EQ Credit Services delivers digital loan management platform for MYJAR

EQ Credit Services (EQCS), the UK’s leading consumer credit technology and outsourced services provider, today announces it has delivered a flexible loan management solution for direct online lender, MYJAR.

MYJAR is a responsible lender which helps customers facing temporary financial shortfalls, offering loans from £100 to £2,000, repayable over three, six or twelve months. EQCS worked with the lender to quickly replace its existing, outdated loan management system with EQCS’ API-led platform. The installation was completed in less than six months and is now fully integrated into MYJAR’s in-house origination system, resulting in a fully scalable, flexible end-to-end solution. MYJAR is now able to leverage EQCS’ scalable platform, including a digital self-service environment to improve customer experience and flexibly support customers’ repayment journeys.

“The partnership between EQCS and MYJAR is a real alignment of values,” says Caroline Walton, Group Chief Executive, MYJAR. “We’re both committed to using digital technology to underpin responsible lending and provide exceptional levels of customer experience. We have been impressed that EQCS was able to step-in at such short notice to transform our loan management and collections capabilities in under six months. Not only can we now provide our customers with the tools to conveniently make payments and manage their accounts online but we now also have EQCS’ fully scalable platform providing us with the tools to launch new products and services with speed and ease.”

Richard Carter, Managing Director, EQCS, adds: “We are delighted to be working with dynamic online lender, MYJAR, to underpin its loan management function. Like MYJAR, we also focus on a digital-first approach to loan functionality. Our cost-effective, API-led solution is enabling lenders to enhance automation, customer self-service and operational scale and efficiency, while remaining compliant with regulation.”

In addition to working with EQCS – which is part of the international technology-led services and payments specialist EQ (Equiniti Group plc) – MYJAR has chosen EQTek to support its IT services function out of its Krakow-based technology hub.