Mr Lender early payment

Johntea

Took out a loan with Mr Lender in September, £300, paid the £90 interest on 26/10/11.

Has anyone had any joy with getting these to reduce interest if paid 'early'? As I am now in a position to repay them in full either today or tomorrow but considering I paid the £90 rollover fee recently I don't agree with them charging me another £90 when I'm paying them back 3 weeks early!

CHR15

But didn't you pay the £90 interest for the original loan, and now have a new loan (because you failed to repay the £300 originally)?

Sounds like you are asking for a £300 interest free loan..from a PDL Company.... good luck with that!!

chalkie99

I love this from their FAQ:

Can I pay back my loan early?
Yes you can. Paying back a loan early will only increase your status on the ‘Friendometer’ chart and improve your credit allowance in the future. You will never incorporate any fines for or hidden fees for early repayment of a loan. Just contact us to authorise immediate payment.

Looks like they are doing you a favour by not charging you a fee for paying back their money early.

Doesn't look like they want to give you something for nothing. but at least you will be their friend.:o

KingElvis

I want onto the "friendometer" too, I heard Fred West, Norman Wisdom and God are on there too.

RichGold

CHR15 wrote: »

But didn't you pay the £90 interest for the original loan, and now have a new loan (because you failed to repay the £300 originally)?

Sounds like you are asking for a £300 interest free loan..from a PDL Company.... good luck with that!!

I didn't understand what he was asking for either. It makes no sense.

chalkie99

Looks like you borrow £300 and pay £90 interest per month so you borrow it - because you know you will be able to pay it back on time and then "something crops up" so you just pay the £90 interest and you still owe the £300 plus a whole new months interest. :eek:

Johntea

Sorry:

I took out a Mr Lender loan for £300 on 26/09/11. Therefore £390 was due on 26/10/11. (£300 loan plus £90 interest charge)

They offered the option to roll over the loan on 26/10/11, therefore I only paid them the £90 interest due on this date.

Therefore I still owe them the original £300 loan and on 26/11/11 £390 would be due, again this comprises of the £300 loan plus £90 interest charges, however I am in a position whereby I am able to pay in full either today or tomorrow meaning I should only really be paying for the interest over 8/9 days rather than the full month.

Been stuck in a trap with almost 15 of these payday loans but admitted everything and am now getting help, several of the other lenders gave me early settlement figures but Mr Lender seem a bit harder to deal with.

RichGold

If you've had 15 of these you should well know that you can't change an agreement after the fact.

With that in mind what is it you're asking again?

CHR15

I think I get it.

You take out a 30 day loan of £300. At the end of the 30 days you repay £390.

You are suggesting this £90 interest should be broken down to £3 per day (£90 divided by 30 days).
You are hoping if you pay off the £300 after just 7 days, you only pay £21 (£3 per day x 7 days).

If that were so, it would make more sense for everyone to take their loans out for the longest duration possible. The benefit being you can repay whenever you like and only incur the interest for the period you have borrowed.

On a mainstream loan something like this is possible where Interest accrues over the term but not for PDL's. They charge a fixed fee for borrowing over the designated period. If you go over that period, drop trousers, bend over and spread your cheeks.

The way I read your original post is that you consider you have already paid the £90 interest due on the original loan, so you should be able to repay the £300 a couple weeks late with no extra charges..... aint gonna happen..

ffacoffipawb

chalkie99 wrote: »

Doesn't look like they want to give you something for nothing. but at least you will be their friend.:o

Oooooo fwend. Payday fwend.

Johntea

Well I'll be the school bully now and not pay them back until the day before the due date if they aren't going to offer me anything.

Might as well have the money sitting in my bank account for the next 3 weeks reducing the overdraft hence reducing the overdraft interest (And yes, I am working on clearing the overdraft too before anyone asks!) rather than donate it to Mr L :money:

I won't be spending it as someone else has control of my finances just in case anyone was worried about that