Do You Know About My Jar Loan Alternative and How It Works?

If you are looking for any short term loan then you can also go for MYJAR short-term loans, who will offer you loan amount from £100 – £2000 under the repayment terms of more than 3, 6 or even 12-months.

In general, you have to repay part of your loan amount, along with interest on every monthly repayment. Whenever you like, you can also make extra payments or repay whole loan amount early, so that you can save your money by reducing your interest charges.

After your application is approved, money will be transferred to your saving bank account usually within 20 minutes.

For those who are looking for short term loan and considering about My Jar loan alternative to meet your financial emergency can contact LoanPig. They have expertise to provide emergency loan solution.

Often choosing the right amount of loan will not be straightforward as there are lot of options available in the market nowadays and each has their specific criteria and repayment terms and conditions. Hence going for My Jar, as an alternative, may not always be your best option to resolve your current financial situation.

Eligibility criteria for My Jar loan alternative

In order to be meet the eligibility criteria for any loan with this option, you have to meet following criteria:

  • You must be over minimum 18 years old
  • You must be permanent resident of the UK
  • You must hold bank account available in the UK along with active debit card
  • You must have verifiable mobile number and also email address
  • You must have a regular income source
  • You must be able to afford repayments as per the terms and conditions of the loan

After confirming all these details the loan provider will make the necessary checks as needed to support their lending decision and also ensure that the loan will be affordable for you.

How does My Jar loan work?

While applying for My Jar loan, you are in fact submitting directly your application to your lender. They will then assess your application for approval and then provide you the necessary cash amount after approving your loan.

When this is done then it will mean that your interest rates along with other fees, various other charges, your loan terms as well as your repayment periods that will be applied for your loan will be decided by the lender.

This process actually lacks much of flexibility. Usually their approach is “one-size fits all” to lending of payday loan that is not the way you will find with Loan Pig.

How much does it cost?

Usually, there are no charges while applying for loan and also no deduction while transferring the money to your bank account. Only interest is charged for the period you borrow. You can also save your money with early repayments.

Interest charges are as follows:

  • For 3-month loans: 0.75% per day
  • For 6-month loans: 0.65% per day
  • For 12-month loans: 0.35% per day.

You never have to pay twice the amount you borrowed in any loan products.