MyJar Alternative

MyJar Alternative and How It Works

Who is MYJAR?

MYJAR is an award-winning UK lender, offering installment loans up to £3600 for brand spanking new and existing customers. Established last year, they have issued over 2 million loans to UK borrowers and earned an extraordinary average Trustpilot customer happiness score of 9.3/10.

Apply for any myjar loan and repay it in 3 months, then you can borrow even more money later on.

What could be the time period of an MYJAR loan?

The use of an MYJAR loan is between three and one years. The term that you will be offered is dependent upon your credit history and lending history with MYJAR. Existing clients are encouraged to climb the MYJAR Ladder, which gives use of longer loan durations at lower rates, as time passes, with good account management.

How much credit are you able to sign up for?

MYJAR offers loans up to and including a maximum of £3,600. The amount you can borrow, as well as for how much time, depends on their assessment of your loan affordability and credit standing. If you are an existing customer then you might be offered larger sums as you climb the MYJAR Ladder.

If you are accepted for any short term installment loan you will be notified by text

What is MYJAR’s loan application process?

You must complete the short online form, where you’ll be asked about your personal and financial circumstances, including employment, bank details, regular salary, and outgoings.

After submitting your application, MYJAR will review your information and in many cases, ought to contact you for supporting documents to aid confirm your address and verify your bank account details.

They will notify you by text and email about whether you have been accepted for any loan. If approved, you are able to request your best amount borrowed by logging into your internet account, or by calling the MYJAR customer service team.

MyJar Alternative if they don't accept you

What are the requirements?

To apply to get a loan from MYJAR you ought to:

  1. Have a regular income source.
  2. Be over 18 many years of age
  3. Be a UK resident
  4. Hold a banking account inside the UK having an active debit card
  5. Have a verifiable cellular phone number and email address

How quickly will I receive my loan from MYJAR?

MYJAR makes an effort to provide your loan within 15 minutes of approving your loan.

What do MYJAR charge?

The amount that you’re charged depends upon the length of the MYJAR loan. Examples are given below;

MYJAR Loan Duration Daily Charge Interest

3-month loan 0.75% per day
(or 75p for every £100 borrowed) 274% (variable) per annum
Representative 1081% APR
6-month loan 0.65% per day
(or 65p for every £100 borrowed) 237% (variable) per annum
Representative 774% APR
12-month loan 0.35% per day
(or 35p per £100 borrowed) 128% (variable)per annum
Representative 237% APR
Loan Options (Number of Lenders) 15 1

How much will you repay?

Representative Example: Borrow £500 for 6 months. Annual interest rate 238% (variable). 1 installment of £142.10 & 5 equal installments of £142.42. Total figure to repay £854.20. Representative 788% APR.

Repaying early is definitely encouraged given it will lower your loan duration and so the total interest charged around the amount which you borrow.

Repay your loan for the payday as late repayment costs £15.

Do MYJAR charge penalties?

There aren’t charges to take out an MYJAR loan but you will be charged a late payment fee of £15 if you make your repayments by the due date.

Along with incurring electrical, a late payment could also potentially damage your credit report. You should take note of whenever your payments are going to be taken and make sure that this settlement is available in your money.

Can I repay my MYJAR loan early?

You are asked to repay your MYJAR loan early. Additional repayments can be made through your online MYJAR account or by calling the customer support team.

Will MYJAR run a credit check?

MYJAR will run an appraisal of creditworthiness within the application process nevertheless, you may still be given a loan in case you tight on than perfect credit.

a credit check needed is often a portion of a credit card application process for any advance loan with Myjar
Their principal interest is that you are able to build your repayments comfortability and in addition, they will carefully assess your present employment and loan affordability, along with how we have managed your credit in the past.

What help and support do MYJAR offer?

MyJAR customer satisfaction can be acquired 1 week weekly. You can contact them by telephone on 020 3006 2000, by sending a contact to info@myjar.com, or with the contact page form online.

Where is it possible to find online reviews of MYJAR?

If you are considering applying for an installment loan with MYJAR online reviews provide helpful insight from genuine customers, who have previously borrowed using this type of lender. Online business review platform TrustPilot has over 3400 MYJAR reviews, having an average score of 9.3 from 10, which places them inside the ‘excellent’ category.

MyJar Alternative If They Refuse Your Application

If you are looking for a My Jar alternative because they have refused your application do not worry. The best option is to go with a loan broker, these guys will scan all the options in the UK that will accept you on your personal circumstances. The best option that I have used personally is over at the 1stclassloans.co.uk website.

Myjar is the UK trusted temporary finance lender.

What are MYJAR’s FCA registration details?

MYJAR is authorized and regulated by the Financial Conduct Authority. Authorization number 673214. You can check and then sign up for yourself.

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