About Polar Credit Loans
The Polar Credit loans project arises from Apfin Ltd who have been operating since 2012 as Cash Asap. This fresh brand that was unveiled in summer 2019 is a welcome addition to the industry, becoming the 4th credit line facility. As a revolving facility you can access funds from a determined limit 24/7. Unlike Asap, it is however prime targeted as suggested by the competitive pricing. This isn’t surprising as Lending Stream did this with Drafty and SafetyNet did this with Tappily. The Polar Credit loans limit will be determined between the range of £200 and £2000. There is no set term. You can repay what you want so long as the minimum payment is met (£10 or 5%).
From your limit you must borrow at least £25 each time. It’s better to do this just once as each request takes on a transfer fee. Pricing is competitive, yet a little confusing as they display different variable rates across pages. Based on the 60.23% example, you’d pay for £100 borrowed £2.80 (7d) or £6.60 (30d). For £300, the cost is £50.12 (3m) and £95.29 (6m). The prices always include a 1.65% transaction fee. There is Polar Credit promo code button, but no such active code. Initial market growth has been slow, but launching throughout the pandemic was always going to be tricky. They have started picking up support on Trustpilot surpassing 100+ reviews.
About Drafty Loans
Drafty is part of Gain Credit (formerly Global Analytics) who made their name locally through the 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 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 are now a top 5 brand and their recent TV ads seem to be pushing them further on. It is notable that the owner treats this project as importantly as Lending Stream who have excellent visibility on the ad front. Drafty’s support team was available 7 days a week across Mon/Fri (7am-10pm), Sat/Sun (7am-10pm).
About Tappily Loans
Tappily was launched from the Indigo Michael team in 2017 to compliment the successful SafetyNet brand. Tappily’s service is structured the same functioning 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 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 cycle 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 target the business that is taken up by banks through credit cards and overdrafts. At the same time, there has been mounting pressure from Drafty who have packaged their own SafetyNet-styled alternative with lower interest. Tappily’s early sector growth was slow. It did seem that they weren’t attracting many visitors, 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 Loans
There has been a slight brand and URL change to reference here. SafetyNet is new, with the firm dropping “Credit” from the name. They’ve however adopted this past reference in their new URL with www.safetynet.credit (taking over from www.safetynetcredit.com). This is a company that has shown great innovation in short term lending in a similar fashion that we saw 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 sponsorships and TV ads. More natural growth has been seen here, but they have attracted more than 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 re-apply here, you can instantly request more money when needed and repay it across any period of time. Whilst £100 is the minimum limit, once approved you can advance from £20 onwards (moving £1 upwards). The limit will be set as high as £500 for new customers. In time it would be possible to reach as much as £1000.