MYJAR Loan Review 2021 | Loan Limit, APR, And Eligibility

Have you ever found yourself in a financial trouble and in need of fast access to funding? Well, during such times, MYJAR provides various loan options to get you out of it.

With both long term and short term loan options, it has something for everyone. But before you sign up on the platform, a little research is in order.

To this end, we have prepared a comprehensive review covering the most important aspects of the platform that you need to know.

Take a look and find out if this is the lender for you.

What is MYJAR?

Founded in 2009, MYJAR is a UK-based lender offering installments loans for both short term and long term applicants. Over the years, the platform has won various awards for its services.

It is incorporated in Wales and England with a registered office in Brook Mews, London. The lender is authorized and regulated by the Financial Conduct Authority (FCA).

The lender also works closely with other key organizations in the finance industry. These include the Consumer Finance Association, PayPlan and CIFAS.

To date, the platform has issued over 2 million loans and currently has a TrustPilot score of 8.7 out of 10 from 5,751 reviews. MYJAR supports PayPlan, the debt help charity.

Pros and Cons of a MYJAR Loan

How does a MYJAR loan work?

The service provider claims to do things differently and offers significant simplicity and transparency into all processes.

MYJAR allows borrowers to access funding worth £2,000 or £4,000 under different product lines. You can repay the former loan over a span of 3, 6 or 12 months, monthly or on your pay date. But if you take out the latter, you get a repayment period of up to 24 months.

The platform operates online and has no physical stores and offers a mix of simplicity and speed. You can apply in a matter of minutes and expect a decision almost instantaneously. They offer a transparent fee structure and have no hidden fees.

Loan repayment

There are no late payment fees for borrowers and you can also repay your loan early before the due date. There would be no fee for this and it would, in fact, reduce significantly on the total loan cost as you get to save on interests.

Among the factors that contribute to their high ranking on review platforms is an award-winning contact center. It functions 6 days a week and offers great services.

Loans from MYJAR are paid out promptly. According to the site, they make payments every 20 minutes. The application process is simple and you will get a quick decision on whether or not it is approved.

Transparency

The platform derives its name from the idea that jars are completely clear and transparent. Similarly, they strive to be clear, with no hidden charges, and nothing underhanded. What you see really is what you get.

Once you submit your loan application, the team will review the details and make the necessary checks. The point of these checks is to ensure that the loan is affordable and that their lending decision is appropriate.

You might not necessarily be required to provide documentation to access a loan product. But it would be best to prepare some documents before applying just in case you get a request. They might sometimes request for documentary evidence to support application details.

Loan application requirements

Some of the documents you might need include recent bank statements, a copy of your ID, debit card and proof of address. They might ask for these documents to check details such as income information or identity before approval.

Check your online account area to confirm the status of your application. They will also send either a text message or an email to communicate the decision. If you get approved, you simply need to log in to your account, follow the steps in the screen and then sign the electronic documentation.

Simply because you qualify for a loan on the platform once does not mean you can always get funds. If you ever need to borrow again after full repayment, go to your online account and check eligibility. They will check your affordability and creditworthiness afresh and give you a decision.

After securing funding from the platform, you will likely make repayments using a continuous payment authority (CPA). But you might also want to make other payments outside the scheduled arrangement to reduce interests.

To do so, you can log in to your account and choose “Repay Now.” You can also send a text with the words “LOAN REPAY” or call customer support and follow their instructions to make payments.

What loan products does MYJAR offer?

MYJAR Account Creation and Borrowing Process

To get your very first loan from MYJAR, start by visiting the site.

1. On the homepage, you need to choose the loan product that you are interested in, either MYJAR or MYJAR Plus.

If you choose the second option, clicking on “Find out more” takes you straight to the application page.

If, on the other hand, you choose MYJAR, you will first need to select the amount you need to borrow and the period of time you need to repay.

In both cases, the next step will be to enter details about yourself, your income and your bank account.

2. On the very first step, you will enter your mobile number and get a PIN code sent to you via text.

You will need to enter this code at the end of the application as verification. Some of the details you need to provide in this step include your date of birth, name, gender, email, marital status, number of dependants and number of adults in your house.

3. Follow the prompts on the screen to populate other required details and submit your application.

You may only need to wait a few minutes for a decision and funding.

Eligibility Criteria for MYJAR Loan

Information Borrowers Need to Provide to Get Loan

What are MYJAR loan borrowing costs?

The costs of borrowing from this lender vary according to the product you choose. Take a look at some of the fees associated with the two main products:

MYJAR

• Representative APR – 1,081%
• Application fee – nil
• 3 month loans – 0.75% per day or 75p for every £100
• 6 month loans – 0.65% per day or 65p for every £100
• 12 month loans – 0.35% per day of 35p for every £100

MYJAR Plus

• Representative APR – 97%
• Application fee – nil
• 24-month loan – 019% per day for each £100

MYJAR Customer Support

Based on online customer reviews, MYJAR offers excellent customer support. In fact, the platform won Best Contact Centre Team 2017 award from the Collections and Customer Service (CCS).

Similarly, the service provider gets a lot of positive reviews based on customer service on various online platforms.

Is it safe to borrow from MYJAR?

It is safe to borrow from MYJAR since it is a regulated and authorized platform under the Financial Conduct Authority (FCA).

Also attesting to its reliability, the platform has won a number of awards. For instance, it won a Responsible Lender 2017 award from F5 Awards. It was also a finalist in the Responsible Lender category at the British Credit Awards, 2017. The lender also emerged as Highly-Commended under the Collections category of Credit Excellence Awards 2017.

MYJAR Review Verdict

Whether you are looking for a short term or long term loan, MYJAR is a great choice of platform. Its rates for both are friendly and you will get funding within 20 minutes if approved.

The eligibility criteria are not too strict and the lender does not charge any extra or hidden fees. Rather, they strive for transparency in all respects.

As a responsible lender, they will check your credit status and report performance to credit agencies. That can be both advantageous and disadvantageous depending on your repayment habits.

They get our full recommendation as a highly versatile choice of platform with a remarkable reputation.

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