As far as payday loan companies go, MyJar is the force to be reckoned with. It offers fair, simple 18-day loans for small amounts that are ideal for unforeseen emergencies while you are waiting for your pay to arrive.
Payday loans have come under constant scrutiny in the media over the last few years and with new legislation covering the whole sector, it makes sense to work with a company that takes it responsibilities seriously. MYJAR dies credit checks when you borrow to try to make sure that nobody ends up taking more than they can afford to repay on time.
The maximum they will lend a new customer is £100, which means no hefty loans that most people won’t ever be able to pay on the repayment date agreed. The only way you will get your hands on this cash is by going through their credit checking process, proving to them that you have a regular source of income in order to pay back the loan, and also have shown reliable patterns of borrowing. The latter is shown on the credit report they pull using the details you’ve provided. If your credit score doesn’t show that you can repay on time, you won’t be approved for the loan – Borrowing more than you can afford is never a good idea..
Right from the beginning, you are able to see exactly how much everything will cost you with MyJar. Every customer receives a “clear and transparent” service which can only mean good news for consumers. The last thing anyone wants to face is hidden charges often seen with other payday loan lenders.
Borrowing £100 for 18 days (the maximum amount and length of loan available from the text payday loan lender) will cost you £20 in interest, which is a 3943% APR variable. Other lenders can charge upwards of £30 for virtually the same service.
After a five minute application process, you will be given an answer in moments and if accepted, the money will generally be right there and waiting, ready to be spent in around fifteen minutes or so. If it’s fast cash you’re looking for, you can’t really get faster than that.
When the loan is due, MyJar takes repayment from your bank card so you don’t even need to call up to make a payment. The payment authority can be cancelled at any time so you are always in complete control but paying back late inevitably incurs additional costs. Once your loan has been paid back, you will usually be eligible to apply for another loan; that tends to be the case with most payday loan lenders anyway.
MyJar will lend you money for a very short duration, and the whole idea is designed to help those with short-term cash flow problems only. Longer term financial issues won’t be solved with a “quick fix” such as a payday loan.