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Instalment lender MYJAR receives FCA authorisation

MYJAR, the short-term instalment loan provider, has received full authorisation from the Financial Conduct Authority (FCA), reinforcing its credentials as a leading company within the sector.

Authorisation by the FCA means that MYJAR, which provides loans online at www.myjar.com, has been shown to meet the required criteria, which includes treating customers fairly and lending responsibly.

MYJAR offers loans of up to £2,500 from 1 to 12 months.

The CEO of MYJAR, Ellis Sher, said:

“Securing full authorisation from the FCA is the start for us of the next stage of our journey. It has been a tremendous team effort. We will ensure that we continue to provide exceptional customer service whilst delivering innovative, affordable products that differentiate us from our peer group.”

Since its inception in 2009, MYJAR has always capped the cost of its loans and never allowed rollovers. Being the first lender in the sector to apply these standards ensured a sustainable business model which allowed for a seamless transition to the new rules and regulations introduced by the FCA. MYJAR have always sought to innovate as evidenced by the creation of the ‘ladder system’ where eligible customers can access longer and larger loans at lower rates and move up the MYJAR ladder by repaying loans on time. MYJAR’s interest per day gets lower the longer the duration of the loan. In addition, MYJAR customers can repay early at any time and save money.

MYJAR’s high standards are recognised by its customers with over 1,700 reviews delivering an average rating of 9.3 out of 10 on the independent Trustpilot website.

Mr Sher added:

"MYJAR customers are truly valued by us and everyone in our business appreciates that our long term success can only be achieved by respecting our customers and giving them a fair deal. We have worked tirelessly to provide world class customer service supported by simple transparent products and a clear application process. The approach has worked with over 2m loans issued since the business was started nearly 8 years ago. We look forward to delivering the next 2m loans built on the foundations of fantastic service and great products."

Notes for Editors:
MYJAR has issued over 2 million loans with a value of £350m.  It prides itself on being a responsible, transparent direct lender.

Reviews can be seen in full at https://www.trustpilot.co.uk/review/myjar.com

MYJAR is one of the few lenders in the category that has never allowed rollovers. Affordability checks are always carried out prior to a loan being approved.

There are no application, money transfer fees or hidden costs with a MYJAR loan and customers can repay early at any time and save money.  

MYJAR Limited is authorised and regulated by the Financial Conduct Authority and is registered under the Money Laundering Regulations 2007. 

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