MyJar Loans Alternative
MyJar is no longer lending but Drafty is. We could offer something better.
Who Were MyJar Loans?
MyJar Loans were a direct lender offering short term loans between £100 and £2000. Depending on the amount borrowed, customers could repay the loan over 3, 6, or 12 months. MyJar did not charge late payment fees, and if you wanted to make early repayments, you could do so without being asked to pay additional fees.
In December 2020, MyJar went into administration, which meant they could no longer offer loans. If you need a loan like MyJar, we might be able to offer you a better alternative. Try Drafty. We offer a line of credit of up to £3000. If you’re approved, we’ll send the cash to your bank in 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Why choose Drafty as a MyJar alternative?
Unlike the short term loans offered by MyJar Loans, Drafty offers a credit line with a limit of up to £3,000. Here is why you can consider Drafty as an alternative to MyJar Loans:
- Speed - You'll get a fast decision. And if approved, we’ll send the cash to your bank in under 90 seconds
- Borrow what you need – Apply for up to £3000 and withdraw up to your approved credit limit when needed
- Reuse - Once you’ve used Drafty, you can withdraw up to your agreed limit again. No need to reapply
- No fees – We don't charge any extra fees. Also, you only pay interest on what you use. It doesn't cost you a penny if you don’t use any of your credit
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378. We only offer our credit line to those we think can afford it.
At Drafty, we’re proud of our customer service. See why we’re rated great on Trustpilot.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Has MyJar gone into administration?
Yes, MyJar went into administration on 22nd December 2020. They stopped lending that day and haven’t lent since. Following other direct lenders like Peachy Loans, Wonga, and Tappily, MyJar also faced financial troubles and couldn't keep operating.
Although MyJar is no longer lending, Drafty is. We offer a better alternative. We could offer you a line of credit up to £3000. Plus, if you're approved, we'll send the cash to your bank within 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Is MyJar refunding customers?
MyJar is not currently refunding its customers. MyJar stopped lending in 2020. Following investigations by joint administrators into the historical lending practices of MyJar, the company launched a redress scheme for eligible customers. The administrators contacted customers who were eligible for redress via email by the 5th June 2022.
Eligible customers were entitled to:
- A refund of all fees and charges, including interest paid
- An 8% simple interest from the dates the payments were made
Does Drafty offer loans Like MyJar?
No, Drafty is different. We offer a line of credit. As long as you pay the monthly minimum payment (which covers your interest and amount of credit used), you can choose to repay early with no early repayment charges.
With a short term loan (like a payday loan) or a long term loan (like a mortgage), your loan term is completed once you’ve paid it back. Whereas with Drafty, as long as you are up to date with your payments and your account is in good standing, you can borrow up to your credit limit as often as you want.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty different from (or better than) MyJar?
| Drafty | MyJar |
| Borrow up to £3,000, depending on your financial situation and subject to lender checks. | MyJar offered short term loans between £100 and £2,000. |
| Drafty is cheaper. We provide credit with an APR of 96.2% (variable) with a daily interest rate of 0.19% (variable). | MyJar loans were offered with a representative APR of up to 1081%, with a daily interest rate of 0.75%. |
| When you use Drafty's line of credit, you only pay interest on the amount you use. It doesn't cost you a penny if you don’t use any of your credit line. | With a MyJar loan, you had to pay interest on the entire loan amount. |
| Drafty is still lending. | MyJar isn’t lending anymore. |
How do I check my eligibility for a line of credit with Drafty?
You can apply online for a line of credit with Drafty if you are:
- Aged 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active UK bank account and debit card
After you’ve provided the required details, we’ll do some credit and affordability checks. If approved, we'll agree on a credit limit and send the cash to your bank within 90 seconds. You can even consider us as an alternative to loans for bad credit as we might consider you for our line of credit even if you have a bad credit rating.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I apply online with Drafty?
Here's how you can apply:
- Apply - Visit our website and click on the apply now button. Fill out our online application form by entering a few personal details to help us understand who you are.
- Get a credit limit - If approved, you’ll be given a credit limit of up to £3,000. You can use it as you require, paying interest only on what you use.
- Flexible payments - You’ll need to repay a minimum amount every month. Want to repay early? That’s fine with us! We don’t charge anything extra. Also, it’s easy to make payments through our app.
- Fast cash transfer - Use Drafty whenever you need to, and we’ll send the money to your bank in under 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
FAQs - MyJar Loans
Is MyJar still trading?
No, MyJar is no longer trading. The company entered administration on 22nd December 2020, stopping its operations and are no longer offering short term loans or payday loans to new or existing customers.Do I still have to pay MyJar?
Yes, if you have an outstanding loan with MyJar, you are required to continue your repayments as agreed. The administration process does not eliminate your obligation to repay your loan.Who took over MyJar?
On 22 December 2020, when MyJar went into administration, a team of administrators was appointed to oversee the company's affairs. David Clements, Paul Boyle, and Anthony Murphy of Harrisons Business Recovery & Insolvency (London) Limited were appointed as Joint Administrators.Is MyJar a payday loan?
Yes, MyJar was known for providing payday loans, offering short-term financial solutions to individuals in need of immediate cash support, with terms designed to cover expenses until the next payday.Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.