MyJar Loans | www.myjar.com Reviews
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 £900 (3m), £150 to £1800 (6m) and £250 to £3600 (12m).
They have however recently added Plus to their service. This has a fixed 24 month term on amounts of £400 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 days a week and so will be able to process any payouts quickly.
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 UK): #36,684
Product Specs
Amounts for New Customers: £100 to £7200
Amounts for Existing Customers: £100 to £7200
Late Payment Fee: £15
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% (5650+ count)
Rivals & Similar Lenders Like MyJar
MyJar’s popularity sits outside 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. They have been outperforming such competitors as Mr Lender, Peachy and Uncle Buck. On Stride Financial is more evenly matched. They happen to also operate 7/7 and also cater lending above a year. At 24 months, they have a very similar traffic rank as Everyday Loans. The pricing is also similar at £859.52 vs Everyday’s £854.24 (variable).
Last Check @ www.myjar.com: June 10th, 2019
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