Have you ever found yourself in a financial bind and required immediate funding? In such situations, MyJar Loans offers various financing choices to help you get out of it.
MyJar Loan is a direct lender that offers UK borrowers short-term loans for 3, 6, or 12 months. MyJar evaluates aspects such as your income, credit score, and any previous contacts you’ve had with them when reviewing your application. Still, MyJar is aimed toward the non-standard part of the market.
We’ve put together a comprehensive evaluation that covers all of the major components of the platform that you should be aware of. Check out this MyJar Loans Review to see if this is the right lender for you.
Table of Content
My Jar Loans Overview
MyJar Limited is a company incorporated in England and Wales with registration number 08518406. It is authorised and regulated by the Financial Conduct Authority with authorisation number 673214.
MyJar is a lender that specializes in payday and short-term loans. TxtLoan was the name of the company when it first opened its doors in 2008. It renamed itself MyJar and began offering instalment loans.
Unlike payday loans, which require you to pay the entire principal and interest in one payment, instalment loans allow you to pay a modest portion of the principal and interest each month until the loan is paid off in full.
You can borrow any sum up to £4,000 for three, six, twelve, or twenty-four months from the organization. Unlike other two-year loans, which require you to pay all of the interest earned during the two years even if you pay early, MyJar requires you to pay interest accrued from the date you borrowed the money.
If you can acquire any revenue early in your credit agreement, you can minimize the amount you must pay back.
When applying for a loan using their online application form, MyJar considers several variables to assess your eligibility. These considerations include your credit score, income, previous loans, and financial obligations.
This service provider continues to lend to a segment of the market with poor credit scores as long as the customers have supporting documents and sources of payments.
Services Offered By My Jar Loans
The company offers two types of loan services:
- Short-term Loans
- Two-year Loans
The short-term loans are included in the MyJar Classic plan and are paid back in three to twelve months, while the long-term loans are included in the MyJar Plus package.
You can borrow between £100 and £500 with a three-month repayment period. The value of a six-month loan ranges from £150 to £1,000, while the amount of a 12-month loan is from £250 to £2,000. The two-year loans range in price from £400 to £4,000.
Your loan’s interest is computed daily, much as other rapid payday loans. Three-month loans have the highest interest rate, which is around 0.75% every day. At around 0.35% every day, two-year loans offer the lowest interest rates. However, not every consumer who applies for a loan will be approved at this rate.
You can apply for a loan using their online form after knowing how much you want to borrow and how long your payment plan is. You will be required to provide details about your bank statement, credit report, credit limit, active debit card, income, and expenses in the application.
To enhance your chances of getting your loan request granted, make sure you include complete and accurate information. Being open about your money problems can also give the trusted lender a chance to provide you with more loan options.
You will receive an email and a text message if your loan application is approved. The amount of money you can borrow will be limited. Use these restrictions to figure out how much you want to borrow and how long you want to pay it back. You apply for a loan over the phone or through your online account. MyJar offers to deposit money into your account within 20 minutes.
The lender will then use Continuous Payment Authority to collect monthly repayments on your loan. You can pay your loan via phone, text, or online account if you want to pay it outside the CPA.
Each payment uses a portion of the original loan amount to pay down the interest for the month. It lays out the payment schedule on paper, so you know when your next payment is due. Payments that are not made on time are subject to penalties.
Continuous Payment Authority, or CPA, is a recurring payment mechanism in which you authorize a lender to make regular withdrawals from your bank account. CPA differs from direct debit in that it allows the lender to take money out of your account whenever the loan amount is due without your permission.
You can, however, cancel the agreement by speaking with your bank or lender. If you do, you’ll need to offer an alternative payment method. MyJar may make payments according to your pay cycle, whether it’s weekly, bi-monthly, or monthly.
You must be a UK citizen and at least 18 years old to be eligible for a loan with MyJar. You must have a debit card and a valid bank account in the United Kingdom. You must also have a verifiable phone number and email address.
Finally, you’ll need a steady source of revenue. After you’ve met the basic standards, the rest of the elements will be considered, such as your lender’s credit history and credit score.
You are currently not permitted to prolong your loan’s payback time or add to an existing loan. You can, however, borrow a fresh amount once the previous loan has been paid off.
My Jar Loans Contact Details
If you are experiencing any issues, you can visit MyJar’s registered office address or contact them using the following contact details:
- Email: [email protected]
- Phone number: 020 3006 2000
My Jar Loans Reviews
It’s not that easy to get a small loan from my bank as they seem to prefer lending much larger sums of money with more profit to be made by them for the same effort it would take them to give me a smaller loan. So finding a great instalment loan company like MyJar has solved that problem for me and this is the second instalment loan I have had from MyJar which means I was very happy with the last one. There are quite a few instalment loan companies to choose from and so I wouldn’t go back to MyJar if they weren’t really good. I think you have to take into account more than just low interest rates, the loans have to be convenient for you also. A fast online loan application process is a must as far as I am concerned because I don’t always have the time to wait around for the approval to come through and the quicker they can get the money to me the better. MyJar can usually get the funds to me in less than an hour which is brilliant. I don’t need to bother with my bank for these loans which is another great result. –Mathew Baker, St. Albans
With a MyJar instalment loan I can afford to borrow 3 times as much as I could with a payday loan and even though I will still use payday loans for the occasional loan to tied me over until the end of the month, when I need a bigger loan like this one to pay for a holiday I am always going to use instalment loans and probably MyJar for as long as they are still offering great interest rates with a quick and easy application process. It isn’t too important that I get my money in 15 minutes because I will always plan ahead with an instalment loan but I just might need one of these loans in an emergency one day, so its good to know I can get the funds that quickly. I would definitely recommend MyJar because I think they are a very good all round lender. –Sacha Jennings, Chorley
I’ve used MyJar for a couple of instalment loans before and this 3rd one is for a larger amount because with the previous loans I was testing the water so to speak to make sure this type of loan was going to work for me and I am glad to say so far it has. I’d been using payday loans but they weren’t ideal because I was limited to fairly small sums of money so that I wouldn’t have a problem making the repayment but after a while I gave up on them and tried the instalment loan option instead after a friend suggested them to me. I chose MyJar because their loans are just as easy to apply for as a payday loan but their limit is far more than I could ever get with a payday loan. Since I’ve been using MyJar instalment loans I would probably have had to take half a dozen payday loans in that same period which would have worked out more expensive and been less convenient. For me it is now an easy choice to go with instalment loans from MyJar and ditch the payday loans for good. –K. Lewis, Hornchurch
Allowing clients to repay early and collecting interest on the days they borrow is a significant benefit from a responsible lender and financial services provider.
Because MyJar’s rates drop as the loan term lengthens, you may choose to apply for a longer loan than you need to keep the rate low and then refund it early.
For example, if you need £500 for three months, you may apply for a 12-month loan instead and pay it off in three months. You’ll save roughly £130 by paying 0.35% interest every day instead of 0.75%.
It’s more difficult to say whether MyJar would approve a new consumer for a one-year loan. All applications are evaluated on their own merits. It’s also worth noting that a shorter loan may be safer for some people, especially if their circumstances change frequently.
Self-discipline is required to repay a loan early. However, in the world of high-cost short-term lending, that 0.35% daily rate will be difficult to top.
We end this MyJar Loan Review by saying that the MyJar short term loan offerings may be preferable to an outstanding loan from other high street lenders. Still, it’s best to get a piece of independent financial advice to know if the MyJar payday loan is the best option for you.
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