Financial emergencies may happen to anyone at any moment. If these things happen when we are struggling financially, our limited options should include loan alternatives like the short term loan offers. Searching for loans is not the best solution in most cases when you are experiencing a crisis. Financial organizations have created strict requirements, like repayment structure, and also on the terms and conditions of the loan. Therefore, MyJar loan alternative may be the perfect option for your on-going financial problem.
What is a MyJar Loans Alternative?
MyJar, founded in 2009, is a UK-based lender that offers installment loans for both long-term and short-term applicants. For several years, the platform has received different awards for its services.
The lender is regulated and authorized by the Financial Conduct Authority. It also works closely with other key organizations in the finance industry, and these include Consumer Finance.
How Does MyJar Loan Work?
MyJar authorizes borrowers to access funding under different product lines worth £2000 or £4000. You may repay the earlier loan throughout 3, 6, or 12 months, every month or on your due date. However, if you take out the newer, your repayment period may go up to 24 months.
The platform doesn’t have physical stores and operates only online, which makes its services a mix of speed and simplicity. You may apply in just a few minutes and expect a result immediately. They provide a transparent charge structure and have no hidden charges.
For borrowers, there are no charges for late payment, and you are allowed to repay your loan earlier to your pay date. You would not be charged for this, and there would be a significant reduction on the total loan cost as you get saved on interests.
One of the factors that impart to their top ranking on review platforms is an award-winning contact centre. It works six days a week and provides excellent services.
MyJar loans are paid out on the dot. They make payments every 20 minutes, according to the site. It is because the process for application is easy, and you will get the result immediately whether it is approved or not.
The platform’s name came from the idea that jars are transparent and clear. Likewise, they aspire to be clear, that has no hidden fees, and nothing is done dishonestly.
After you submit your loan application, the team will evaluate the details to make sure that the loan is affordable and that their decision is apt.
You don’t have to provide documentation to apply for a loan product; however, it is better to prepare some documents before applying if ever you get a request. Sometimes, they request for documentary evidence to support application details.
Loan Application Requirements
To check details like identity or income information, they might ask for some documents, including a copy of your ID, recent bank statements, proof of address and debit card, before approval.
To confirm the status of your application, check your online account area. They will also send either an email or a text message to communicate the result.
You are likely to make repayments through a continuous payment authority after securing funding from the platform. However, to reduce interest, you may as well like to make other repayments outside the scheduled arrangement.
You may log in to your account and select “Repay Now” to do so. You may also send a text “LOAN REPAY” or contact the customer support and follow the given instructions to make payments.
What Loan Products Does MyJar Offer?
MyJar offers two main loan products.
This loan is a short term instalment loan. You may borrow a minimum amount of £100 and a maximum amount of up to £2000 under this product. You’ll be choosing a repayment period between 3 months and 12 months.
After you make your application, the underwriting decides how much you can pay for based on what you can afford to repay quickly monthly.
Each end month, you have to repay a part of the principal amount with interest due. Yet, you are allowed to choose to repay early in instalment or even as a lump sum to save on the interest.
Both your online account and credit agreement will outline the schedule of repayment. They will also send a text message to remind you before every pay date. If you want to make any payments outside of this schedule, you can reach the team through a phone call, sending a text, or by logging in to your account.
- MyJar Plus
This loan product is a longer-term loan option that lets you access funds between the amount of £400 and £4000. Similar to the previous loan product, the amount you get will be based on the affordability and eligibility.
You have up to 14 days of a grace period during which you may cancel if ever you get buyer’s remorse. In case you cancel the loan, you will be repaying the principal amount with interest accrued over the time you have had the money.
After you express your intent to cancel, this should be done in a maximum of 30 days.
Am I Eligible For MyJar Loans?
To be qualified for a loan from MyJar Loans, here’s a list of the criteria you have to meet.
- You must be above 18 years of age
- You must be a permanent resident of the UK
- You must have an active debit card and a bank account in the UK
- You must have a valid phone number
- You must have a valid email address
- You must have a regular source of income
- You must have the capacity to afford the loan over the set term.
What Is The Information Do I Need To Provide?
There are several pieces of information you need to provide when you apply for a loan from MyJar. The following are the pieces of information they require:
- Full name
- Contact details
- Income details
- Employment information
- Residential Information
- Bank account details
Regardless if you’re looking for a long term or short term loan, MyJar is a fantastic option. It offers friendly rates for both loans, and within just 20 minutes, you will get funding if approved. The criteria for eligibility are not too strict, and the lender does not levy any hidden or extra charges. Instead, they aspire for transparency in all respects.