- MyJar, formerly known as TxtLoan, has been providing a short term loans service since 2008. In July 2013 it changed it's name to MyJar.
- The procedure for getting a short term loan with TxtLoan is all online (and is secure). Pre-registration takes less than 1 minute because only your name, e-mail and mobile number are needed to sign up. Your application will be processed within minutes upon receipt.
- TxtLoan does not have any registration or hidden fees.
- The finance charges are not the cheapest amongst payday lenders - you pay back £20 for every £100 borrowed for a fixed period of 18 days - so that would be £33.33 for a 30 day period (if you could borrow for 30 days only)..
- TxtLoan only offers a same day loan transfer service and this is included in the £20 finance charge so is free!
- Txtloan offer payday loans for a fixed period of 18 days. Clients cannot take out another loan until the previous one has been repaid.
- Advantages: Once registered customers can take loans out 24/7 within minutes via SMS or TEXT message - very fast and convenient.
- This service is offered to those who receive wages on a weekly basis as well as monthly and they also accept the lowest minimum salary (£400) requirement reviewed here. Part-time employees are also accepted.
- They provide a fax free text loan service.
Representative APR 3943%
Representative Example: If you Borrow £100 for 18 days then the:
- Total Charge for Credit is £20
- Total Amount Repayable is £120
- Interest Rate is 406% per annum (Variable)
- Representative APR is 3943%