MyJar Ladder Rolled Out: Instant 12 Months Loans Now Available
MyJar’s Loans have taken on another flexibility upgrade. Noticing this change was quite fortunate, on a random visit to check for updates. To address the major service changes from their beginning in 2009, we initially had TxtLoan that offered simple £100 loans for 15 days. Returning users could however see higher limits that increased in hundred blocks up to £500. The product back then lacked flexibility, but it was one of the quickest on the scene. When you repaid money to this lender they quickly auto-approved more funds. With a simple text message or request once logged in, funds were sent to the customer’s bank account in minutes no matter when the request was made.
When TxtLoan rebranded as MyJar in 2013 there was no major product overhaul, although they did alter the fixed 15 day term to become 18 days. The FCA cap that arrived in early 2015 had a huge impact on the payday loan industry. Pricing was not the only big change noticed though, with it soon becoming clear that many lenders were adapting their short term products into much longer term offerings. MyJar was one such company to do this. The single term was replaced by a highly flexible repayment spread of 1 to 90 days. Between £100 and £300 could now be accessed by first time applicants with the same maximum £500 being available to users returning.
We thought that this product would remain like this for the distant future, but there has been another significant upgrade. First time applicants can now receive up to £500 on terms up to 1 month or £1000 for 3 months. Existing customers can take advantage of MyJar Ladder that adds 6 months (£1500 max) and 12 months (maxed at £2500). Obviously, as the terms are increased the interest rate is being lowered. When they say “Up to 1 Month” we assume that you can still choose between 1 and 30 days. They do state that you can choose the term that suits you. There was just some confusion as there was a further note regarding collections on paydays.
It doesn’t matter which term you take on anyway since you can settle up at any time and only pay up to that day only. It is clear that they are now aiming to earn greater profits on longer contracts. Both Peachy and Sunny are fellow lenders who have adapted to cater 12 months max. The big USP of this company is of course their instant payouts that are accessible to exiting customers 24/7. Finally, with pricing they note the rates of 0.8% (1), 0.75% (3), 0.65% (6) and 0.35% (12). They do however take interest away from your balance as it reduces and so the daily rates are lower that is explained further on their profile page.
Update: Further product changes have been made since this posting. See their profile for more info.