MYJAR2

MYJAR short-term loans review

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 icon Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon 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.

How much money do you need to borrow?


How long do you need to borrow over?


Name Product Available Amounts Monthly repayment Total payable
£50 to £800
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£100 to £1,000
Representative example: Borrow £250 for 30 days at a rate of 292% p.a. (fixed). Representative APR 1270% and total payable: £310, in 1 payment of £310.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

Compare up to 4 providers

Important information:
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

Lending Stream Instalment Loan
On Stride Personal Loan
Peachy Loan
PiggyBank Short Term Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
247Moneybox Payday Loan

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?

MYJAR Classic
  • 3 months: Borrow from £100 up to £900.
  • 6 months: Borrow from £150 up to £1800.
  • 12 months: Borrow from £250 up to £3600.
MYJAR Plus
  • 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 is a Continuous Payment Authority (CPA)?

A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a reoccurring basis. CPA’s differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you.Most payday loan companies will use CPA’s to collect your repayments, however you can cancel this by either consulting with your lender or your bank.

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:

  • You must be at least 18 years old.
  • You must be a permanent UK resident.
  • You must have a valid UK bank account with active debit card.
  • You must receive a regular income.
  • You must have an active mobile phone number and an email address.

MYJAR will then consider your application based on factors including your income, credit score and history with MYJAR.

Did you know?

The Financial Conduct authority (FCA) has capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

Additionally all default charges are capped at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

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

*Disclaimer: The offers compared on this page are chosen from a range of products finder has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms "Best", "Top", "Cheap" including variations, are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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