MyJar is a high-cost short-term lender, who offer customers loans between 3 months and a pair of years-long (according to your ability to settle). The amount they’ll lend depends partly to the length from the loan too – from £100 to approximately £7200. MyJar makes clear on the site that you have to demonstrate use a regular revenue stream to be considered.
When applying with MyJar, they’ll notify you via email or text once they’ve made the decision. If it’s a ‘yes’, they’ll inform you how much you can borrow. You then repay monthly to the term in the loan.
MYJAR loans: 2020 review, calculator and similar companies
You can apply to gain access to approximately £2,000 with MYJAR. Then, pay back the funds early whenever, and MYJAR will simply charge a fee to the days on which you borrow.
Warning: Late repayment could cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long stretches and can be expensive as a technique of longer-term borrowing.
Formerly called TxtLoan, MYJAR is really a direct lender providing short term loans over periods of 3, 6 or yr to UK borrowers. When considering the loan, MYJAR can look at factors including your income, credit score as well as any previous dealings you’ve had with these, but MYJAR is very much geared up to the non-standard (read “bad credit”) sector from the market.
Key features of MYJAR loans at the glance
MYJAR commenced in 2008 offering straightforward, high-interest payday cash advances. It has issued more than 2 million payday loans online. Since then, however, in addition to a number of other lenders, it’s moved into installment loans. Now, having an MYJAR loan, borrowers come up with a repayment monthly, which takes care of part in the capital (the main amount you borrow) too as the eye accrued to date.
Product Name MYJAR Short Term Loan
Available amounts £100 to £2,000
Loan terms a few months to 12 months
Soft search eligibility check
Instant decision in most cases
Funding speed Once you’ve been approved to loan, MYJAR says it’ll usually transfer the money for a bank account within 20 mins.
Default repayment method Continuous payment authority
Additional repayment methods Online payment
Repay early at any point
FCA registration number 673214
MYJAR interest rates
MYJAR applies interest to your outstanding balance daily. If you choose to over 90 days, MYJAR will charge a day-to-day rate of 0.75% (equal to 273.75% annually). Repay over half a year and MYJAR charges a daily rate of 0.65% (similar to 237.25% annually). Repay over 1 year and MYJAR charge a regular rate of 0.35% (equal to 127.75% annually).
Best MyJar alternative if You Have Been Declined By Them
So, you have been declined for a loan by Myjar and need an alternative?
No problem, the best option is to use a broker, they scan all available loan providers in the UK to find one that will accept you on your terms. You can go to 1stclassloans.co.uk to get this done.
What repayment periods can be found?
three months: Borrow from £100 as much as £500.
6 months: Borrow from £150 up to £1,800.
12 months: Borrow from £250 approximately £2,000.
Is MYJAR a quick payday loan?
MYJAR loans can be repaid in installments on the number of months, in lieu of in repayment on your payday. So, no – these aren’t traditional payday loans. However, because MYJAR lets borrowers repay their loans early simply charges interest on the days on which they borrow, there’s nothing stopping borrowers from using MYJAR as a quick payday loan.
How does a short-term loan from MYJAR work?
Once you’ve opted for loan duration and the amount you borrow that is suited to your circumstances, you can use it by completing the internet form. If you’re approved for the loan MYJAR will inform you immediately by both text and email. Then it is possible to request the credit you need from an account, or by telephone. The total funds are then sent in your account, often after as little as 20 mins.
MYJAR then take monthly premiums utilizing a Continuous Payment Authority. Each installment pays off the eye accrued to date, too as part of the capital (the original amount borrowed). The full schedule of payments will probably be placed in writing in order that you always know if the next payment arrives. If a payment is late, you won’t incur a fine however you will pay extra in interest – since you’re borrowing more longer – and you’ll also damage your credit rating.