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Credit Agreement

Read the Credit Agreement

Credit Agreement regulated by the Consumer Credit Act 1974

Between
(1) MYJAR Limited, 15-16 Brooks Mews, London, W1K 4DS ("the Creditor")
(2) Your Name, Your Address

1. This agreement, the credit that we provide and your repayments

Credit Limit - Such sum as we may from time to time offer (see paragraph 1.4 of the Terms and Conditions). If we change your credit limit we will tell you your new limit.

Once you have entered into this Agreement you can make a request for an advance. For each advance you request and that we are willing to make we will tell you before you take the advance

  1. the amount that we are willing to lend,
  2. the total amount that you must repay (including interest), and
  3. how and when the advance must be repaid.

You must then decide whether to take the advance. If you take the advance you must repay that advance by paying the total amount repayable (including interest and charges). We do not allow refinancing and each loan advance must be repaid in full, before you are eligible to apply for a further advance. We are not obliged to provide you an advance, or an advance in the amount that you request.

If you make a request for an advance and we agree to provide you with credit we will do this by paying that amount of credit into the bank account, the details of which you have provided to us ("your bank account"). If we agree to provide you with an advance we will inform you by text message when the advance is being sent to your bank account. Advances requested, if approved during our normal business hours, will be provided the same day usually within 60 minutes. In any other case the credit will be provided the next day.

This Agreement has no minimum duration.

This is a running account credit agreement under which you are provided with unrestricted-use credit.

The Terms and Conditions below form part of this Agreement.

2. Repaying your advance

Instalments must be paid at least monthly and the full balance, including accrued interest, all charges and capital borrowed must be fully repaid by the final repayment date of the advance. The repayment dates will be linked to your pay dates and we will tell you the repayment dates before you take each advance.

For all advances, we will tell you the dates and the amounts of the repayments which must be made ("contractual dates"). You are free to make payments sooner than the contractual dates, but if instalments are not paid by the contractual dates, the advance will be in default and default charges may apply (See paragraph 4 of this Agreement "If you are late in making a payment").

You can borrow up to the extent of the credit limit that we agree from time to time when you make a request for an advance.

You can have only one advance outstanding at any time.

3. Our charges and the amount that you pay

The cost of an advance will be determined by the duration of the advance. If you have established a satisfactory repayment record and meet our other lending criteria you may become eligible for advances for longer durations. Details of the available durations will appear on your customer log-in page and on the MYJAR website. The interest rate for each loan term is set out in this table:

Loan term Daily interest rate Daily cost per £100 Annual interest rate APR
3 months fixed 0.75% 75p 274% (variable) 1081% APR
6 months fixed 0.65% 65p 237% (variable) 774% APR
12 months fixed 0.35% 35p 128% (variable) 237% APR

We may vary the rate of interest and fees at our absolute discretion however we will never charge more than 0.8% per day and the amount of interest and fees will be limited to the amount you borrowed. If we vary the rate of interest and fees, we will tell you before you take the advance.

For returning borrowers, as an example, if you borrowed £300.00 for 90 days, making capital and interest payments throughout the term you would make 3 payments of £148.02. You would repay the £300.00 principal you had borrowed and would pay £144.06 in interest, a total of £444.06.

The total amount that you pay back, assuming that you repay on time, will be the amount you borrowed plus the amount of interest that accrues on the capital amount for the number of days the capital is outstanding.

If your advance is not repaid on time, additional charges may apply (see paragraph 4 of this Agreement "If you are late in making a payment"). If your advance is repaid early, you will not pay interest on the capital amount repaid from the date of your repayment.

All repayments made by you will be applied first to interest accrued, second to any outstanding default fees and after that, to the capital outstanding.

The aggregate amount of interest and fees will be limited to the amount you borrowed.

4. If you are late in making a payment

If you are late in making any payment due under your advance, the following charges apply (variable - see Paragraph 1.7 of Terms and Conditions).

  • A single default fee of £15 following the first missed or late payment. This will be charged if the missed or late payment remains unpaid 3 days after the contractual payment was due.
  • Interest will be charged on all sums outstanding before and after default in accordance with (paragraph 3 of this Agreement "Our charges and the amount that you pay").
  • Missing payments could have severe consequences. If you miss your repayments we may make an adverse entry against you with one or more credit reference agency, which may make it more difficult for you to obtain credit in the future. We may take legal proceedings against you or we may send your account to an external debt collection agency. We may also decline to provide you with any further advances.

    5. Your right of withdrawal

    You have the right to withdraw from this Agreement without giving any reason before the end of 14 days beginning with the day after the day on which this Agreement is made. If you want to withdraw you must notify us of your intention to do so, either in writing or orally. To cancel orally you must telephone 020 3006 2000 and speak with a Customer Service Representative. To cancel in writing you can write to MYJAR, PO Box 6040, Westcliff-on-Sea, SS1 9TE, fax your cancellation notice to 020 3004 0991 or email info@myjar.com.

    If you cancel this Agreement you must repay the amount of credit and accrued interest (from the date the credit was provided until you repay the credit) without undue delay and no longer than 30 calendar days after giving notice of withdrawal. The amount of interest that will accrue per day is as set out in paragraph 3 of this Agreement "Our charges and the amount that you pay". If you ask us to, we will inform you without delay of the amount of interest payable per day.

    You can repay the capital borrowed and interest by calling us on 020 3006 2000 and using the debit card that we have registered for you or by bank transfer. You can also request our bank details by emailing us at info@myjar.com.

    6. Your right to repay early

    You have the right to repay early in full or in part. To do so you must make a payment to us at any time during the term of the advance. If you make an early payment, the amount of interest that you pay will reduce. You will never have to pay interest on sums that you have not borrowed or have already paid back.

    To discuss making early repayments, you can email us at info@myjar.com or call us on 020 3006 2000.

    7. Ending this Agreement

    This Agreement has no minimum duration. You can end this Agreement at any time by giving us notice in writing of your wish to do so. We may also end this Agreement at any time by giving notice to you but this Agreement will then only end on the date of final repayment of any outstanding advance.

    8. Ombudsman

    If you are not a business debtor you have the right to complain to the Financial Ombudsman Service. If you are a business debtor you may have such a right.

    9. Supervisory Authority

    We are authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS for the conduct of consumer credit business, under authorisation number 673214 and the Financial Conduct Authority is the supervisory authority under the Consumer Credit Act 1974.

    This is a Credit Agreement regulated by the Consumer Credit Act 1974. Sign it only if you want to be legally bound by its terms. This agreement is signed electronically, signing electronically constitutes legal acceptance of the agreement in the same way as if you had signed it with a pen.

    Signature(s) of Debtor(s): to sign this Agreement check the on-screen box and click "I agree and confirm".

    Signed Agreement: Today's Date at Current Time

    Signature of Creditor Signed Agreement: Today's Date at Current Time

    Your details
    Bank account Number: Your Account Sort Code: Your Sortcode Date of Birth: Your Birthday Customer Agreement number: Client ID

    Terms and Conditions

    1. Making Advances and Repayments

    1.1 To make a request for an advance you must do so by logging into your account (over the internet or by any other permitted method) or by calling us on 020 3006 2000.
    1.2 To make a request for an advance by logging into your account, sign into your account and make the request following the on-screen instructions. We will tell you the amount that we are willing to lend you, the proposed repayment or instalment dates and the amount or amounts that you must repay. To accept the advance, follow the on-screen instructions.
    1.3 You may request an advance up to your credit limit, which we may vary from time to time. If we refuse to make you an advance your credit limit will be reduced to £0. If your credit limit is reduced to £0 you may still make further requests for an advance in the future, which if accepted will result in your credit limit being raised.
    1.4 When you make a request for an advance that we agree to, we will pay you the amount requested into your bank account. The amount we are willing to lend you will always be subject to your credit limit as set out in paragraph 1 of this Agreement headed "This Agreement, the credit that we provide and your repayments" or as we may vary under paragraph 1.4 of these Terms and Conditions.
    1.5 Whether or not we provide you with an offer for an increased advance is at our absolute discretion and subject to eligibility.
    1.6 If we do agree to provide you with an increased advance, then your credit limit shall be increased to the amount of the offer that we make you.
    1.7 We can vary the amount or rate of the charges set out in (paragraph 3 of this Agreement "Our charges and the amount that you pay"), (including interest charges and charges we make for defaults) at any time and at our absolute discretion. Where we change the default charge we will give you seven days' notice in writing. Otherwise we will tell you about a change in the interest charge before you take out an advance. If we use this condition to change our charges this shall not affect any advance that you have already taken.
    1.8 You may only have one advance outstanding at any time. Each advance must be fully repaid before a new advance will be allowed.
    1.9 You confirm that your regular income was paid last month, and will be paid the next month, into your bank account. You confirm that you are not aware of any circumstances that we should be informed of that would impede your ability to repay your advance or any future instalments that become due. You will ensure that sufficient funds are available in the bank account on the repayment date(s) to repay us any advance.
    1.10 We will collect the repayment of the advances, by debiting the debit card you have registered with us using a continuous payment authority.
    A continuous payment authority is an instruction by you to your bank, allowing us to take payments from your account using the debit card that you have registered with us from time to time, without having to ask you before we do so. You should note that unlike direct debits which are supported by a guarantee that the bank will refund payments if they are disputed, continuous payment authorities are not covered by bank guarantees.
    We will try to take any payments you owe us on the day they are due "Due Date" using the continuous payment authority you have given us. We will only try to take the full amount that is due in accordance with (paragraph 2 of this Agreement "Repaying your advance"), using the continuous payment authority you have given us.
    If we are unable to collect payment by continuous payment authority on the date that a payment or instalment is due, you will need to pay us using one of the following options:
    - Log in to your account and select REPAY NOW
    - Send a text to 82777 LOAN REPAY
    - Call us on 020 3006 2000
    If we are unable to collect payments or instalments on the day they are due, we will make one further attempt to do so, around your next pay date, using the continuous payment authority that you have given us. We will tell you 1 day, before we try to take the payment by sending you an SMS and/or email notification. We will never attempt to recover part-payment by continuous payment authority, unless you give your express consent to do so. Separate payments made by debit card that are individually and expressly agreed with you do not fall within the definition of continuous payment authority and are not subject to the above provisions.
    You can cancel your continuous payment authority at any time. If you do so, you will need to agree an alternative method of making payment to us. If you do choose to cancel your continuous payment authority, you should remember that failing to make payments on time will result in additional charges and interest being added to your account which you will have to pay.
    To cancel your continuous payment authority you should contact us on 020 3006 2000. You can also e-mail us at info@myjar.com. Cancellation can also be requested by writing to us at MYJAR, PO Box 6040, Westcliff-on-Sea, SS1 9TE.
    You can also tell your bank at any time to stop making payments under the continuous payment authority.
    1.11 If you are late in making a repayment we will send you reminders and make charges as set out in (paragraph 4 of this Agreement "If you are late in making a payment") section on the front of this Agreement. Under clause 1.7 we can vary the amount of these charges by giving you seven days' notice in writing.
    1.12 You will pay interest both before and after any judgment.
    1.13 You may have to pay any other costs that we reasonably incur as a result of you missing your payments, for example our reasonable legal costs or the costs incurred by a debt collection agency.
    1.14 You acknowledge that in relation to this Loan Agreement, there is a possibility that additional taxes or legal costs or other charges may be levied which are not payable by us or imposed by us.
    1.15 We can vary the terms of this Agreement and the Terms and Conditions in respect of future advances at any time. If any changes that we make are to your detriment, we will give you at least 30 days' notice. For all other changes we will give you 15 days' notice in writing. Any such variation will not affect any outstanding advance that you have with us which was taken out prior to the expiry of the notice period. If you are unhappy with the amended terms you can end this Agreement by writing to MYJAR, PO Box 6040, Westcliff-on-Sea, SS1 9TE, faxing 020 3004 0991, or emailing info@myjar.com. If you do end this Agreement this will not affect your liability for any outstanding advance that you have.

    2. Miscellaneous

    2.1 This Agreement is unsecured.
    2.2 You agree that we can send you documents and notices by email to your email address and where possible via text to your mobile phone.
    2.3 If we do not enforce our rights under this Agreement at any time we will not be prevented from doing so later.
    2.4 Any notice or demand we give will be assumed to have been properly given if served on you personally, or sent by email to your email address, or left or sent by prepaid envelope addressed to you at your current address or last known business or private address.
    2.5 You grant us permission to contact your employer named in the on line account application form at any time as may be reasonably required by us.
    2.6 We may transfer all or any of our rights under this Agreement without your consent, but if we do, you will be informed by us.
    2.7 We hold a registration with the Information Commissioners Office (number ZA003195) we are required to comply with the Data Protection Act 1998.
    2.8 The law of England and Wales is taken by us as a basis for the establishment of relations with you prior to the conclusion of this Agreement, and governs this Agreement. This Agreement shall be construed according to the laws of England and Wales whose courts shall be the exclusive courts of jurisdiction. However, if you live in Scotland, Scottish law will apply.
    2.9 The contact telephone numbers, email addresses and website addresses are provided for information only. They do not form part of this Agreement. If any of our contact details change from time to time, we will advise customers by e-mail.

    3. Use of your Information

    3.1 In considering whether to enter into this Agreement, we may search your record at credit reference agencies. They will add to their records about you details of our search and your application and this will be seen by other organisations that make searches. Our search of records at credit reference agencies may be linked to your spouse/partner, or other persons with whom you are linked financially. For the purposes of any application or this Agreement you may be treated as financially linked and you will be assessed with reference to "associated records".
    3.2 We may also add to your record with the credit reference agencies details of your Agreement with us, the payments you make under it and any default or failure to keep to its terms. These records will be shared with other organisations and may be used and searched by us, and others, in order to:
    - Consider applications for credit and credit related services such as insurance for you and any associated person,
    - Trace debtors, recover debts, prevent or detect money laundering and fraud, and to manage your accounts.
    3.3 It is important that you provide us with accurate information. We may check your details with fraud prevention agencies and if you provide false or inaccurate information or we suspect fraud, this information may be recorded. Fraud prevention agency records will be shared with other organisations to help make decisions on credit, motor, household, life and other insurance proposals or claims for you and members of your household.
    3.4 If, at any time you enter into an Individual Voluntary Arrangement or a Protected Trust Deed, you should seek the permission of the supervisor or trustee before requesting an advance. If you are an undischarged bankrupt, you may not apply for an advance of more than £500 without the agreement of your trustee in bankruptcy.
    3.5 If you fail to make payments under this Agreement we may send your personal details, including name and contact details and details about your payment history under this Agreement, to third party debt collection agencies so that they may collect the money that you owe under this Agreement. We will send you prior notice of this, before we do so.
    3.6 You have the legal right to receive a copy of the information we hold about you. If you require details of the credit reference agencies or other agencies from whom we obtain, or to whom we pass information about you, you may telephone us on 020 3006 2000 and speak with a Customer Service Representative or write to us at our address stated above. An administration fee will be payable.

    4. Complaints Procedure

    4.1 We are committed to treating you fairly, and we try to provide you the best service we can, so if things go wrong we want to hear from you and we will do all we can to put them right. If, after we have looked at your complaint we find that we have made an error, we will not quibble. We will sort things out as quickly as we can and will make sure that you have not lost out as a result of our error. If we do not accept your complaint, we will tell you and explain why.
    4.2 We try to deal with complaints as soon as we become aware of them. In all cases we provide a written response within 3 business days of receipt or if a complaint cannot be closed to the customer's satisfaction within that period it is escalated for the attention of the Complaints team.
    4.3 We will send you our full and final response to your complaint within 4 weeks of receiving the complaint, if not sooner (or in the unlikely event that we may not have been fully able to address your complaint, this may be extended to eight weeks if we need more time to investigate).
    4.4 If you are not satisfied with any aspect of our services, please send your complaint in writing to MYJAR Limited, PO Box 6040, Westcliff-on-Sea, SS1 9TE. Alternatively, contact us by e-mail, generalcomplaints@myjar.com, or by phone on 020 3006 2000.
    4.5 We will always try to resolve your complaint to your full satisfaction. If you are unhappy with the response that we provide, you have the right to have your complaint independently reviewed by the Financial Ombudsman Service (FOS). There is information about FOS on their website: http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm.

    You can contact the Financial Ombudsman Service in writing at: Exchange Tower, London, E14 9SR or by their website: www.financial-ombudsman.org.uk, or e-mail, complaint.info@financial-ombudsman.org.uk.
    4.6 Online Dispute Resolution Platform - The European Commission has set up an online service to help customers who have a complaint about goods or services purchased online from firms in the European Union. If you have a complaint and have not been able to get it resolved, and you applied online, you can complain through the online dispute resolution (ODR) platform by clicking this link http://ec.europa.eu/odr.

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk