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My Jar, previously known as TxtLoan, are a London-based lender that have issued over 2 million loans since they started trading in 2009. My Jar are a direct lender which means that you can you apply for a loan through their website and they will directly transfer the funds to your account and there are no brokers or middlemen involved. Open 7 days a week, the entire application is online and funds can be transferred within 15 minutes.

How Much Can I Borrow With My Jar?

My Jar offers loans from £100 up to £3,600 depending on their repayment history, credit rating and affordability.

My Jar offers a number of loan options and typically the longer you borrow for, the lower your daily interest rate. Here is an overview of their loan options:

  • – Borrow up to £500 for a period of 3 month at a daily interest rate of 0.75%
  • – Borrow up to £1,000 for a period of 6 months at a daily interest rate of 0.65%
  • – Borrow up to £2,000 for a period of 12 months at a daily interest rate of 0.35%

Here is a representative payment example: Borrow £500 for 6 months. Annual interest rate 238% (variable). 1 instalment of £142.10 & 5 equal instalments of £142.42. Total amount to repay £854.20. Representative 788% APR.

How Does The Application With My Jar Work?

You start by completing the application form online and providing details about yourself including your address, employment, income and bank details. My Jar will run a number of checks on your account to see if you can afford to repay the amount you wish to borrow. They will also run a credit check to see how well you have paid previous loans in the past and if you have any major debt outstanding.

If your application was successful, you will be sent a text message to your phone. In the final stages of the application, you will need to sign the loan agreement online using the pin sent to you in the text message. Once verified, a further phone call maybe required to confirm a few details and My Jar may request additional verification documents from you such as a bank statement or a pay- slip. If your application is completely approved, the funds will be transferred to your debit account in 15 minutes in one lump sum.

Therefore, to be eligible for a loan, you must have a working mobile phone and debit account so that the funds can be sent to you. You will also need to be over 18 years of age, a UK resident and in employment with a regular income every month.

How Do Repayments Work With My Jar Loans?

A My Jar loan is repaid in monthly instalments and collected automatically from your debit card using continuous payment authority. Upon applying, your debit card is tokenized by My Jar who can collect repayments from your account each month in a smooth way to save you the hassle. You have the option to login to the ‘My Account’ section of the website where can always repay manually.

If you have the disposable income and wish to repay your loan early, you can do so. Since the repayment amounts are calculated on a daily interest, it will always be cheaper to repay your loan early. To pay your loan early, you can login online, call up My Jar or send a text to the company to clear your account.

Any late repayments will incur additional fees. A standard default charge of £15 applies for any late repayments each month provided that the balance is still outstanding 3 days after the due date.

Useful Information about My Jar Loans

Company Number: 08518406
FCA Authorisation number 673214

Warning: Late repayment can cause you serious money problems. For help, go to

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