SafetyNet Loans | Reviews

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SafetyNet Loans

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 (taking over from 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.

Increases wouldn’t be typical when you’re stuck in your overdraft. Overdraft protection is built in to protect you from excessive banking fees although this can be freely switched off. 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 the chance of lower interest. Online banking (Open Banking) usage is required for all applicants. They are for reference only permitted with read-only access that must be renewed every 90 days. The minimum monthly repayment is 5% of the total amount owed, including interest, subject to a minimum of £20. However, auto repayments are taken at payday or when £50 is paid in.

When this happens you are pre-approved to instantly reloan for longer terms and such an advance can be requested and be received instantly. An issue is that you are always paying 0.8% daily interest and so over the space of a few months it can get expensive. Each month for £500 you could be repaying that plus £120 interest. It would be great to see lower pricing, but this is what sister-brand Tappily was launched for. There is no doubt that SNC has become the short term king. Their Alexa rank that now sits below 100k is much better than their rivals. They have also earned trust and now rate at 92% on Trustpilot from 15,000+ reviews.

Company Details

Address: PO Box 1515, High Wycombe, HP11 9JE

Brand: SafetyNet (aka: SafetyNet Credit, SafetyNetCredit, SNC)

Company: Indigo Michael Ltd

Contact (📧):

Contact (☎): 0800 180 8400

FCA Licence: 715525

Launched: 2014

Niche: Credit line, payday, instalment

Opening Hours: Mon/Fri (8am-7pm), Sat (9am-5pm)

Related Brands: Tappily

Site Address:

Site Rank ( Global): #97,639

Product Specs

Amounts Available: £100 to £500 (£1000 on reloans)

Late Payment Fee: £0

Manage: Yes, a SafetyNet login is provided

Pricing: £24 /£100 (1m) & £216 /£300 (3m) & £432 /£300 (6m)

Repayment Terms: 1 day to 12 months+ (any day between)

Review Feedback

Feefo: Not listed

Reviews: Not listed

Trustpilot: 92% (15,860+ count)

Rivals & Similar Lenders Like SafetyNet

SafetyNet’s biggest rival is Drafty who have been making notable growth themselves. Drafty and Polar Credit are the only competitors that offer a credit line facility. It’s just a shame that they are each very picky with who gets the green light for approval. If your score isn’t low then it may be worth applying for Tappily first of all for an improved rate and more funding. If they say no, then they’ll likely push on SNC as a backup offer for you. With lenders like QuickQuid, Satsuma Loans, Wonga etc closing the fierce competition has dried up although the likes of CashFloat, Dot Dot and MoneyBoat have been progressing well themselves.

Last Check @ July 8th, 2020

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 4 reviews
by Josh on Reviews

Safety Net are a great lender as you don't have to apply each time you need a new loan. Not super cheap, but very handy facility to have.

by andy on Reviews

service is great but i never get limit increases

by Andy on Reviews

Very handy service for me. Recommended!

by Andy on 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.