MY JAR (Formerly TXTLoan)
My Jar is a payday loan lender that offers short term cash loans. The company was previously known as TXTLoan but in July 2013, re-branded itself to My Jar. My Jar claims to "keep it simple" with easy to understand loans,and from my own experience, this is definitely the case. Offering just one type of loan; the terms are straight forward and easy to understand.00000
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If you want short and sweet, you’ve got it with My Jar. Easy to understand, easy to use and straight to the point – there are NO rollover’s, competitive charges and interest rates, and a simple-to-use website that we found a breeze to use. If you are looking for something easy, My Jar is definitely the payday loan lender for you!
Applying for a loan with My Jar is easy to do from their website. First, you need to enter your mobile phone number as this is used to send you your PIN. These details are then used when you wish to log into the site to manage your loan. A short online form must be completed with your personal details including full name, date of birth, address, bank account details, income and debit card details. Once submitted, My Jar will inform you of any supporting documentation that may be needed to verify your details. Once the loan application is complete you are informed by text message of the decision.
Once accepted by My Jar you can then request a loan in one of three ways – online, by text message or calling the contact centre. Whichever method you choose, the application is usually completed and sent to your bank within 15 minutes, and you are informed by text message once complete.
Easy To Understand
My Jar only offer one type of loan. The amount can be between £100 and £500 depending on your personal status. Initially customers are accepted for the lowest loan possible of £100. After paying this back and proving you’re able to afford the loans, the amount you’re allowed to borrow will usually increase. My Jar only offer loans on a 18 day term. This means that whatever loan you have, you must pay it back 18 days later as My Jar do not allow or offer rollovers. You can pay back the loan at any time within the 20 day term, however there is no reduction in the amount you must pay if you do – you will pay the same amount of interest regardless of when you pay it back in full. If you do not pay it back early then the amount is automatically collected from your debit card on the due date.
Loan Costs and Interest
The cost of a My Jar loan is £20 for every £100 borrowed, so a typical first loan of £100 would mean you pay back £120. The maximum loan of £500 would cost £100 interest meaning a total of £600 to be paid back. This works out to be a representative 3943% APR. It is for this reason that a pay day loan should only ever be used on a short term basis. My Jar are fair in the way they have published the charges if you do not pay the loan back on time. These include a £25 charge for each reminder on day 20 and 30, along with interest of £1.11 per day for every £100 borrowed. If the loan remains unpaid on day 61, then the account is passed to a collections team and an administration charge is added. The administration is 25% of the outstanding balance of the loan, including the previous charges and daily interest. This means that you should only apply if you can afford to pay the loan back, otherwise a small loan could be quite costly once the late payment charges and interest is added on.
Most of the time you may find, like me, that you deal with everything on-line. The website has the facility to fully manage your loan including applying, repaying,and even changing address and payment details. It is then unlikely that you would have to deal with the customer services team. If you do, you will be pleased to know that on the two occasions it was necessary for us to speak to them, they were incredibly helpful. On both occasions it was to change payment details before it was possible to complete the process online. Having only had limited dealings with My Jar’s customer services, we have rated it 4 stars as this reflects the service expected.
Overall Opinion Of My Jar
Overall My Jar are a pay day loan company that does what it says on the tin. Fast and simple loans with no rollovers. Whilst the costs associated with the loans offered may seem a lot, they are competitive with other short term or pay day loan providers. If you are sure that a pay day loan is something you want we see no reason why you should not consider My Jar.