MYJAR loans: 2022 review and calculator

MYJAR entered administration in late 2020, but you can find loans from similar short term lenders here.

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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.

MYJAR went into administration in December 2020 and is no longer taking on new customers. If you’re an existing MYJAR customer you should continue to make repayments as usual.

We’ve kept this page for historical purposes, and if you’re looking for a short term loan, you can compare a wide range of payday lenders here.

Loans like MYJAR

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MYJAR Short Term Loan MYJAR Short Term Loan 2008 Instalment loans More info
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Conduit Short Term Loan Conduit Short Term Loan 2012 Instalment loans Check eligibility

Want to avoid taking out a short term loan altogether? Read our guide

What is MYJAR?

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

Table: promoted deals, sorted by total payable
How much do you need to borrow?

How long do you need to borrow for?

1 - 1 of 1
Name Product Available Amounts Daily rate Monthly repayment Total payable
MYJAR Short Term Loan
£100 to £2,000
Representative example: Borrow £300 for 3 months days at a rate of 274% p.a. (fixed). Representative APR 1081% and total payable: £444.06, in 3 payments of £148.02.

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.

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 NameMYJAR Short Term Loan
Available Amounts£100 to £2,000
Loan terms3 months to 12 months
Soft search eligibility check
Instant decision in most cases
Funding speedOnce 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 methodContinuous payment authority
Additional repayment methodsOnline payment,Phone payment,SMS
Repay early at any point
FCA registration number673214

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 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.

Shorter-term loans from companies like MYJAR typically 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:

ResidencyUK resident
Minimum age18
Additional eligibility notesYou 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 number020 3006 2000

Our verdict

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.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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