Lender in Focus 9.1: MYJAR overview and history

MYJAR overview and history

MyJar overview and history

MYJAR provides flexible short and long term loans. CashLady takes a closer look at MYJAR and at the services, they offer to their customers.

This financial lender describes itself as a flexible alternative to a traditional payday loan.

Historically, payday loans were only offered for very short periods of time and were repaid in one single payment, at the end of the loan term.

MYJAR offers its customers the opportunity to apply for short term credit options that can be taken out over a period of up to 12 months. These loans are known as instalment loans because they are paid back in monthly instalments, rather than through one single payment. The loan capital and the interest are spread out equally over each repayment, throughout the loan term.

Their customers can borrow between £100 and £3,600. Loan terms can be between 3 to 12 months. Both new and existing customers can apply for finance of up to £3,600.

MYJAR has a ‘ladder’ system. Customers can ‘move up’ the MYJAR ladder by repaying their loans on time. Your MYJAR credit score will determine which jars you are able to access and how much you can afford to repay each month.

Lender in Focus 9.1: MYJAR overview and history

You will need to apply to see your personalised jars.

The first section of the ladder is for loan terms of 3 months. Within this, customers can apply to borrow up to £900 at an interest rate of 0.75% per day (75p per day per £100).

The next section of the MYJAR Ladder allows customers to apply to borrow up to £1,800, for a loan term of 6 months. Also, the interest is charged at 0.65% per day (65p per day per £100).

The final ‘rung of the ladder’ enables customers to apply to borrow up to £3,600 at an interest rate of 0.35% per day (35p per day per £100).

It is free to apply for a loan with MYJAR.

Lender in Focus 9.1: MYJAR overview and history

Repayment dates are usually set to coincide with your payday. If you are paid weekly or every two weeks, they will schedule the repayments on a four-weekly cycle.

Usually, they will provide customers with a full schedule of payments so that you will know when each repayment is due. SMS and email reminders are also sent out in advance of each scheduled payment.

After agreeing your repayment dates, MYJAR customers use Continuous Payment Authority (CPA) to make their repayments. When you apply for finance with MYJAR, you will provide them with details of your debit card and agree for repayments to be taken from that card, to repay your loan. This is known as CPA.

If you wish to make a repayment outside of your repayment dates, you can do so via your online account, text message or telephone.

Existing customers can apply for further finance after repaying their initial loan. After you have fully repaid your loan, MYJAR will recalculate your credit limit. Because of these new checks and your payment history with MYJAR, your finance options may have changed. MYJAR may, for example, be able to offer you different limits. This is dependent on the loan term that you select.

As longer term loans are generally more manageable, you could find that your credit limit for a 12-month loan may be more than your credit limit for a shorter-term loan.

As you are only charged interest for the days that you have the loan, you could save money if you repay your MYJAR loan early.

Eligibility Criteria to apply for a MYJAR loan

To be eligible to apply for a MYJAR loan, you must be over 18 years old, have a regular source of income and reside permanently in the UK. You must also, hold a bank account in the UK with an active debit card and have a verifiable mobile phone number and email address.

It is important to make sure that you can comfortably afford to make the repayments before taking out any loan.

Company information

Company information

MYJAR Limited is a company incorporated in England and Wales.

Their registration number is 08518406.

MYJAR’s registered office is: Moss House, 15–16 Brooks Mews, London, W1K 4DS

Postal address: MYJAR, PO Box 6040, WESTCLIFF-ON-SEA, SS1 9TE

Website address: www.myjar.com

MYJAR’s customer service team is available from 8 am – 8 pm, Monday to Friday, 8 am – 6 pm on a Saturday and 9 am – 6 pm on a Sunday.

Telephone number: 020 3006 2000

Email: info@myjar.com

Financial Conduct Authority registration

Lender in Focus 9.1: MYJAR overview and history

MYJAR is authorised and regulated by the Financial Conduct Authority.

Their authorisation number is: 673214

Authorisation can be checked on the Financial Services Register at www.fca.org.uk.

Data Protection

MYJAR is registered with the Information Commissioner’s Office. Their Data Protection registration number is ZA003195.

MYJAR publishes its privacy policy online for customers to read.

Right to cancel your loan agreement

Under the Consumer Credit Act, borrowers have the legal right to withdraw from their loan agreement within 14 days of signing a loan contract.

You should contact MYJAR on 020 3006 2000 as soon as possible if you decide you would like to withdraw from your loan agreement. You can also cancel in writing by sending a letter to MYJAR, PO Box 6040, Westcliff-on-Sea, SS1 9TE or sending a fax to 0203 004 0991. Also, you can send an email to info@myjar.com.

If you would like to withdraw from your loan agreement with MYJAR, you must return any money that you have received, together with any accrued interest, with no undue delay and no longer than 30 calendar days after giving MYJAR notice of withdrawal.

The amount of interest you will pay per day will be set out in your loan agreement. You can also ask MYJAR if you are not sure how much interest you are being charged each day.

Credit checks

Lender in Focus 9.1: MYJAR overview and history

As part of responsible lending, MYJAR uses credit scoring as one of their ‘tools’.

A customer’s credit score helps financial lenders to decide whether they can lend to that person and if so, how much. Different loan providers use these scores in a different way, which means that being declined for a loan from one lender does not necessarily mean you will not be approved by another lender.

MYJAR takes other factors into account before they make their decision on whether to approve a customer’s loan application. A poor credit history sometimes does not provide ‘the full picture’.

Lenders are required to check that each customer is creditworthy and that the loan they are applying for is affordable for them. What matters is that you can afford the repayments.

Promotional activities

Does MYJAR have a television advert?

Yes, MYJAR has a television advert which is available to view on their website.

Do they advertise on Google?

Yes, MYJAR does currently have a Google ad.

Does MYJAR charge fees?

Lender in Focus 9.1: MYJAR overview and history

MYJAR does not have hidden costs. It is free to apply for finance with MYJAR and there is no charge for transferring the money into your account. If you repay your loan on time, the only charges you should incur are the agreed interest payments on your loan amount.

MYJAR can charge a fee for late repayments. Three days after the first missed payment, MYJAR can charge a £15 default fee.

Late repayments can also negatively impact upon your credit score.

MYJAR has a total cost cap of 100% on their loans. This means that you will not ever be required to repay more than double the amount that you originally borrowed.

Has MYJAR ever been fined?

CashLady could not find any evidence of MYJAR being fined.

Anything I need to be aware of about MYJAR?

MYJAR fund three major free debt advice charities: Stepchange, PayPlan and Christians Against Poverty.

Social Media


When CashLady checked in February 2017, MYJAR’s Facebook page had 16,654 followers and 17,092 likes.

According to their ‘About’ section, they typically reply to messages on Facebook within an hour.

MYJAR seems to be very active and their last post, regarding budget home manicure ideas, was published on the previous morning.

Their posts generally cover money saving or budgeting ideas, such as DIY hacks or top ways to sell or recycle your old clothes.


MYJAR joined Twitter in December 2012. As of February 2017, MYJAR had 167 followers and had tweeted 155 times.

At the time of publishing this article, MYJAR’s last tweet was more than a month old. Their tweets tend to talk about their awards, competitions and money saving ideas.


Cashlady could not locate an Instagram account for MYJAR.

Do they have an App?

MYJAR does not have an app but customers are able to manage their account online 24 hours a day.