Borrow?
What makes LoanPig loans a great Mr Lender payday loan alternative is the flexibility of our loans. In fact, flexible loans are one of our specialties. When applying for Mr Lender loans, you options are limited to loans between £200 and £1000 and you can only borrow between 3 to 6 months.
Because we are finance broker and don’t directly supply your loan, you have so many more options when applying for loans with us. You can borrow as little as £150 or even less and you can keep your loan for as long as 18 months or as little as 2. Our policy is to give you full control over your loan and we will be the ones to find the lender that can meet your requirements.
How Likely Am I To Be Approved For A Mr Lender Payday Loan?
One of the big differences between Mr Lender loans and LoanPig loans is their strict eligibility guidelines. While we do our best to make affordable loans accessible to the people who need them, Mr Lender can be restrictive when it comes to their checks and the criteria that need to be met in order for your application to be approved.
When you apply for Mr Lender payday loans there are certain criteria that you need to meet in order for your application to be accepted:
- You must be between the ages of 18 and 65
- Be in full time or part time employment
- Have an income of at least £600 per month
- Have an active mobile number and personal email address
- Have a valid debit card linked to a bank account
- No County Court Judgements (CCJs) within 3 years
- No Individual Voluntary Agreements (IVAs) or Bankruptcy
As a broker rather than a payday lender, one of the reasons why many people consider LoanPig to be a good Mr Lender loan alternative is because our criteria isn’t quite as strict. When you apply for payday loans with LoanPig, we ask that you are:
- 18 years or older
- A UK resident
- Employed or receiving income from an allowance
- In possession of a valid debit card and bank account
However, the direct lenders on our panel have their own criteria that you need to meet in order for your application to be approved, so meeting our criteria doesn’t always guarantee that your loan application will be approved.
Credit Checks And Affordability Checks
Following the appropriate guides and regulations, Mr Lender will perform credit and affordability checks to ensure your eligibility for My Lender loans. If you do not meet their standards, there is a chance that your application will be rejected and even if you have been supplied Mr lender loans in the past, new checks are performed with every loan application, so you may not be guaranteed a loan.
As a broker, we do not perform any credit checks upon receiving your loan application. However, the lenders on our panel will be performing the necessary checks to confirm your identity as well as confirm that you can afford to pay back the loan that you have applied for. While you will not be guaranteed short term loans when applying through LoanPig, we have a high acceptance rate and with one of the UK’s largest panel of lenders on our side, getting rejected by one lender doesn’t mean that you won’t receive your loan from another.
Are LoanPig Loans A Good Mr Lender Payday Loan Alternative?
Yes! LoanPig can be a perfect Mr Lender loan alternative if Mr Lender can’t offer what you’re looking for. Our loans offer unbeatable flexibility and our high approval rates mean that you have a better chance of getting the loan you need when you find yourself caught up in a financial crisis. So, apply for short term loans to suit you from LoanPig and make the most of an excellent Mr Lender payday loan alternative.