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MyJar Loans | www.myjar.com Reviews

MyJar Loans

About MyJar Loans

MyJar was rolled out as the 2013 rebrand of TxtLoan that was formed in 2008 (trading since 2009). Founder Gert Koppel moved on and later worked at CreditStar whilst another co-founder (Kristjan Novitski) would go on to launch Peachy. TxtLoan was the dominant force in the text loans niche. They opted to leave short term lending behind them and would instead target instalments. To date they have issued 2.3 million loans and have enjoyed consistent growth despite not being one of the bigger advertisers in the space. MyJar’s main product has set levels (or Jars) in place. These are £100 to £500 (3m), £150 to £1000 (6m) and £250 to £2000 (12m).

Then there is Plus that has a fixed 24 month term on amounts of £400 to £4000. They did previously rise to £7200. There is a significant difference in value between standard and Plus. Using the example of a £1000 loan, the standard product at 1 year would cost £804.56 whilst for Plus on a 2 year term you’d pay £859.52 that is only marginally more for double the time. There was a time when this lender enabled existing customers to simply request extra funding 24/7. This has changed now as they state that further checks are taken. They still do operate 7/7 and so will process payouts quickly. MyJar’s Trustpilot feedback scores well at 88% (6200+).

Company Details

Address: PO Box 6040, Westcliff-on-Sea, SS1 9TE

Brand: MyJar (aka: My Jar)

Company: MyJar Ltd

Contact (📧): info@myjar.com

Contact (☎): 0203 006 2000

FCA Licence: 673214

Launched: 2009 (was TxtLoan)

Niche: Instalment, personal

Opening Hours: Mon/Fri (8am-8pm), Sat (8am-6pm), Sun (9am-6pm)

Related Brands: Non

Site Address: www.myjar.com

Site Rank (Alexa.com Global): #3,001,647

Product Specs

Amounts Available: £100 to £4000

Late Payment Fee: £15

Login Provided: Yes

Pricing: £144.06 /£300 (3m) & £234.54 /£300 (6m) & £804.56 /£1000 (12m)

Repayment Terms: 3, 6, 12 & 24 months

Review Feedback

Feefo: Not listed

Reviews: Less than 10 feedback

Trustpilot: 88% (6200+ count)

Rivals & Similar Lenders Like MyJar

MyJar’s popularity sits around the top 10 and they are some way behind the big 3 instalment brands (Lending Stream, Satsuma and Sunny). Their pricing does compare well though. Using the 6 month £300 example, they charge £234.54 that beats Satsuma’s £268.80 and Stream’s £275.52. Sunny’s standard price is higher at £274.44, but first time borrowers using their promo can receive a competitive £168.50. When comparing Alexa ranks, they have recently been performing on a similar level to MoneyBoat and Quick Loan Shop. Unlike many instalment lenders, they do of course now extend to long term 2 year loans. At this term they are quite comparable to Everyday Loans. The pricing is quite similar here at £859.52 vs Everyday’s £854.24 (variable).

Last Check @ www.myjar.com: February 14th, 2020

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