MyJar (Ltd): MyJar
History and Ownership
MyJar Ltd is the team behind this brand (styled as MYJAR). This identity was rolled out in 2013 after the rebranding of TxtLoan who had been trading since back in 2009. There was a few founders involved at start-up. The key man was Gert Koppel who has since moved on to new projects. In subprime lending he has otherwise been involved with Creditstar (hired only). Kristjan Novitski was also a co-founder. He is well known in the space through the Peachy loan brand. The original TxtLoan service pioneered the text loan niche. There is no longer any ability to apply by SMS, but you can repay this way and they do require a phone for verification and ongoing communication.
The London-based agency SomeOne was brought in for the revamp. They carried out a great job on the design front that you’ll see when checking out the site. As it stands, this lender has issued more than 2 million loans with £405 million having been lent since formation. Unsurprisingly, they have emerged as one of the UK’s top instalment loan providers. In our recent comparison they took the 6th ranking spot and were very close to Lending Stream in 5th. Future progress is expected in light of recent investment in TV advertising. They had previously took a more minimal approach to promotion growing through word of mouth and listings on various comparison sites.
Info: MyJar Loans
www.myjar.com (Alexa UK Rank: #18,503)
The original TxtLoan product was fast, but lacking on the flexibility side as far as amounts and terms. In the modern day this has been flipped around. At application stage you’ll be able to choose between 3 Jars. The initial one at 3 months enables cash between £100 and £900. You can instead opt for 6 months for £150 to £1800 whilst the upper tier of a year delivers £250 to £3600. Whilst there are only 3 such terms at application stage you can settle at any time through the MyJar login. The pricing per £300 is £144.07 (3m) and £234.56 (6m). If you opted for £1000 over a year then you’d pay £804.52.
It wouldn’t be advised to opt for that full year that is an expensive charge to pay. In comparison, Likely Loans who target similar audiences would ask for £278 that is considerably cheaper. Automation has been the standout feature of this service (new and old). Once you had borrowed and successfully repaid your loan you were auto-approved for more funds when reloaning. That was some time back, but it does state now that when you repay your new limit is recalculated. First time borrowers can benefit from a speedy response since their team is working 7 days a week. Their full opening hours are Monday to Friday (8am-8pm), Saturday (8am-6pm) and Sunday (9am-6pm).
Reviews: Feefo, Review Centre, Reviews and Trustpilot
Feedback is being collected through Trustpilot. They score very well on this platform and currently achieve a 93% rating from a large pool of 3500+ reviews. As to be expected, much of the support is directed at the speed of those payouts. There is an old TxtLoan profile on Review Centre, but not for the new brand. That old page doesn’t have a great score at 48% from 20 feedback. This lender has a good market reputation, but they have had a bit of a history with debt collection whereby unpaid debts are quickly sold on to collection agencies. You’ll tend to find lots of forum discussions about this.
There are plenty of alternatives in the instalment sectors. When you are seeking instant loan lenders like MyJar there are however less worthy choices circulating. The main 2 that meet the grade are SafetyNet Credit and Wonga. SafetyNet are more more aligned with short term borrowing, but you can request cash from them whenever you need it and their overdraft protection is a neat feature. Everyone is familiar with the market leader Wonga. They too automate on reloans. A good upgrade on their side is the recent addition of their 6 month loan option. Sunny is a good fit for similar lofty sums that you’ll find here (they lend up to £2500). Finally, Satsuma Loans offers the same terms and is a close match on traffic performance.
The Plus Points
MyJar’s service is fast, flexible and this company receives lots of praise on review portals. A potential £3600 can be borrowed that is higher than most rival services. Drafty does lend £3000 at first and then £5000 on reloans, but they are very picky with approvals. This company has as noted picked up favourable support online and a loyal following has been built as seen on Facebook where they have close to 20,000 fans. The potential of a 24/7 payout on reloans is a key USP. When 24/7 payouts is important, the various line of credit lenders are perfect for instant payouts. For a facility like this, SafetyNet was mentioned above (and they have recently also launched Tappily).
Last Updated: January 5th, 2018.