As long as people have been earning money, there have been other people and organizations offering them money in the form of loans, revolving credit and payday loans. Moneylenders may have changed over the years, but the need for these services definitely has not gone away.
When it comes to short term, small value lending in the UK, we’re spoiled for choice, so, to make it a little easier to make an informed decision, here’s our SafetyNet credit loans review.
What Makes SafetyNet Credit Loans Different?
Unlike most payday loans, which have a finite repayment date, SafetyNet credit loans offer a form of revolving credit, where, as you repay your principal balance, you become eligible to access credit again.
The company also offers an automated, smart lending application, which connects to your bank account and automates both deposits and repayments. But they also offer old fashioned, manual loans if too much technological wizardry is not your thing! You will still need to connect your bank account for the initial assessment, but you can opt out of automated lending and repayment if you choose to.
How to Get a SafetyNet Credit Loan
No SafetyNet credit loans review would be complete without an outline of how you apply for one, so here’s the process:
- Use the online application service. You can apply from a computer or a smartphone.
- Connect to your bank account (you need your sort code and account number on hand!)
- The application automatically assesses your account (you will need to log into your online banking to connect the platform to your account)
- The approval process takes as little as 8 minutes. That’s quicker than any trip to a brick and mortar lender!
- If you’re approved, you have access to funds immediately.
It really couldn’t be simpler, and since you don’t have to leave your sofa to complete the whole process, it’s really easy for anyone, anywhere.
How Much Can You Lend?
The SafetyNet system gives eligible customers access to up to £1000, depending on how much you qualify when you apply – but they do also assess your account and may offer additional credit to customers in good standing over time.
The key difference with this system is that you’re not expected to take the full amount you qualify for at once or at all. You borrow what you need, as and when you need it, for as long or short as you need it, and only repay the principal and interest based on what you use.
This makes it a great short term solution or as an alternative to an overdraft (or withdrawing expensive cash from your credit card!)
Reapplying for SafetyNet
One of the best things about the SafetyNet credit system is that you don’t have to reapply every time you need a little cash. Once you are approved, and as long as you keep your account in good standing, you can borrow and repay whatever you need, whenever you need it, no questions asked.
This makes a nice change to having to go through the whole process time and again, and makes this a great choice for when you have just a little more month than wages!
Frequently Asked Questions
No. Only to people who are 18 or older, living in the UK, whose wages are paid into their bank account.
Not necessarily. While SafetNet do check credit reports, they do consider all of your history, and you may still qualify, even without a perfect credit score. If you have recent bad credit reports, however, you might not be eligible until you work on improving your credit score.
Your credit score doesn’t provide the full picture of your financial standing, so SafetyNet connects to your bank account so that they can see exactly what you can afford to borrow and repay.
Yes. SafetyNet charges 0.8% interest per day, up to a maximum of 40 days. The sooner you repay your loan, the less interest you will pay.
No. Like many short term lenders, SafetyNet limits you to one account per user.
No. You must have a UK bank account, in your own name, where you receive your wages in order to be eligible for a SafetyNet loan.
Sort of, but not entirely. SafetyNet loans offer the convenience of a payday loan, but they’re also similar to a revolving line of credit or overdraft facility.
No SafetyNet credit loans review would be complete without an opinion, and ours is that this is a good, convenient short term loan solution for people who just want to be able to access small amounts of cash for short periods of time.
It’s not the cheapest type of credit out there, but it’s easy to access, and because of the technology integrated into the system, easy to manage.
While we would not recommend this service for everyone, for anyone with a relatively good credit rating, who doesn’t need to access large amounts of money and can repay the balance owing quickly, it’s a good short term stop gap.