SafetyNet Credit is a trading name of Indigo Michael Ltd, and it has an innovative approach to lending which makes it easy to access short term, “payday”-style loans and avoids overdraft fees. It offers short term loans up to £500 at a representative APR of 68.7%. They don’t have specific loan terms or monthly repayments and takes into account how much you can give to repay.
This loan works by linking up with your bank account and once your balance falls lower than a fixed amount, SafetyNet Credit will automatically give you money in order to avoid the borrower from dropping into their unauthorized overdraft and penalty fees.
By SafetyNet Credit you can buy between £1 – £1,000 and the representative example will be as follows: Borrow amount of £500 at a rate of 0.8% per day for up to 40 days (292% p.a., variable) and representative 68.7% APR variable.
Pros and cons of borrowing with SafetyNet Credit
It is good because
- SafetyNet Credit works swiftly. It can take up to a day to get the credit facility set up, but once it’s set up, it’s very fast to access credit.
- Once the credit facility is set up, an online dashboard or app will be available to request credit whenever you need it. You can also set up automatic deposits when you’re looming the limit on your authorized overdraft.
- As you make repayments on time, there are no costs but the interest.
It is bad because
- As you have to pay 0.8% per day, this credit is sitting on the legal extreme, and should only be considered as a last option.
- people can be uncomfortable by giving out their internet banking details.
- As you you’ve set up automatic deposits, you could well end up borrowing without meaning to. And for some people, the facility of obtaining credit could make it harder to resist perky spending.
|Arrangement fee: £0||Maximum APR 68.7%|
|Early repayment fee: £0||Late payment fee: £0|
SafetyNet Credit Highlights
This finance have the following prominent features:
- SafetyNet Credit has its loan app
- The loan is transferred in 15 from your credit line
- Representative 68.7% APR variable.
- Automatic borrowing covers overdrafts
- Transfer money into your account just when you need it.
- no need to reapply as it has a revolving credit line
- Repayments are taken when you have enough money in your account
It is easy to apply online with Safety Net Credit. Applying for a loan by SafetyNet Credit, you:
- Must be a UK resident
- Must be aged over 18
- Must be employed
- Need to have a salary or regular income
- Need a current account with internet banking
Required Information for Applying
When you apply for a loan through SafetyNet Credit, along with all the info you, you’ll be asked to give:
- Debit card details
- Bank account sort code and account number
- Internet banking log-in details
Then the lender will access your eligibility to get a short term loan by using the visibility of your account, along with your credit history (bad credit is also acceptable). After that, SafetyNet Credit will then mark a firm amount of credit available to you. You better download the app to make this process sift and easier, but instead, you can log into your dashboard online.
Moreover, you can set up automatic borrowing for checking when your linked account drips to a pre-agreed level. This can avoid going into an unauthorized overdraft. deposits.
Repayments can be made automatically when money transfers into your account or manually at any time. Late payments or failure to repay can cause problems and can have a negative effect on your credit history. so while applying, carefully consider if you can meet the repayments deadlines.
If are looking for short term loan with bad credit, SafetyNet Credit is certainly worth considering. They are less expensive as compared to a similar market, more flexibility towards borrowing and have strong consumer reviews across the web. SafetyNet Credit provides a loan that comes with a warning. So be sure before applying.