If you are considering taking out short-term finance with MYJAR, there may be some common questions that you would like answered. From how to contact MYJAR, to the types of finance that it offers. As well as whether it carries out a credit check, Cashlady looks at some common MYJAR FAQ’s and provides the answers.
Who is behind MYJAR?
MYJAR Limited is a company incorporated in England and Wales.
The registered office address:
15–16 Brooks Mews,
MYJAR is registered with the Financial Conduct Authority. You can find the financial provider on the Financial Services Register using the reference number 673214.
What kind of finance does MYJAR offer
MYJAR provides small instalment loans of up to £3,600 for up to 12 months.
It is a flexible finance provider, allowing you to borrow money online through a clear, simple and transparent process. It also allows you to pay back your loan amount early, without penalty.
The credit options that it offers are short term but they differ from payday loans. In that, the loan term may be longer (up to one year) and you can space out your repayments in monthly instalments over the loan period.
A key feature of MYJAR is it aims to offer its customers access to higher loan amounts, for a longer term. Usually at better rates using its ‘MYJAR Ladder’ credit scoring system.
This means if you take out initial finance with MYJAR and pay it back on time then they may provide you with access to credit at a higher amount. Particularly with better rates the next time you apply.
Acceptance for a loan will also depend on your financial situation at the time of your application
What is the APR of a MYJAR loan?
MYJAR loans have a representative APR of 788%, meaning 51% of people who apply for credit from MYJAR will receive this rate or better.
The other 49% may receive a different rate depending on their current financial circumstances.
How can I apply for a loan from MYJAR
MYJAR is an online flexible finance provider that claims to make the application process as simple as possible, in four easy steps.
First, you make your initial application by visiting www.myjar.com there you enter your mobile phone number and are sent a pin code.
You will need this to log into your account to receive your personalised credit options. That is, once you have been notified that MYJAR has processed your initial application.
The online application form is straight-forward. It asks for some brief personal information, followed by information about your income and bank details.
This will be used to confirm your identity and check the affordability of the finance that you are applying for.
Once you have completed the application you are then sent an email and a text if you have been accepted. You log into your account and select the loan and duration that is right for you.
You will receive an email notifying you if your loan application has been declined.
Are there minimum requirements to meet?
Before applying for an instalment loan from MYJAR check that you meet its minimum requirements.
- Have a regular source of income
- Be over 18 years of age
- 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
You do not necessarily need to be in employment. Especially if you can provide evidence of a regular income. One that is enough for you to be able to meet both your existing financial commitments and the loan repayments.
Once MYJAR has confirmed these details it will make any necessary checks to ensure the finance is affordable for you.
Will MYJAR run a credit check?
MJAR runs a credit check as part of its affordability checks when assessing your eligibility for finance.
Credit checks are important because they help MYJAR gain a full picture of your financial circumstances. Also, they provide a clear look at your history with other forms of credit.
On its website, MYJAR claims that bad credit doesn’t necessarily mean you will be declined for a loan. The lender takes other factors into account before making a decision.
It states that all its credit options are short term. Although this does not ensure that it will approve you for a loan.
MYJAR is primarily concerned that you will be able to pay your loan back on time and that you can afford the repayments.
Is MYJAR a trustworthy lender?
MYJAR scores very highly on the online review website Trustpilot, with an average score of 9.4 out of 10 from over 2800 customers.
Along with being regulated with the Financial Conduct Authority (FCA) MYJAR claims to always help its customers. Especially if they inform them that they are having financial difficulties.
How are loan repayments taken?
Once it has agreed on your payment date each month, it will take payments using a Continuous Payment Authority using the details of your debit card.
These automatic payments will be prearranged in a repayment schedule that you can view at any time.
If you wish to make a payment over and above the scheduled arrangement then you can make a repayment online through your MYJAR account. As well as repay your balance in full by text or make a repayment over the telephone.
Why does MYJAR use Continuous Payment Authority?
Continuous Payment Authority makes it convenient for you to make your credit repayments. This is without having to contact MYJAR every time a repayment is due.
If there are insufficient funds available, it can only make one further attempt. That is, under the Continuous Payment Authority to collect the payment.
MYJAR will contact you before making the second attempt so that you are aware of what is being taken from your account.
If there are still insufficient funds available after the second attempt, it will not try again. It will then be your responsibility to contact them to make a payment.
Note that there is a late payment charge of £15, added 3 days after the payment due date.
What happens if I cannot repay my loan?
MYJAR advises that you contact them as soon as your circumstances change or you have difficulty making your repayments. They will try and work together on a solution and perhaps allow more time for you to make your repayments.
They support the work of the leading free debt advice agencies and recommend that you seek free and impartial advice if you require it.
Also MYJAR suggests looking at a factsheet produced by National Debtline that you might find useful and it can be found at Payday loans fact sheet
MYJAR FAQ: How to contact them
MyJAR customer service is available seven days a week. You can contact them by telephone on 020 3006 2000. By email on firstname.lastname@example.org, or complete the contact form on their website. You can write to them at:
PO Box 6040