The term ‘credit score’ can be a confusing one, since there is actually no such thing as a ‘universal credit rating’ that all lenders use to determine loan offers. All providers use different systems when assessing their customers’ credit history, and their criteria will vary for different financial products.
Here at MYJAR, we always carry out credit checks before we lend to make sure that customers are able to make the repayments when they become due.
Am I on a ‘Credit Blacklist’?
Just as a 'universal credit score' doesn’t exist, the concept of a ‘credit blacklist’ is also a myth.
Factors that are taken into account by lenders when deciding whether to lend vary but will generally include how much you want to borrow, your payment history and how much you are presently borrowing. At MYJAR by using credit checks before we lend we make sure that we always treat customers fairly and lend responsibly.
How to Get a Credit Report
It makes great sense to keep an eye on your credit report. You can see at a glance how much you owe and it might even help you to spot fraud. It’s easy – and free - to get access to your Call Credit report at noddle.com, and you can get a copy of your statutory credit report for just £2 from Experian. Some credit reference agencies even provide information on how to improve your rating. Noddle’s ‘Noddle Improve’ service is very informative and costs just £30 per year.
Will MYJAR Take my Credit History into Account?
Responsible lending seriously and run credit checks to make sure you are not already over-indebted when you borrow from us, and that you can afford the repayments. We want to ensure our customers can comfortably make their loan repayments on time to avoid extra costs.
We have designed our MYJAR Ladder to help people become eligible for larger amounts over longer durations. So if you are looking to borrow £100-£3,600 until your next payday and you are confident that you can afford the repayments, explore MYJAR’s flexible loan options here. You can speak to a member of our dedicated customer service team, or visit our Frequently Asked Questions page, should you have any questions.
If you need help to meet an urgent financial requirement over a short term, consider how MYJAR might be able to help you with one of our flexible loans.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk