PDL Finance: Mr Lender
History and Ownership
Company founder Adam Freeman entered The Apprentice show as a candidate between September and October 2008. The decision was however soon taken to withdraw from the process that left a frustrated Alan Sugar hitting out that the entrepreneur had “Bottled It”. This received plenty of press at the time. Whether or not it is true that he indeed bottled it, the decision taken was certainly the right one to take. PDL Finance Ltd was created soon after on Halloween 2008. From this came the sole brand (Mr Lender) that received its full launch in February 2009. This soon became a highly successful venture that achieved an £8.4 million profit before tax across 2014.
Ongoing profits were naturally dented from the FCA’s price capping that was felt by all of the major brands including Wonga. As a result, the original payday loan term was adapted to target instalment periods where greater profits are potentially up for grabs. This Loughton-based financial group now employs over 180 staff. No specifics are provided on their current user base. We are aware that they have to date issued over £100 million worth of loans. They have a loyal Facebook following with over 11,300 fans and you can also see how active they are on Reviews.co.uk where they have managed to attract over 21,500 feedback (scoring from this an impressive 98%).
Info: Mr Lender Loans
www.mrlender.com (Alexa UK Rank: #83,829)
The original service was rather expensive. They provided a payday term with 30% monthly interest, a £7 admin fee and £10 for those opting for fast funding. The payday term has now been removed and their pricing is set against the cap. The terms available today are 3, 4, 5 and 6 months. The amounts of £200 to £500 are accessible to first time applicants with £1000 being the potential sum on reloans. On the homepage you’ll be welcomed by their calculator where you’ll have to enter in your specific pay date. For a price we set this as being 30 days forward and the £300 charges came in at £144 (3 months) and £251.60 (6 months).
These are quite ballpark costs to what you’d pay at your average instalment loan provider. On the following application form there is a promo code box, but there is no validate button and no known active codes around. We’d hazard a guess that these may be provided to those customers who go on to leave a review that would suggest why they have such high counts on 2 well known portals. Mr Lender’s loans are available 7/7. During the week their opening hours are 8am to 6.30pm and both weekend day times are 8am to 3.30pm. This firm has a good market reputation and is often put forward as finalists for Credit Today awards.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
User feedback is excellent for this company. Of those noted sites they have 2 listings. The main one is found on Reviews.co.uk where they have collected over 21,500 feedback and score 98%. They also rate well at Trustpilot at 96% from over 1400 feedback. If you have time to check out those pages you’ll see that there is tons of praise directed at their customer support team. Quick payout times are also often praised.
There isn’t quite as much flexibility as you’ll find with their rivals. An example would be H&T who have terms of 3m to 24m and PaydayUK who deliver 1m to 12m. The level of popularity and the pricing from these firms sits on a similar level. Pounds to Pocket would be a well suited alternative where you’ll have to spread the balance between 6 and 12 months. They also operate 7 days a week. There are various instalment loan companies that are performing better on the traffic front. They are spending much more on advertising that hasn’t ever been an approach taken on here.
The Plus Points
The Mr Lender reviews stand out more than anything. The high quantity of feedback received on both Reviews.co.uk and Trustpilot shows that their users are very happy with the service that they receive. Their customer support team in particular takes on a lot of praise. Experience and trust have certainly been proven, but more competitive pricing and a little extra term flexibility would be welcomed. They did for a short time actually offer 1 to 6 month options, but the shorter choices were stripped away for some reason. Accessible promo code discounts would help to also make the extra difference.
Last Updated: January 5th, 2018.