MYJAR provides short-term loans over periods of 3, 6, 12 or 24 months to UK borrowers.
In 2019 MYJAR moved away from traditional “payday” lending, where you would borrow a small amount over a very short period of time, and then make a single repayment on your payday. With a MYJAR loan borrowers now make a repayment each month, which pays off part of the capital (the original amount borrowed) as well as the interest accrued so far.
You can apply to borrow £7,200 with MYJAR, over terms of 3, 6, 12 or 24 months. Unusually for loans as long as two years, you can pay back the funds early at anytime, and MYJAR will only charge you for the days on which you borrow.
When considering your application, MYJAR will look at factors including your income, credit score and any previous dealings you’ve had with them, but MYJAR is very much geared up to the non-standard (read “bad credit”) sector of the market.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Please note: High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing.
Compare MYJAR loans against services from a range of lenders
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
We compare payday/short-term loans from
Is high-cost, short-term borrowing a good idea?
Payday loans, and high-cost, short-term credit generally, are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Key features of MYJAR loans at a glance
If you’ve decided to take out a pay-day loan, then MYJAR offer a selection of options to choose from. Here are some of the key features of a MYJAR loan:
- Loan amounts from £100-£7,200. This is a wider range than a lot of similar lenders, however the amount you’re able to borrow will depend on your personal circumstances and the duration of the loan.
- Loan terms of 3, 6, 12 or 24 months. The loan amounts available vary according to the length of the loan (see below).
- Repay in instalments on your pay date. If you’re paid weekly or fortnightly, MYJAR will schedule the instalments on a four-weekly cycle.
- No late repayment fees. MYJAR has recently axed its late repayment fee, however missing a repayment remains a bad idea, as your debt will incur more interest than projected and you’ll likely damage your credit score.
- Repay some or all of the loan early at any time. MYJAR will only charge you for the days you borrow.
What are the repayment periods are available?
- 3 months: Borrow from £100 up to £900.
- 6 months: Borrow from £150 up to £1800.
- 12 months: Borrow from £250 up to £3600.
- 24 months: Borrow from £700 up to £7,200.
How does a short-term loan from MYJAR work?
Once you’ve decided on a loan duration and loan amount that is suitable for your situation, you can apply by completing the online application form. If you’re approved for the loan MYJAR will inform you immediately by both text and email. Then you can request the loan you want from your online account, or by phone. The funds are then send to your account, often in as little as 15 minutes.
MYJAR then take monthly payments using a Continuous Payment Authority. Each instalment pays off the interest accrued so far, as well as part of the capital (the original amount borrowed). The full schedule of payments will be put in writing so that you will always know when the next payment is due. If a payment is late, you will incur a fine.
What are the eligibility requirements?
You should only apply for a MYJAR loan if you’re certain you will be able to make the repayments, and you meet the criteria below:
MYJAR will then consider your application based on factors including your income, credit score and history with MYJAR.
How do I apply for a loan from MYJAR?
Once you’ve decided on a loan duration and amount suitable for your situation, you can apply by completing the online application form. You’ll be asked to supply information about your income, expenditure and bank account. Make sure you provide accurate and complete information.
Additional Borrowing Options
- Top-Ups. MYJAR do not currently allow you to top up your loan. You can apply for a new loan once your outstanding loan and interest has been paid off.
- Extensions: MYJAR do not allow you to extend your payday loan. Their solution should only be for occasional short-term needs. If you need to borrow for longer periods of time you should consider another option.
Frequently asked questions