Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Formerly known as TxtLoan, MYJAR is a direct lender providing short term loans over periods of 3, 6 or 12 months to UK borrowers. 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.
Estimate the cost of your loan from MYJAR
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
What's in this guide?
- Estimate the cost of your loan from MYJAR
- Key features of MYJAR loans at a glance
- MYJAR interest rates
- What repayment periods are available?
- Is MYJAR a payday loan?
- How does a short-term loan from MYJAR work?
- What are the eligibility requirements?
- How do I apply for a loan from MYJAR?
- Additional Borrowing Options
- Our verdict
- Loans like MYJAR
- Frequently asked questions
Key features of MYJAR loans at a glance
MYJAR started out in 2008 offering straightforward, high-interest payday loans. It has issued more than 2 million short term loans online. Since then, however, along with many other lenders, it’s moved into instalment loans. Now, with a MYJAR loan, borrowers make a repayment each month, which pays off part of the capital (the original amount borrowed) as well as the interest accrued so far.
|Product Name||MYJAR Short Term Loan|
|Available Amounts||£100 to £2,000|
|Loan terms||3 months to 12 months|
|Soft search eligibility check|
|Instant decision in most cases|
|Funding speed||Once you’ve been approved to borrow, MYJAR says it will usually transfer the money to your bank account in as little as 20 minutes.|
|Default repayment method||Continuous payment authority|
|Additional repayment methods||Online payment,Phone payment,SMS|
|Repay early at any point|
|FCA registration number||673214|
MYJAR interest rates
MYJAR applies interest to your outstanding balance daily. If you choose to repay over three months, MYJAR will charge a daily rate of 0.75% (equivalent to 273.75% annually). Repay over six months and MYJAR will charge a daily rate of 0.65% (equivalent to 237.25% annually). Repay over 12 months and MYJAR will charge a daily rate of 0.35% (equivalent to 127.75% annually).
What repayment periods are available?
- 3 months: Borrow from £100 up to £500.
- 6 months: Borrow from £150 up to £1,000.
- 12 months: Borrow from £250 up to £2,000.
Is MYJAR a payday loan?
MYJAR loans are designed to be repaid in instalments over a number of months, rather than in a single repayment on your payday. So, no – these are not traditional payday loans. However, because MYJAR lets borrowers repay their loans early and only charges interest on the days on which they borrow, there’s nothing stopping borrowers from using MYJAR as a payday loan.
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 sent to your account, often in as little as 20 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 won’t incur a fine but you will pay extra in interest – since you’re borrowing more for longer – and you’ll also damage your credit score.
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:
|Additional eligibility notes||You must hold a bank account in the UK with an active debit card.|
You must have a verifiable mobile phone number and email address.
You must have a regular source of income.
MYJAR will then consider your application based on factors including your income, credit score and any 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
MYJAR does not currently allow you to top-up or extend your loan, or to take out more than one loan concurrently. You can apply for a new loan once your outstanding loan and interest has been paid off.
The lender is much more flexible when it comes to making overpayments or repaying early, however.
|Repay early at any point|
|Repaying early can reduce overall interest|
|Interest is only applied to days where funds are outstanding|
|Phone number||020 3006 2000|
Letting customers repay early – and only charging interest on the days they borrow – is a major plus. Because MYJAR’s rates get lower as the loan terms get longer, you may choose to apply for a longer loan than you need in order to keep that rate down, and then simply repay it early.
So for example, if you need to borrow £500 for three months, you could request a 12-month loan instead, and repay it early within three months. That way you’ll pay interest at 0.35% per day rather than 0.75%, and save yourself around a cool £130.
What’s harder to say, however, is whether or not MYJAR would approve a new customer for a one-year loan. All applications are considered on their individual merit. It’s also important to note that for some people a shorter loan might be safer – especially if their circumstances change a lot. Repaying a loan early takes self-discipline.
But, if you can bag that 0.35% daily rate – that’ll be hard to beat in the world of high-cost short-term credit.
Loans like MYJAR
If MYJAR’s not for you, you can browse alternative sites in the table below.
Frequently asked questions
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