Safety Net Credit is a direct lender based in Bicester, Oxford. Customers are able to borrow up to £500 and repay on their next pay date, which is usually the last Friday of the month. The maximum time period you can borrow for is 40 days and you can only repay in one lump sum, not in instalments.
It takes only a few minutes to apply online and once approved, funds can be transferred into your account within 15 minutes. There are no fees for applying either. The Representative APR is 68.7% variable, depending on how much you borrow and for how long and the daily interest rate is 0.8%. Here is a Representative Example below:
Amount of credit: £500. Interest rate: 0.8% per day for up to 40 days (292% per annum (variable)). Representative 68.7% APR (variable).
Safety Net Credit – How Are They Different?
Safety Net Credit is a technology company that uses modern techniques when deciding who gets a loan. Their technology has been highly acclaimed and they were named the winners of the Credit Today Awards in 2015 for best alternative lender.
Using a data partner called Yodlee, they require access to your online banking so they can get an overview of your transactions. They can use this information to better understand you incomings and outgoings so that they can make the right decision of who to approve for a loan.
This is a type of affordability measure which is carried out by all responsible lenders as a way of telling if a customer can afford to repay their loan or not. A bank statement can tell the lender how much they earn and if they have any other loans open.
In addition, Safety Net Credit carries out credit checks using a credit reference agency. This allows the lender to see how many other loans the individual has open, if they have been bankrupt or have a CCJ or IVA.
Safety Net Credit – How Do Repayments Work?
Repayments with Safety Net Credit are collected automatically from your debit account. Therefore, it helps if you get paid into the same debit account to ensure a smooth repayment transaction. The minimum you can repay is £50, unless your outstanding balance is less than £50.
Safety Net Credit – Useful Information
Company Number: 07721420
Interim Permission Number: 646762