The Mister Cheque payday loan system works a little differently to your standard payday loan service.
In most cases they don’t do a credit search, which for many people will be a big reason to use the services of Mister Cheque but the pay off for no credit history search is that it may take a couple of days for you to get your money which kind of defeats the idea of an emergency payday loan.
Here’s How Mister Cheque Works
You fill in the online form and are given a decision in principle within a couple of minutes.
You then have to send them via post a copy of your cheque guarantee card together with several blank cheques.
Once they receive those Mister Cheque will then transfer your payday loan into your bank account via BACS. They do this the same day they receive your mail.
The good news with this payday loan service is that its extremely flexible. You aren’t tied to any contracts. You can pay off as much or as little of the loan as you like although obviously the faster you pay back the loan the less interest charges you will pay.
Having said that, the loan has to be repaid within 3 months.
The online application form is a little long winded for a new customer but returning customers will find the process much faster.
How Much Does It Cost
Mister Cheque currently have an APR (annual percentage rate) of 295% which compares favourably with other lenders. This means if you were to borrow £300 over the full 3 months you could expect to pay back a total of £459 which includes a £7.50 transfer fee.
The above is a typical example although your loan terms may differ as they take into account the timing and frequency of your repayments andamount and length of the loan.
Athough they claim there are no credit checks on the front of the web site, the small print states that in certain circumstances they may run one on an applicant. Read the small print carefully and if you decide to go with Mister Cheque and you do not want your file checked again then we suggest you state that during the application.
There are much faster and better options for you and we suggest you compare this with other payday loan lenders before choosing them. Using our comparison chart you will find faster lenders and more importantly, cheaper lenders than Mister Cheque.