Published on October 14th, 2014 | by FinanceLoophole0
Can’t Pay Mr Lender Payday Loan
More About Mr Lender Payday Loans
Mr Lender is a UK-based payday loan company which offers short-term payday loans of amounts between £80 and £1000 for a maximum duration of 6 month. For a loan amount of £500 over a period of 5 months you will pay a massive £950 back to them. This repayments consists of an administration fee of £7, same day transfer fee £10 (where required – otherwise standard 3 day payment) and an interest rate of 30% (per month) – watch out as they don’t make this clear on their website. These additional fees will be deducted from your loan amount – so if you have asked them for £500 you will only get £480 in your bank. Their annual interest rate is 353% with representative APR of 2216%. The standard 3 day payment is a bit of a non starter as most people need payday loans quickly and a delay of 3 days is not great news so most people will opt for the same day payment. The £17 overall charges is not too bad on £500 but on the minimum £80 loan it’s a bit steep to say the least – so be warned.
Can’t Pay Mr Lender Payday Loan – What Can I do?
If you were a first time borrower with Mr Lender you may have borrowed up to the maximum of £1000 so your debt repayment could be considerable. It may seem like an impossible task but there are things you can do to cut your payments and stop them pestering you for payments.
First off don’t panic, it is not the end of the world even though you think that now. There is help out there. First – You should try to keep up your repayments as defaulting on them will negatively impact your credit rating. Make sure that you contact Mr lender as soon as you think that you will have a problem making your payday loan repayments and make sure it is at least 24 hours before the repayment is due. If you do not contact them they will charge a late payment fee of £20, they will also charge you £20 if they need to write to you to tell you about your non-payment and another £20 if they serve you with a default notice – the debt will start to build up very quickly so watch out.
If you do get yourself into issues with debt you owe to Mr Lender for a payday loan you have a some things you can do.
- Have a look around this website to find templates and letters that can help you – you may want to start with these
- Stop making payday loan payments now
- Make sure you read our Don’t pay charges and interest on your payday loans – free guide . It’s got some top tips on how to avoid interest on late payments.
We know it can be very daunting dealing with a payday loan company and it is often easier to let an expert debt management company do all the legwork. They will make sure you are not continuously being harassed by your payday loan company for repayment and they can stop emails, phone calls etc. They will also be able to work with you on a repayment plan that works for you. We have worked closely with “Bright Debt Solutions” for some time now and our site users who have gone to them for help have had nothing but praise for the help they have had from them to sort out their payday loan debt issues. If you are not sure and need to ask any questions about your payday loan debt – just fill in the simple form on the right hand side of the page and I will get back to you as soon as possible.
Debt management companies are for everyone and you can also find a number of sources of free debt advice from charities such as StepChange – www.stepchange.org – 0800 138 1111 or go to your local citizens advice bureau.