MYJAR offers customers the opportunity to apply for flexible short and long term loans. CashLady looks at the MyJar Advantages in full.
MYJAR advantages include flexible loans
This financial provider describes itself as the flexible alternative to a traditional payday loan.
The strict definition of a payday loan is a loan that is taken out for a short period of time and is repaid in one instalment, usually on the borrower’s payday.
In recent years, the term ‘payday loans’ has been used to describe short-term loans or instalment loans which are paid back in more than one instalment.
MYJAR offers short-term loans that can be taken out for a period of between 3 and 12 months. These instalment loans are then paid back through equal monthly repayments. Usually, consisting of loan capital and interest.
The MYJAR Ladder means that customers can move up to new levels by repaying their loans on time.
Your MYJAR credit score will determine the amount that is affordable for you to repay each month and which ‘jars’ you can access.
One of the MYJAR advantages is that it provides the option of a 12-month loan term, which some short-term lenders do not offer.
Flexible loan amounts
New and existing customers can apply to borrow between £100 and £3,600.
How much you will pay in interest will depend on the amount you borrow and your loan duration.
You can apply to borrow up to £900 on a 3-month loan term. The interest rate will be 0.75% per day, working out as 75p per day per £100 borrowed.
Customers can apply for cash loans of up to £1,800 on a 6-month loan term, at an interest rate of 0.65% per day, totalling interest of 65p per day per £100.
Finally, it is possible to borrow up to £3,600 on a 12-month loan term, with an interest rate of 0.35% per day. This works out as 35p per day per £100 borrowed.
Save money by repaying early
MYJAR customers can make extra repayments whenever they want and can even pay their loan off early.
As interest is charged per day, if you repay your loan early you could save money on interest.
MYJAR advantages include quick payments
If you are approved for finance, MYJAR will try to transfer the money to your bank account in as little as 15 minutes.
Open 7 days a week
MYJAR has customer service operators who can take calls from customers from 8 am – 8 pm Monday to Friday. On a Saturday they operate from 8 am – 6 pm and 9 am to 6 pm on Sundays and Bank Holidays.
New customers are able to apply for a MYJAR loan at any time by completing their online application form.
Before filling out the application form, you will need to provide MYJAR with your mobile number, so that they can send you a PIN. You will need this PIN to complete your application.
The first page of the form requires you to fill in personal details such as your name, email address, date of birth and marital status. You will also be required to disclose if you have any dependents (and if so, how many) and whether you own a car.
You will also need to set up a security question.
The second section of the application form entails providing information about your employment. Including the industry you work in, your income and how often you are paid. You will also need to inform MYJAR of your outgoings, including any outstanding loans and monthly rent or mortgage payments.
In the third section, you will need to fill in your bank details, your card details and your home address details. You will also need to agree to MYJAR taking your loan repayments using a continuous payment authority. Particularly if you wish to continue with your application. A ‘drop down’ box is available which explains what CPA is.
In the final section, you will need to confirm your details.
If you have all the information to hand, the application form should not take more than a few minutes to complete.
If you are approved for a loan, you will be informed by both email and text. After you have received this confirmation, MYJAR should present you with the loan amounts that you are eligible for. You can then choose the loan duration and amount that you would like and click ‘borrow’.
Sometimes, MYJAR may need to confirm your bank account details and your address. But usually, customers receive money into their account within 15 minutes.
Existing customers can apply for a loan by logging in to their account and requesting a loan. You may be required to update your information.
Who can apply?
In order to be eligible to apply for a MYJAR loan, you must meet these criteria:
- Be over 18 years old
- Have a regular source of income
- Reside permanently in the UK
- Hold a bank account in the UK with an active debit card
- Have a verifiable mobile phone number and email address.
Every loan provider has its own criteria which it uses to decide who it will lend to. Responsible lenders will always take your credit rating into account. However, each lender uses your credit score differently. Thus it does not necessarily mean that refusal from one lender will equal refusal from another.
MYJAR takes various other factors into account before deciding to approve your application. They are aware that a poor credit history may not provide the full picture.
For each loan application, lenders must carry out credit and affordability checks. You may also be required to prove your income by submitting a pay slip.
MYJAR says that it can offer finance to anyone who has a regular income. However, this does not mean that they will approve you for a loan.
When you are considering taking out any type of loan, you should make sure that you are able to comfortably meet the repayments.