UK-based short-term instalment loan provider MYJAR has secured full authorisation from UK’s Financial Conduct Authority (FCA).
MYJAR CEO Ellis Sher said: "Securing full authorisation from the FCA is the start for us of the next stage of our journey. It has been a tremendous team effort. We will ensure that we continue to provide exceptional customer service whilst delivering innovative, affordable products that differentiate us from our peer group."
Set up in 2009, MYJAR offers loans of up to £2,500 for 1 to 12 months. The company has always capped the cost of its loans and never allowed rollovers.
The company has also created the ladder system to help eligible customers access longer and larger loans at lower rates, with interest per day getting lower if the duration of the loan is longer.
The FCA authorisation requires a company to adhere to a set of criteria, which includes fair treatment of customers and responsible lending.