SafetyNetCredit Review

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Company Name: SafetyNetCredit
Trading name of: Indigo Michael Ltd

Registration Number: 07721420
Credit Licence Number: 646762
Representative APR: 68.7%
Maximum Loan Amount: £500
Loan Term: 1 to 40 days
Cost to Borrow £100 for 30 Days: £24
Representative Example: Amount of credit: £500. Interest rate: 0.8% per day for up to 40 days (292% per annum (variable)). Representative 68.7% APR (variable).
Hidden Fees: none (registration is free, no processing fees)
Promo Code: NO
Contact: / 0800 180 8400

Requirements to apply: you must be at least 18 years old, be a UK resident with a UK bank account, have an active debit card, a mobile number and an e-mail address. You also need to have a regular monthly income.

  • About:
SafetyNetCredit offers an alternative way to borrow money with their revolving credit line of £1 up to £500 (£1000 for existing customers), subject to affordability checks. Apply once and, if approved, get a running credit account with ongoing access.

You can access their services via their website or their mobile app, available on the AppStore and GooglePlay

The company won the 2015 award for best 'Alternative lender of the year - Specialist consumer' and in 2016 the award for 'Treating Customers Fairly'

SafetyNetCredit is regulated by the FCA and committed to transparency and responsible lending.

  • Loan Amount and terms 

You can borrow £1 to £500 as a first time borrower, for up to 40 days. Their fees are straight forward as they charge 80p per day per £100 you borrow.

For example, if you borrow £200, you will pay an interest of £11.20 per week. However, you will never repay more than £264 in total, no matter how long you borrow since the interest is capped at £64.00.

Reviews on TrustPilot are quite compelling with an average grade of 9.2 out of over 2,500 reviews published. Among this total, 81.2% graded the lender 5 stars.

  • Application process and Eligibility
The application is straightforward, all charges are transparent and there are no additional or hidden fees. You decide how and when to use your account and can expect outstanding customer service.

You are eligible if you :
    • are UK resident 
    • are aged 18 or over
    • are employed
    • receive a salary or other regular income
    • have a current account with internet banking
During the process, they will run a credit check and you will need to share your online banking login details.

Why do they need this information?
    • to ensure they lend according to your needs/what you can afford
    • to help you avoid going into unauthorised overdraftSafetyNetCredit will monitor your transaction and if your balance drops to a pre-agreed level, they will automatically fund your account so you avoid going into unauthorised overdraft.
  • Repayment
Repayment can take place via:
    • Automatic payment from your linked account
They will only take money if the balance on your current account is higher than the amount due
    • Manual payment whenever you choose
You can choose to repay anytime for any amount from your SafetyNet dashboard on their website or mobile application.

  •  Money management help
Besides the regular lending services, SafetyNetCredit offers some money management tools via their website and apps.

At any time you can login your account and see from your dashboard how much credit is available to you. You can also see how much you owe them.

Interactive graphs and personalised dashboards will help you track and analyse your spending habits and manage your budget more efficiently. All your spending is categorised and pie-charted so that you understand in a glimpse where you have been spending your money.

A convenient service that can avoid you unauthorised overdraft fees is the automatic top up that you can easily set with your account. 

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