Where to get financial help!

Don't drown in debt. Get help before it's too late.

Don’t drown in debt. Get help before it’s too late.

Is debt taking over your life? Feel like you’re sinking further and further?

Here is a list of places you can get specialist debt and money advice.

The Money Advice Service

The Financial Conduct Authority

The Citizens Advice Bureau

Gov.uk – Debt Advice

Remeber you are not alone, talk to your family and friends. Get help, and act fast.

FCA regulations explained.

debt bills and stress

Don’t let your debt get the better of you.

On the 1st April, the Financial Conduct Authority took over the regulations of the payday loan industry, but what does this mean for consumers?

What were the changes made?

  • Loan rollovers are limited to two.

A rollover is used to extend a loan. Whilst payday loans are typically a 30 day lending period, rollovers extend this time period.

  • The number of times they take money from a borrower’s bank account is restricted to two.

The customer will only be allowed to roll over twice, preventing them from incurring escalating interest fees.

  • Lenders must only try to take the full repayment.

The payday lender must only try and take the full repayment, and not small amounts of debt.

  • Add a ‘wealth warning’ to all payday loan advertising.

The FCA has requested that lenders must now provide the following on their adverts: “Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.”

  • Tell customers where they can also get free debt advice.

When a loan is rolled over for the first time, the payday lender must give the customer an information sheet written by the FCA, this sheet gives the customer the debt free advice they may need.

  • Make sure the loan is affordable to the customer.

Full, and proper affordability checks will need to be carried out by the payday lender.

 

 

National minumum wage to rise to £6.50

Minimum wage to rise

National minimum wage rise is welcome news.

From October this year, the National Minimum Wage for adults will rise by 19p to £6.50 per hour.

Workers aged 16-17, will see a rise of 7p taking their wage to £3.79 per hour.

In addition to this, those registered on the national apprentice scheme will see their hourly rate rise to £2.73.

However, the rise is still not in line with the recommended living wage, which for example, in London is £8.80ph.

See the full report here

How to apply for a payday loan with Mr Lender

Here is our guide for how to apply for a payday loan with us.

First, head on over to www.mrlender.com.

If you are a current customer of ours, you can find your account information, or apply for a new loan by clicking here.

If you are new to Mr Lender and have never had a short term loan before, our FAQs page is the best page to start. Make sure you read it thoroughly and check any questions you may have before applying.

If you have decided that a short term loan is definitely for you, navigating back to our homepage and our sliders is the next step in the process.

Mr Lender payday loan sliders

With our easy to use sliders, you choose the loan amount that best suits you.

Use the sliders to determine how much money you would like to borrow and when your next pay date is.

Click ‘Apply Now’ to be taken to the next screen – once you fill in the details, a member of our qualified team will call you back to fully process your application.

At Mr Lender, we will never encourage you to borrow from us or any short term lender, unless it is absolutely essential.

7 ways to make January the most money friendly yet!

Happy 2014 to you all, from everyone at Mr Lender.

It’s a new year, we’re all making resolutions, and January is probably the toughest month of all, (not just on our wallets, but our health and minds probably need a kickstart too).

Don't let money troubles get you down.

Don’t let money troubles get you down.

Don’t despair! Check out our quick guide to cutting back and saving big in January.

Set yourself a target.

holiday money saving.

This could be a holiday, or a new gadget, but focus on the amount you want to save and give yourself a strict deadline. Then stick to it.

Switch energy providers.

Cheaper energy bills.

Switching energy providers can give you considerable savings

How many bills can come out in one month?! We’ve talked about this before, and right now is the best time to negotiate discounts and offers from alternative providers. Check out our previous blog here for more info. Weigh up monthly direct debit payments v quarterly, balance out what you can truly afford.

Use our budget planner.

We gave you a monthly budget planner a while back, so put it to good use. If you’re using your own, ensure you’re honest and input every small detail, (yes even that fancy coffee you just treated yourself to).

Needs vs wants.

The dress in sales which you think is a bargain, which is the wrong size, and that you’ll never really wear…do you really NEED it? Focus on the wants/needs/must haves. Write more lists if you have to. Remember your goal.

Made a resolution? Stick to it!

Stop smoking save money.

Stop smoking for your health AND your wallet.

Are you a smoker? Use the NHS calculator to find out how much you can save.

Quitting your 20 a day habit will save you £223 a month. Let that sink in.

That’s a fast way to save some precious cash, and your loved ones will definitely be grateful.
Like a quick pint after work? Spreading 20 of them over a week amounts to over £4000 per year. That’s a HUGE amount of potential savings.
In fact the smoking/drinking savings alone amount to a monthly average of £566 – so have a think, and cut down if necessary.

Spring clean with help from Ebay!

Ebay logo.

Auction off unused stuff in your house to help make money go further

Receive a new phone for Christmas? Create a seller account and place the older one on ebay. How about those clothes you haven’t worn for a year? Place them on Ebay. DVDs, books and records with low starting bids will also sell. Extend your selling circle from UK only to worldwide and you’ll be astounded at how many extra sales you can make.

Not sure how to use Ebay? Ebay themselves have some great pointers!

Health and Fitness

Healthy living

Healthy wallets and healthy living for 2014.

Some of you have probably vowed to eat healthy and exercise more in 2014.

Gym memberships can be costly, especially when you sign up in the new year on a whim, and give up in February – and then you’re tied to a costly 12 month contract. Have you tried trawling voucher code sites for free day passes or even checking to see if you have low cost options in your area? The Gym  for example, offers PAYG options, and they don’t compromise on quality of the gym equipment.
If a gym still seems like too much hard work, check out Park Run, it’s a free service each Saturday, where you get to meet like minded runners, and get fit at the same time. Highly recommend!

Additionally, save cash on food by taking your lunch into work, learn how to batch cook and trawl Google for budget recipes. There is so much you can do! If you’re planning a dinner party, get friends to cook a dish each. It is also a myth that healthy food is more expensive. Just know where to shop, and shop smart. Have a recipe that calls for 1 carrot – why buy a bag of 12?!

At Mr Lender, we will never encourage you to borrow from us, unless it is absolutely essential, so budget wisely in January and stay within your means.

Mr Lender’s SuperSocialChristmas Part 5.

Time for another competition to ring in the new year.

Just like us on Facebook or Follow us on Twitter to enter. Simple.

Just like us on Facebook or Follow us on Twitter to enter. Simple.

There are two ways to enter.

Facebook.
LIKE our Facebook Page and then SHARE this competition status

Twitter.
Follow Mr Lender (@MrLender) and RT our competition status to be in with the chance.

Best of luck!

Personal finance for beginners

Compound interest picture.

Compound Interest is just one of the ‘scary phrases’ people come across in personal finance.

Here at Mr Lender, personal finance is what we do, and whilst our main aim is to offer short term loans, this blog is also here to help give you advice in all areas of personal finance.

We thought we should start at the beginning, so here are some basic definitions about personal finance we think might help you:

  • Interest – Interest is the fee paid by the borrower to the owner as a form of compensation for the use of an asset. More than likely, this asset, will take the form of a loan or credit card.
  • BACS – BACS is a form of electronic payment for processing a financial transactions. These will take three whole working days to clear.

Day 1: Payment is entered onto the system.
Day 2: Payment is processed.
Day 3: Payment is cleared.

  • Capital – These are the funds (the original loan amount) provided by lenders to another party (person or businesses).
  • eAPR – effective APR is the fee+compound interest rate (calculated across a year).
  • Compound interest – When compound interest is placed on your original loan amount, from that moment on, the interest that has been added also earns interest.
stress finance diagram

Don’t let your personal finances stress you out.

Pay attention to our regular series of budgeting blogs too, as they will be able to help ease the stresses that are placed on us all by our finances.

Payday loans and APR…

The Mr Lender logo
The Mr Lender logo

Mr Lender will always display the representative APR clearly.

APR (stands for Annual Percentage Rate), is something that can cause quite a headache for those borrowing money.

APR can apply to both short term and long term borrowing, and is usually applied to various items, such as credit cards, store cards, car payments, gadget payments, mortgages, unauthorised overdrafts and short/long term loans. (Of course there are lots more examples not listed here!)

Most APR rates are calculated as you would expect, (annually), but how does the APR work for the payday loan industry?

For short term lending, the APR, is required by law to be included on all public materials, and here at Mr Lender, we calculate it using a formula given to us as per financial regulations.

cash money pile

Mr Lender can offer short term loans of up to £500

This formula is quite complex; that quite often a high representative APR is given. Naturally this can be quite disruptive for very short term loans, because it can give quite a different impression on what the interest charges applied are.

Our advice, for those considering a payday loan solution. Do your homework. When you are shopping around, make sure you look into the total amount repayable, as well as the length of time you need your loan for.

Mr Lender will never charge more than £35 per £100 borrowed. Why not see it for yourself by clicking here

If you do not believe you will be able to repay a short term loan by the time your payday arrives, we would not recommend that you take out a payday loan.