Tappily Loans | www.tappily.co.uk Reviews
Tappily is an impressive new venture from the same team behind the award winning SafetyNet Credit. A similar flexible revolving credit facility with built in overdraft protection is packaged. Larger loan sums and lower pricing has however been added. This will supplement SafetyNet well especially since you can’t borrow more than £500 there. The chances are that it was however pitched more to fight off the challenge from Lending Stream’s Drafty that has been making big gains in the credit line niche. SafetyNet’s growth has rocketed in recent years and they are now a major force. Can Tappily’s growth match? Only time will tell, but heavy ad spends will be critical to get the project off the ground.
Company: Indigo Michael Ltd.
Founder: Iain McKenzie.
Offers: Credit line, instalment, payday, personal, short term (flexible).
Opening Hours: Monday to Friday (8am-7pm), Saturday (9am-5pm).
Other Projects: SafetyNet Credit.
Address: PO Box 1515, High Wycombe, HP11 9JE.
Phone: 0800 822 3400.
Alexa Rank (Local): No Ranking.
Facebook Page: No page.
£2.38 /£100 (7d).
£10.20 /£100 (30d).
£76.50 /£300 (3m).
£76.50 /£300 (6m).
£255 /£1000 (12m).
Amounts: £100 to £2500 | Advances: ? to £2500 (new applicants).
Amounts: As above (when reloaning).
Amount Selections: £1 increments.
Late Payment Fee: £0.
Terms: 1 day to 12 months+.
*It is currently unclear what sized advances can be made from the determined limit. SafetyNet’s sum is £20 onwards that would likely be matched here. As the case there, there is no minimum or maximum repayment term. Daily interest is charged at 0.34% that is capped at 75 days. Beyond this there are no costs. Online banking usage is required for qualification, but they are only permitted with read-only access.
SafetyNet is one of the most feature equipped services on the market and so Tappily’s loan with extra enhancements is up there with the best of them. SafetyNet’s limit of £500 is rather small. This has been raised here to £2500 and interest is also lower at 0.34% rather than 0.8%. Their own interest cap goes on longer to 75 days rather than 40 days. £76.50 per £300 over 6 months is a notable improvement on £96. The overdraft protection is again built in here that is handy as well as no late fees. The daily rate whilst being low is perhaps not low enough to protect against charges on approved overdrafts, but for general borrowing the more sizeable and cheaper deals are certainly attractive.
It is tricky to pick fault with so many impressive features in place. It may be the case that there is an added layer of strictness when it comes to lending decisions. This would make sense based on the lower interest and the higher levels of funding. They do only request a basis regular income and do claim to consider all applicants, but even still you’d have a better chance of approval with Indigo Michael’s core brand. It will take time for reviews to pop up to see how well the product is functioning on the market. There has currently been no advertising that we feel will be essential if they intend on growing as SafetyNet has.
Similar Lenders Like Tappily…
Drafty definitely stands out here. They offer large credit line loans of up to £3000 for new applicants and £5000 for existing customers. Their daily interest rate is very low at 0.18% that equates to a monthly charge of just £5.40 per £100. Their £300 instalment charges are £48.60 (3m) and £97.20 (6m) whilst for a £1000 for a year the charge is £657. So whilst being cheaper over short terms, they get more expensive over time since they don’t have their own interest cap. For 12 month borrowing with a low score, Likely Loans is a good alternative. They’d ask for £278 per £1000 that is close to the capped £255 requested here.
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