A Mr Lender Alternative: Save £350 on a £1,000 Loan!
Are you looking to apply for a Mr Lender loan?
Peachy offers loans with the same fast payout as Mr Lender, yet the cost is much lower and you can repay your loan a longer period.
Apply now for an alternative to Mr Lender payday loans!
How does the cost of a Peachy loan compare to a Mr Lender payday loan?
There are two major differences between Peachy and Mr Lender; APR (interest rate) and repayment period.
Mr Lender loans have an interest rate of an eye-watering 1,239.2% (APR).
Peachy loans are significantly cheaper at 720% (Representative APR), so saving our customers hundreds of pounds in repayment interest and fees.
Peachy loans can be repaid up to 12 months so our customers can repay their loans on a schedule and budget that matches their monthly circumstances. Mr Lender only has repayment options of 3 to 6 months. So, whatever repayment option you decide, whether 30 days to 12 months, you can rest assured all Peachy repayment options will be 41% cheaper than a Mr Lender payday loan.
Who is Peachy?
Peachy is a financial lender that prioritises granting short-term loans for those who need a little helping hand from when one of life’s small emergencies crop up. When you need cash fast, you can apply for a Peachy payday loan in minutes using our online application form. Most customers borrow between £100 to £1,000 and have the money in their bank account within an hour.
Don’t just take our word for it. Peachy has been rated and reviewed by thousands of our customers who find that we are easy to get a loan.
The key differences between Mr Lender and Peachy
The key differences between Peachy and Mr Lender are as follows:
- Mr Lender loans typical APR is 1,239.2% whilst Peachy’s APR is as low as 720%.
- Mr Lender has 4 repayment options – 3, 4, 5 or 6 months. Peachy has 12 months.
- Mr Lender can offer loans up to £1,000 – although if you want this, you must take the amount over 6 months so repaying more in interest and fees. Peachy believe in responsible lending and you can borrow £1,000 and repay over 30 days if you wanted to.
All of this adds up to Peachy being more flexible and a lower cost for you!
Here’s an example:
A £1,000 loan from Mr Lender, paid back over 6 months (the required repayment period) will cost you a total of £1,734.
At Peachy, the same amount, paid back within a 2 month period, will cost you a total of £1,379 – saving you £355!
A £1,000 loan with Peachy saves you £355 compared to a Mr Lender loan
Peachy understands that every customer has different life circumstances, hence we offer far more flexibility on how our customers wish to repay their loans. Meaning our customers remain in control of their borrowing, how much it will cost them, and the time it takes to repay their loan.
Peachy never grants loans where we know the customer could get into serious financial difficulty, hence why we never offer more than what our customers are able to afford. We want our customers to only borrow a payday loan where they can actually afford one.
Am I eligible for a loan with Peachy?
You must be able to match these requirements to be eligible for a loan from Peachy:
- Be a UK resident
- 18 years or older
- Hold a UK bank or building society account with a valid debit card
- Have a working mobile phone & email address
- No CCJ or CCJs in the last six years
- Must have a regular monthly income of at least £600 (some benefits may be included)
If you meet those requirements and are in need of a short-term loan, go ahead and start your online application today!
Our application takes a few short minutes to complete and you can apply at anytime of the day – we’re available 24.7. Just add your details and employment information, then you submit your application online. If approved, the money will be deposited to your bank account within the hour.
An alternative to a Mr Lender payday loan
Loans are only offered to those who can manage the repayments and should always be considered a short-term option. Failure to repay a loan will cause you serious financial problems. Learn more about Peachy and how to apply here.