About Drafty Loans
Drafty is part of Gain Credit (formerly Global Analytics) who are more well known for their Lending Stream brand that provides fixed 6 month loans. Whilst Stream lacks flexibility, this isn’t the case with the impressive line of credit facility packaged together here. This project was tested throughout 2015 and the full launch would follow in summer 2016. It is clear that they were greatly inspired by the early traction of SafetyNet who opened with this concept in the UK back in 2014. Drafty’s service is competitively priced with high sums available making this a worthy overdraft alternative. It is however prime specialised and you’ll need to be earning at least £1250 monthly.
The low interest rate is the standout quality in place here. This fixed rate comes in low at 0.18% daily that creates highly competitive short term and instalment term prices. The value does slip as you head close to a year and so shorter borrowing is advised. Drafty’s growth has been improving consistently. In the various niches competed in, they usually rank between the top 5 and 10 spots for Alexa ranks. This is notable, but you’d perhaps expect more investment from the owner who pours plenty into Lending Stream. Drafty’s support team is available 7 days a week and existing customers have access to funds 24/7. This pot can be £3000 max (new) or £5000 (return).
About Tappily Loans
Tappily was launched by Indigo Michael in 2017 to compliment the successful SafetyNet Credit brand. Tappily’s service is structured the same as a revolving credit facility. The key difference is that the interest rate is lower (0.34% daily vs 0.8%). The loan amounts are also higher at £100 to £2500 vs SNC’s £100 to £500 (£1000 reloan). A further minor difference is that the interest cap is longer at 75 days vs 40 days. This cap isn’t however important to factor in since repayments are taken at payday. You can instantly reloan, but this would trigger a new contract and so you’d never reach the cap unless you weren’t receiving a pay packet or having £50 paid in.
The rollout of this revolving prime product made sense in order for the owner to compete more against overdrafts and leading payday loans. At the same time, there has been mounting pressure from Drafty who have been attempting the same thing. Tappily’s early sector growth was very slow. It did seem that they weren’t attracting many visitors at all, but then across 2019 their Alexa rank spiked and continued to progress and they also started to attract more reviews on Trustpilot. Don’t forget that as with the case at SafetyNet, you’ll have access to your money pot 24/7 and will have the same protection built in to protect you from banking fees.
About SafetyNet Credit Loans
SafetyNet Credit has shown great innovation in short term lending in a similar fashion as seen with Wonga. They clearly haven’t imitated Wonga’s trajectory in becoming a household name, but to be fair they haven’t poured their profits into TV ad campaigning and sponsorships. More natural growth has been seen here, but they have attracted close to 500,000 customers. SafetyNet’s owner (Indigo Michael Ltd) started out life in 2012 through the launch of ClearAccount. SafetyNet’s launch followed in 2014, whilst ClearAccount became a financial tool and ended up being sold on. A further project (Tappily) was rolled out in 2017. This is a prime alternative delivering higher sums and lower interest.
As a credit line facility, you’ll be granted access to your determined limit 24/7. There is no need to reapply, you can instantly request more money when needed and repay across any short term. Whilst £100 is the minimum limit, once approved you can advance from just £20 inwards (moving £1 upwards). Overdraft protection is also built in to protect from excessive bank fees. There is an interest cap of 40 days that is handy if you lose your job, but repayments are taken when you’re paid that overrides this. Do note that online banking usage is required for all applicants. The lender is only permitted with read-only access that must be renewed every 90 days.