If you are considering taking out a MyJar loan, you should first consider Moneypod as an alternative.
Why is it so important to consider different loan companies before making your decision? Because each company offers variable loan terms, offers and interest rates. If you didn’t consider an alternative to MyJar, you might just be missing out on a loan that is better suited to your life and your needs.
Moneypod works as a short-term loan broker – what we do is help you find the right lender. Moneypod matches lender and borrower meaning that we’re in the ideal position to find you the loan that fits you best.
Another advantage of using a broker is that you save a lot of time. Instead of spending hours searching for your perfect loan by filling in application form after application, Moneypod does it for you with the click of a button.
You can rest assured that not only will you save time and energy by using Moneypod but that the loan you’re offered will often be better than if you had you spent that time searching yourself, approaching lenders like MyJar directly.
In this article, we will look at the differences between MyJar (a direct lender) and Moneypod (an experienced customer-focused broker) so that you can make an informed decision.
MyJar was established since 2008 and, in the space of 10 years, it has issued 2 million loans. The company is based in London and belongs to a parent company called ‘MyJar Holdings’.
MyJar has a trust score of 9.1 out of 10 on Trustpilot and boasts a long page of testimonials from happy customers on their website. The lender also offers customer services support via email, SMS and phone 7 days a week for easy contact with their borrowers.
They work with the wider community by funding multiple free debt advice charities – such as Payplan and Christians Against Poverty.
If you take out a payday loan, you borrow an amount of money from a lender and you have a deadline of your next payday (or 30 days) to pay back the loan. If you take out a short-term loan, you borrow an amount of money with a term of anywhere between one month and twelve to make repayment in full. Both types of loans include an interest rate attached to them that varies according to a borrower’s personal circumstances.
If you choose MyJar, you can borrow between £100 and £3,600 and you’ll have between 3 and 12 months to repay the loan.
MyJar also gives you the option to take out a longer-term loan with a duration of 24 months to make repayment. On these longer loans, you can borrow up to £7,200.
After you apply, MyJar conducts a series of checks to ensure you are eligible.
MyJar will notify you via SMS or email whether they are happy for you to take out a loan with them. If they are, your money will be with you in just 15 minutes. It only takes seconds for them to review your application for them to come to a decision.
MyJar needs you to:
MyJar is a direct lender while Moneypod is a broker.
What does this mean for you? If you get in touch with MyJar and they don’t offer you a loan, you could decide to apply to another direct lender. The second lender will be able to see MyJar’s credit searches against your name. Lenders are less likely to say “yes” to you if they see multiple credit searches on your file because it will make them think that you’re not a good risk for them.
By using Moneypod, you’ll avoid this. There’ll only be one credit search carried out on your file even if we approach multiple lenders. We do this for free – using us will not incur any extra fees nor will your loan take longer to get to you.
When looking for a loan, you want to avoid any extra costs – no matter how small those fees might be. Moneypod understands your situation – that’s why we don’t charge you fees for finding your ideal lender.
Direct lenders like MyJar must have “FCA approval”. This means you are protected as a customer. The protections you receive are:
FCA stands for the Financial Conduct Authority and both MyJar and Moneypod are registered with reference numbers. MyJar is a direct lender with a reference number of 673214.
Here at Moneypod (we’re part of Nouveau Finance), we are both authorised and regulated by the FCA and listed on the Financial Services Register. Our reference number is 727348.
It’s quick and easy to apply for a loan with Moneypod. First. you must complete the online form which will ask for the following information and take just 5 minutes:
Once you have completed the form, we’ll introduce you to your lender or lenders we think you have the best fit with. If you’re approved, your cash is normally with you within a couple of hours (although it can sometimes take longer).
Moneypod is a top tier payday loan and short-term broker because of our expertise in matching you to the right lender. We have a panel of over 200 payday and short-term loan lenders in the UK and it’s because we work with so many in our industry, we kn
Your time is precious, you can’t afford to consider over 200 loan lenders yourself – that would take days.
Moneypod’s technique when matching you to a suitable lender is highly reliable and skilful, and you don’t pay us a penny!
To qualify for a Moneypod loan, we’ll need you to:
We’re a responsible lender and we believe in giving people the chance to access the finance they need when they need it.
There are so many reasons to choose Moneypod when you’re looking for a payday loan or a short-term loan. We think the best reasons you should choose us are:
Do you want to save time and energy but still find your perfect loan? Click here to apply for a Moneypod loan https://money-pod.co.uk/apply/