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MyJar Loans @

MyJar Loans
MyJar is the 2013 relaunch of TxtLoan that started out in 2009. Over their history they have issued more than 2 million loans. The service available through has changed considerably over the years. On a recent check-up the option was there to select short terms (days) and the loan cap was £1000 for new customers and £2500 when returning. They have now made changes to offer 3, 6 or 12 month options. 3 is attached to £100/£900, 6 is £150/£1800 and 12 is £250/£3600. Daily interest at each level reduces as 0.75%, 0.65% and 0.35%. Credit scores determine which jars you can access and funding levels although the option is there to apply for either choice.

Whilst there has been a change to the flexibility of the product’s terms, customers can settle their loan at any time and only pay interest up to that day. With a £100 sum (minimum) cleared after 30 days the charge would be £22.50. For their instalment costs, £300 would come in at £144.07 (3) and £234.56 (6). For £1000 over a year they ask for £804.52. The website is styled vibrantly and through the MyJar login you’ll be able to make early settlements with ease. You can also initiate instant transfers here 24/7. This applies to customers who have already took out a loan who’ll be pre-approved for more funds whenever they are needed.

Back in the TxtLoan days, it just took a simple text message to make a request. As it stands, you can repay by SMS, but that is all. Whilst there are SMS charges this was a useful feature for those that don’t always have an internet connection. First time applicants can get quick decisions since their customer advisors operate 7 days a week. Their opening times are Monday to Friday (8am to 8pm), Saturday (8am to 6pm) and Sunday (9am to 6pm). This isn’t one of the cheapest instalment solutions around, but it may just be the most efficient. They haven’t invested that much in advertising though with the exception of a recent TV ad in early 2016.

Pricing Examples…
£22.50 /£100 (30) (with early settlement)
£144.07 /£300 (3)
£234.56 /£300 (6)
£804.52 /£1000 (12)

Data Taken from November 2016.