Lender in Focus 9.3: MYJAR reviews

MYJAR reviews

MYJAR reviews

If you are considering taking out a loan with MYJAR then its website is a useful way to learn more about the lender and its flexible credit options. Yet, it is also a good idea to do some online research and see what previous customers think, by looking at some MJAR reviews.

Online reviews can help you better understand whether MYJAR does what it says it does. They provide access to both good and bad customer experiences. This is so that you can make a better-informed decision about whether to use them for short-term finance.

Here we look at several online reviews that customers have written about MYJAR.

Trustpilot

Trustpilot is one of the most widely used online customer review websites. Covering over 120,000 companies globally. And, claims to build trust and transparency between businesses and customers.

Average score of 9.4

MYJAR scores very highly among reviewers on Trustpilot, with an average score of 9.4 (ranging from 0-10) from 2,894 genuine customer reviews. This takes MYJAR into the ‘excellent’ category.

84% of reviewers reward MYJAR with five stars. 10% give it four stars and just 6% of reviewers have given the company three stars or less.

“Quick, easy to apply”

Many of the positive reviews on Trustpilot claim that MYJAR is quick and easy to use. That is, with both the application process and the transfer of funds being typically very speedy.

On its website, MYJAR, claims that once you have requested your loan amount and duration, your loan will be in your bank account in as little as 15 minutes.

“Very simple online process to follow and money into your account within 15 minutes. I would definitely recommend this company to anyone.”

“It’s so easy and convenient. It flowed smoothly from start to finish no problems at all.”

Many of the reviews on Trustpilot mention the simple application process on the MYJAR website. The finance provider claims that it makes its loans process as simple as possible, in four easy steps.

It begins with the online application, then completion of the application form in your online account. Following approval, you decide on the loan amount and duration that suits you and then you can receive the loan in your bank in as little as 15 minutes.

“Fast decision, quick payout. Painless application would recommend to anyone 100 %. Thank you MYJAR, keep up the good work.”

“Perfect, always happy to help when I need it the most”

Many of the positive reviews about MYJAR come from existing customers. Many who have paid back previous loans and then been accepted for further loans from the lender.

Often these are for a longer term, such as 12 months, or for a larger amount than the initial finance that they took out.

This is a key feature of MYJAR. The finance provider says its goal is to provide customers with access to larger loan amounts, over a longer period, at lower rates.

provides access to larger loans

It rewards responsible borrowing using its internal credit scoring system, known as the ‘MYJAR Ladder’. Along with other financial information, such as a credit check, it determines the amount that is affordable to its customers.

This means that if you are a MYJAR customer and you pay your loan back on time then you may be able to access a higher loan amount more easily in the future.

Yet, it should be noted that taking out finance and repaying on time will generally have a positive impact on your credit score.

It is important to ensure you can afford to make repayments

Before providing access to further finance MYJAR first reviews your current financial situation. This will include your ability to meet your loan repayments. Depending on this information it may still refuse your application, or offer less than the amount that you apply for.

This situation has resulted in a small number of negative reviews for MYJAR. Some customers claimed they had recently repaid a loan, only to be turned down for more borrowing.

Instead of impacting negatively on MYJAR, this shows that it is a responsible lender. Also that it thoroughly assesses loan affordability for each loan application that it receives. Even if it is from a previous customer.

“Rewarding Loyalty. Have always been granted a loan when needed, very good to me, granted access to higher borrowing, longer terms and lower rates. Recommended.”

“Staff were so helpful”

MYJAR claims that a key feature of its offering is customer service. Customers are able to reach its customer service team seven days a week, by phone, email or text message.

On its website, it states it treats its customers fairly and that its team is there to assist with whatever you may need. With everything from checking your loan status, to finding out your current balance. Or indeed if you are experiencing any difficulties.

“Great service with very helpful and polite staff. Would recommend to friends and family.”

Negative MYJAR reviews

In the interest of balance, it is also important to consider the less favourable reviews given to MYJAR. So that you have a clear picture of its products and services.

High-interest rates

Most negative reviews come from customers who have been refused a loan. Although there is some criticism about the high-interest rates on MYJAR loans.

As a provider of short-term finance, the interest rates are typically higher than with mainstream finance from a bank or building society.

Its interest rates are clearly stated on the website. But, before taking out any type of finance it is important you understand the interest rate and the full amount you are expected to repay.

MYJAR claims on its website that there are no hidden charges. Also, that you will know exactly how much your loan is going to cost. The repayment amount and dates will be made clear before you borrow.

Summary

MYJAR has received overwhelmingly positive reviews on Trustpilot. Most customers are impressed by its quick and efficient application process. While access to a polite and helpful customer service team is also celebrated.

The key features that impress its customers are quick payment of loans into their bank accounts and the polite nature of the staff. As well as the ability to take out further finance after the successful repayment of previous loans.

It appears that MYJAR is a transparent and FCA approved, responsible lender that is adhering to the values on its website.