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A simple and effective answer to short-term loans

At some point, most people experience the need to take out a short-term loan. It would once have been possible to go to the bank and borrow a small amount of money, say £100 or so for a few weeks. Nowadays, if your television blows up or your washing machine decides to flood the kitchen, you might find that your bank is no longer the sympathetic voice it once was.

Indeed, if you have a low income, have a poor credit record, or are self-employed, most banks and other lenders probably won’t be willing to offer their services. Nevertheless, the TV or washing machine will still need repairing, so the question of where you can borrow the money still requires a solution. Every day many thousands of people encounter unexpected circumstances that make the need to borrow money essentially, even if the amount required is relatively small and the period over which it is needed is extremely short.

Some people borrow from their friends; sons and daughters often borrow from their parents and some will, through sheer desperation, go to a loan shark. There are other alternatives, such as a credit union. Although credit unions can do a great job, they are not usually geared up to give instant decisions, especially if you are not already a saver with them, an option that is simply not realistic for many people living in the UK today. With barely enough money to pay their essential bills and put food on the table, for some it is impossible to save anything; the money just isn’t there.

Payday lenders can therefore be the ideal source of a small, short-term loan. Although the interest rate is very much greater than that that you would find at any bank, many people who need short-term help are not welcomed by the high street banks. The problem with payday lenders is that many of them may use unethical practices. Take out a £100 loan with the wrong payday lender and you may find yourself paying back five or six times that amount if you do not complete the loan repayment on time.

Not all payday lenders however employ questionable means to ensnare customers. One such company is MYJAR and a quick visit to their website should put your mind at ease if you are contemplating taking out a payday loan. MYJARdoes credit checks to try to make sure that those who borrow from them can afford to pay back the loan in the first place, and that they initially borrow only a relatively small amount; no more than £100 on their first loan, with a 3943% APR. Best of all, MYJAR does not allow the use of ‘roll-overs’, the practice of taking out a second loan in order to pay off the first. Furthermore, their interest rate is competitive when compared with other similar lenders.

Payday lending can be the ideal solution to the need for a short-term loan if used appropriately but it is essential that borrowers go to a reputable lender and only borrow what they are sure they can repay on time. If it’s your intention to take out such a loan, you will find it hard to better the responsible lending on offer at MYJAR.

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

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