Many people in today’s society deal with debt on a daily basis. Loan sharks have been circling for years, feeding on the interest repayments of people that can’t afford to pay back what they borrowed. People borrow to pay off debt and find it extremely difficult to break this chain once they have been tempted into accepting a large loan amount. One of the main issues with our culture of debt is that loan companies encourage people to borrow what they can’t afford to repay by offering loan rollovers that are not a real solution to being hard up. Although so-called Payday Lenders have got a mixed reputation, some of them act responsibly and ethically. MYJAR offer responsible loans and will not lend someone money if it’s clear that they won’t be able to pay it back.
Customers new to MYJAR will only be able to borrow very small amounts of money initially and they will carry out affordability checks. Your first loan with MYJAR can be up to, but not over, £100. They steadily build a relationship of trust with their clients so that they can ensure they only lend money to people who are in a position to pay it back. They don’t allow loans to roll over either, so you’re only able to borrow a second amount from them once you’ve paid back the first.
Short term loans
MYJAR loans are only for short periods of time. They won’t lend you money if they think it will take years to pay back because this is unethical and drags out interest payments. They ask for payment 18 days after issuing the loan and are very clear and upfront about any late payment fees or extra charges. When you borrow £100, you pay back £120, which is a 3943% representative APR. This short amount of time means that you’re more likely to be aware of your ability to repay the loan as you’re always more in control of your immediate financial situation than a potential future state of affairs.
MYJAR even freezes any interest costs 60 days after payment is due so the debt does not continue to grow and grow. MYJAR don’t make their money from lengthy interest payments. They offer small, short term loans for people waiting for wage payments or who have suddenly found themselves in a situation where they have to pay an unexpected bill mid-month.
MYJAR also ensure that every customer knows how much they will have to pay back BEFORE any money changes hands. They don’t hide the interest charges and fees in the small print. Their website is very user friendly and clear about each and every fee that is charged for borrowing money. They will even send you a reminder text when payments are due so that you can make sure that you repay on time.
This post was sponsored by MyJar