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MyJar Loans | www.myjar.com Reviews
MyJar is the sole operation of MyJar Ltd. This identify was rolled out in 2013 when it replaced TxtLoan that was formed in 2008 (actively trading since 2009). There was a few founders involved at start-up. The key man was Gert Koppel who later moved on. More recently he was hired at CreditStar. Another co-founder (Kristjan Novitski) would go on to launch Peachy (both launched in 2011). TxtLoan was the innovative and dominant player in the text loan niche that has generally phased out over the years. A more flexible approach has been taken with this revamped project. To date they have lent £405 million and issued 2 million loans.
Brand: MyJar (aka: My Jar).
Company: MyJar Ltd.
Founder: Gert Koppel.
Launched: 2013 (2009 as TxtLoan).
Offers: Instalment, personal.
Opening Hours: Monday to Friday (8am-8pm), Saturday (8am-6pm), Sunday (9am-6pm).
Other Projects: Non.
Address: PO Box 6040, Westcliff-on-Sea, SS1 9TE.
Phone: 0203 006 2000.
Alexa Rank (Local): #18,913.
Facebook Page: 19,700+.
£144.07 /£300 (3m).
£234.56 /£300 (6m).
£804.52 /£1000 (12m).
Amounts: £100 to £3600 (new applicants).
Amounts: As above (when reloaning).
Amount Selections: £25 increments.
Late Payment Fee: £15.
Terms: 3 to 12 months.
*The 3 repayment options are 3, 6 and 12 months. The amounts accessible across each level are £100-£900 (3m), £150-£1800 (6m) and £250-£3600 (12m). Whilst the full range is available to all, it is likely that newcomers are started on smaller amounts on the shorter term although there are no determined first time caps. Much will depend on that credit score at application.
MyJar’s service runs 7 days a week and trusted customers can benefit from 24/7 payouts. What happened in the past was that once a loan had been repaid you’d be pre-approved for the next one. What it states now is that once the full repayment has been taken their systems will recalculate your limit to reflect your payment history. The product value is competitive on those 3 and 6 month repayment options and few rivals stretch as high as £3600 over a year. This efficient service has also always been praised well by their members, attracting a loyal following in the process. You only have to look at Trustpilot where they score at 93% from close to 4000 reviews.
This lender performs well in most departments. There are just a few things that could be improved. As a long term borrowing solution they are expensive when looking at their 12 month £1000 cost of £804.52. To be fair, other established instalment brands such as Pounds to Pocket and Satsuma charge similar premium rates. P2P’s charge is £899.45 (with promo) or £907.40 (without) and Satsuma’s is the highest at £990.04. When it comes to the terms, it would be ideal to access any month across the range, but there are just the 3 options. The workaround would be to take the longest term (if available) and then settle through the MyJar login that can be done at any time.
Similar Lenders Like MyJar…
There are many alternative solutions when you are seeking a flexible instalment loan. The big 2 competitors of this featured company are Satsuma and Sunny. Sunny’s rise has been meteoric, with only Wonga beating them on subprime traffic. Satsuma would be a good choice if you’d like to pick the specific month between 3 and 12. Their 3 month charge is also lower at £129.26. Sunny is open 7/7 and they extend to 14 months. Both of these lenders for reference charge no late fees. Some other good alternative picks for flexibility are Peachy and Pounds to Pocket. There have also been some excellent new brands entering the market in 2017 such as Auden, Fernovo, Tappily and Track Loans.
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