MyJar Loans used to be a direct lender that provided short-term loans ranging from £100 to £2000. Customers had the option to pay back the borrowed amount over 3, 6, or 12 months. MyJar did not impose fees for late payments, and there were no extra charges for early repayments.
However, in December 2020, MyJar entered administration and stopped offering loans. If you are looking for a loan similar to what MyJar provided, consider trying Drafty. We provide a credit line up to £3000, and if approved, we’ll transfer the funds to your bank account in just 90 seconds.
Why choose Drafty as a MyJar alternative?
Choosing Drafty as an alternative to MyJar can be beneficial for several reasons:
- Drafty provides a quick decision on your application. If you’re approved, the money is sent to your bank account in less than 90 seconds.
- You can apply for up to £3000 and withdraw any amount up to your approved limit whenever you need it.
- With Drafty, once you’ve used your credit line, you can withdraw up to your limit again without needing to reapply.
- There are no extra fees with Drafty. You only pay interest on the amount you use, and it costs nothing if you don’t use your credit line.
- Drafty is an FCA-authorised and regulated direct lender that ensures responsible lending practices.
Has MyJar gone into administration?
Yes, MyJar has entered into administration. Here are the key details:
- MyJar Ltd was placed into administration on 22 December 2020.
- Paul Boyle, David Clements, and Anthony Murphy from Insolvency (London) Limited & Harrisons Business Recovery have been appointed as joint administrators.
- Existing loan agreements stay in place and are not affected by the administration. However, MyJar is no longer issuing new loans.
- Customers with questions about their loans are advised to contact MyJar’s customer support team.
How is Drafty different from (or better than) MyJar?
| Status | Active lender | Went into administration in Dec 2020 |
| Loan Type | Credit line up to £3000 | Short term loans between £100 and £2000 |
| Repayment Period | Flexible, based on credit line usage | 3, 6, or 12 months |
| Fees | No extra fees, pay interest only on what you use | No late payment fees, no fees for early repayment |
| Speed | Decision and cash transfer in under 90 seconds | Not applicable (no longer lending) |
| Regulation | FCA-authorised and regulated | Was a direct lender before administration |
How do I check my eligibility for a line of credit with Drafty?
To check your eligibility for a line of credit with Drafty, you need to meet the following criteria:
- Age and Employment: You must be 18 or over and employed.
- Income: You should be earning at least £1,250 a month.
- Residency: You must be a UK resident with an active UK bank account and debit card.
Once you’ve provided the necessary details, Drafty will perform an affordability assessment and credit checks to determine your eligibility. You can apply online to find out if you qualify for a credit line.
How can I apply online with Drafty?
To apply online for a Drafty line of credit, follow these simple steps:
Complete the Application Form:
- Visit the Drafty website and fill out the straightforward online application form.
- Provide basic details about yourself and your employment.
Credit Limit Approval:
- If approved, you’ll receive a credit limit of up to £3,000.
- You can use as much or as little of this credit as you need, paying interest only on the amount you use.
Borrow Again:
- As long as your account remains in good standing, you can borrow up to your credit limit whenever you want.
- There’s no need to reapply; the funds are available for you to redraw again and again.
Flexible Repayments:
- Repay the minimum monthly amount or pay off the entire balance to save on interest it’s up to you.
- Drafty doesn’t charge fees for early repayment, making it convenient and flexible.
FAQs
Is MyJar Safe?
Yes, the Jar app is 100% safe for daily savings and investments in gold. It’s powered by SafeGold and uses secure banking networks.
How much can I earn from Jar App
You can earn up to ₹500 in gold by referring friends to the Jar app. Also, invest in Digital Gold to grow your money.
What is Jar App?
Jar is an app for automated investment in Digital Gold. It saves spare change from online transactions into Digital Gold automatically.