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SafetyNet Credit Loans | www.safetynetcredit.com Reviews

SafetyNet Credit Loans


SafetyNet’s overdraft protection service has proved a hit favourite with the British public in recent years. Alexa data shows that they have managed to overtake most of the big hitters on web traffic and now only trail the market leader Wonga and QuickQuid. This lender’s story began back in 2012 through the launch of ClearAccount that was a lending arm, only to eventually change form as a financial tool for the owner (Indigo Michael Ltd). SafetyNet’s launch went ahead in 2014 and they have gone on to build a user base above 276,000. Tappily is the owner’s latest project rolled out in 2017 where a cheaper deal on more sizeable contracts is now available.


Brand: SafetyNet Credit (aka: SafetyNetCredit).
Company: Indigo Michael Ltd.
Founder: Iain McKenzie.
Launched: 2014.
Licence: 715525.
Offers: Credit line, instalment, payday, personal, short term (flexible).
Opening Hours: Monday to Friday (8am-7pm), Saturday (9am-5pm).
Other Projects: Tappily.
Web: www.safetynetcredit.com.


Address: PO Box 1515, High Wycombe, HP11 9JE.
Email: help@safetynetmail.co.uk.
Phone: 0800 180 8400.


Alexa Rank (Local): #9555.
Facebook Page: 3600+.


£5.60 /£100 (7d).
£24 /£100 (30d).
£96 /£300 (3m).
£96 /£300 (6m).
£160 /£500 (12m).


Amounts: £100 to £500 | Advances: £20 to £500 (new applicants).
Amounts: As above (when reloaning).
Amount Selections: £1 increments.
Late Payment Fee: £0.
Terms: 1 day to 12 months+.

*There is no minimum or maximum repayment term with 0.8% interest capped at 40 days. Nothing extra is to pay beyond this. £100-£500 is determined as a limit and then advances from this can be requested between £20-£500. Online banking usage is required for all applicants. The lender is only permitted with read-only access.

Service Pros…

Unauthorised overdraft protection stands out as they were first to market and we’re all aware of the money heading out, with many people continually living in their overdrafts. Through Account Technologies and Yodlee their protective layer monitors banking activity and when a payment alert is detected (taking you over a pre-agreed level) an instant transfer will be made. This will help to prevent unauthorised fees and will work so long as auto-deposits are switched on and the account is in good standard. You can of course use this service more so as a flexible loan, requesting funds 24/7 up to your determined limit. The minimum is £100, but advances start from £20 (£1 up). Adding to flexibility further, there is no set repayment and affordability is excellent once that 40 day cap on interest kicks in. Plus there are no late fees and they score at 93% on Trustpilot.

Service Cons…

It is tricky to pick fault with this lender. They really seem to have most bases covered. If we were to nitpick then it would perhaps be the restricted max loan amount of £500 for new and returning customers. This is much lower than the average sums available elsewhere. The owner has at least put this right with their new venture Tappily. They offer up to £2500 and charge a lower rate at 0.34% daily on that side and the interest cap kicks in at 75 days (no more interest payable after this). This would perhaps be an interesting solution to protect against approved overdraft charge rates that themselves can be more expensive than the payday cap.

Similar Lenders Like SafetyNet Credit…

The other credit line loan brands in this space are Drafty and Tappily. MyKredit did offer a LOC, but this has now been removed. Lending Stream’s Drafty is packaged like Tappily with large offerings of £3000 (new) and £5000 (returning). The interest there is very low at 0.18%, but they are strict on lending decisions. SafetyNet’s growth has of course seen them mix it up with the very biggest firms. With the recent closure of Wonga they are in fact now the leading flexible short term brand.

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www.safetynetcredit.com Reviews
Average rating:  
 2 reviews
by Andy on www.safetynetcredit.com Reviews

Very handy service for me. Recommended!

by Andy on www.safetynetcredit.com Reviews

Great company. Was hesitant at first about handing over my bank details, but there have been no issues at all. The customer support team is also very helpful. Cheers, Andy.