MyJar Loans from £100 – £5,000
Updated: September 26, 2024 Author: Paul Gillooly

MyJar was a UK-based payday loan provider that offered short-term loans to individuals in need of quick cash.
However, the company ceased operations in 2020 and is no longer offering loans.
If you’re searching for a MyJar loan, it’s important to know what happened to the company and consider alternative loan options.
What Happened to MyJar?
MyJar was a payday loan company that operated in the UK, providing short-term loans to borrowers in need of quick cash.
Founded in 2008, the company initially gained popularity for offering loans of up to £3,600 with flexible repayment options.
It marketed itself as a responsible lender, allowing customers to borrow small amounts and repay them over periods ranging from a few weeks to six months.
However, like many payday lenders, MyJar faced increasing scrutiny from both regulators and customers.
The Financial Conduct Authority (FCA) tightened regulations on payday lenders, which included capping the interest rates they could charge and ensuring affordability checks were more rigorous.
These rules aimed to protect borrowers from excessive debt and poor lending practices, issues that had become rampant in the payday loan industry.
MyJar eventually entered administration in December 2020, following a decline in profits and an inability to meet new regulatory requirements.
The company cited regulatory pressures and an increase in compensation claims as key reasons for its downfall.
As a result, MyJar ceased offering loans, leaving former customers seeking alternative borrowing options.
If you are looking for a MyJar loan, it’s essential to know the company no longer operates, and you’ll need to consider other lenders.
Why Did MyJar Go Out of Business?
MyJar, like many payday loan companies in the UK, struggled to adapt to the stricter regulatory landscape introduced by the Financial Conduct Authority (FCA).
The payday loan market was heavily criticised for its high-interest rates and predatory lending practices, which left many borrowers trapped in a cycle of debt.
To combat these issues, the FCA introduced new regulations in 2015, which included a cap on the total cost of payday loans, stricter affordability checks, and limits on how often loans could be refinanced.
These changes had a significant impact on payday lenders’ profitability, as they could no longer charge the same high fees or offer loans to as many people.
MyJar, like many of its competitors, saw a sharp decline in revenue as it tried to comply with these regulations.
Additionally, the company faced a growing number of customer complaints and compensation claims, often related to irresponsible lending practices.
MyJar entered administration in 2020 due to its inability to stay financially viable under these new conditions.
Many other payday lenders experienced similar fates, as the market became less profitable and more regulated.
MyJar’s closure marked the end of its short-term loan offering, forcing former customers to seek alternatives in a rapidly changing lending environment.
Can You Still Get a MyJar Loan?
No, it is no longer possible to get a MyJar loan.
The company entered administration in December 2020 and ceased all lending activities.
If you try to visit the MyJar website, you will be directed to information about the administration process, but no new loans are available, and existing customers are no longer able to manage their accounts through the site.
For borrowers who had active loans with MyJar at the time of its closure, administrators have been handling any outstanding payments.
However, if you were considering applying for a loan from MyJar, you will need to find an alternative lender.
The payday loan industry has undergone significant changes in recent years, and many of the lenders that were once popular are no longer in business due to stricter regulations and increasing complaints from customers.
While MyJar offered relatively flexible terms compared to other payday lenders, its closure reflects broader issues within the short-term loan market.
Borrowers now have a range of other options, including more responsible short-term lenders, credit unions, or even considering alternatives like 0% interest credit cards or personal loans from traditional banks.
Alternatives to MyJar Loans
Now that MyJar is no longer in business, there are several alternative options for short-term borrowing.
It’s important to carefully consider your choices, as payday loans can come with high fees and interest rates, which may lead to further financial difficulties if not repaid on time.
- Short-Term Loan Lenders – There are still regulated short-term lenders in the market who offer loans with more transparent terms. While their interest rates are still higher than traditional loans, these companies are required to follow the FCA’s regulations, ensuring fair treatment for borrowers.
- Credit Unions – Credit unions offer low-cost loans to their members, often with much lower interest rates than payday lenders. You may need to join a local credit union to access their services, but these loans can be a much more affordable option.
- 0% Interest Credit Cards – If you have a good credit rating, some credit cards offer 0% interest on purchases or balance transfers for an introductory period. This could be a more affordable way to borrow if you can pay the balance within the interest-free period.
- Personal Loans – Traditional banks and lenders offer personal loans, usually at much lower interest rates than payday loans. These loans are better suited for borrowing larger amounts over longer periods.
What to Look for in a Payday Loan Alternative
When considering alternatives to payday loans, it’s essential to assess your options carefully to avoid falling into financial trouble.
Here are a few key factors to keep in mind when choosing a new lender or financial product:
- Interest Rates – One of the most important factors to consider is the interest rate charged on the loan. Payday loans are known for their extremely high-interest rates, but some alternatives offer more competitive rates. Look for products with lower APRs, which will save you money over the life of the loan.
- Repayment Terms – Payday loans often need to be repaid in full within a few weeks. If you’re looking for a more manageable option, consider lenders offering longer repayment terms, which allow you to spread payments over several months.
- Loan Amounts – Some payday loan alternatives, such as credit unions or personal loans, may allow you to borrow larger amounts than a typical payday lender. If you need to borrow more than a few hundred pounds, these options may be more suitable.
- Fees and Charges – Always check for hidden fees or early repayment charges. A responsible lender will be transparent about all costs associated with the loan, including any penalties for late payments.
- Regulation and Reputation – Choose a lender regulated by the FCA and check customer reviews to ensure they have a good reputation for treating borrowers fairly.
The Risks of Payday Loans
While payday loans can seem like a quick fix for urgent financial needs, they come with significant risks that borrowers should be aware of.
One of the most well-known risks is the high-interest rates that payday lenders charge.
It’s not uncommon for payday loans to have an APR of over 1,000%, meaning that even a small loan can become incredibly expensive if not repaid on time.
Another major risk is the short repayment period.
Many payday loans need to be repaid in full within a few weeks, and if a borrower cannot meet this deadline, they may be forced to take out another loan to cover the repayment.
This can lead to a cycle of debt where the borrower continuously borrows to pay off previous loans, ultimately owing far more than they initially borrowed.
Additionally, payday loans often come with hefty late fees or charges for missed payments, which can further increase the cost of borrowing.
If you’re considering a payday loan, it’s crucial to explore safer alternatives, as the risks associated with payday loans can have long-lasting impacts on your financial health.