SafetyNet Credit Review | www.safetynetcredit.com
Address: PO Box 1515, High Wycombe, HP11 9JE.
Branding: SafetyNet Credit. Also known as: SafetyNetCredit, SNC.
FCA Licence: 646762.
From: Indigo Michael Ltd.
Related: ClearAccount (financial tool).
Available: Monday to Friday (8am/7pm), Saturday (9am/5pm).
Bad credit considered: Yes.
Manage: SafetyNet Credit login provided via www.safetynetcredit.com.
Offers: Short term loans.
Pricing: £5.60/£100 (7) | £24/£100 (30).
Sums: £100 to £500 (new and returning).
Terms: 1 to 40 days.
Notes: You will need to grant access to your online banking. Automatic deposits can be switched off and you can freely borrow funds when requested. This product was previously available through ClearAccount, although that has been adapted into a financial management resource/tool. Recently awarded as Credit Today’s Alternative Lender of the Year (2015) in Specialist Consumer category.
– Niche: Indigo Michael is the first (and only) company specialised on overdraft protection. The facility that they provide monitors your bank account’s activity. Should your balance drops to a set level they will automatically wire money across to prevent you becoming overdrawn, hence removing the chance of unauthorised fees. The ability is there to switch off automatic deposits and simply borrow what you’d like. Bad credit is considered and it is clever of course that they can monitor your incoming wages, your spending habits etc. Some people may feel uncomfortable in granting access to personal accounts. It would be reassuring to see a trade association membership. They are however a trusted name with a large user base and they have been attracting industry award nominations. It could be argued that their technology is less effective as it once was since most banks now include account buffers to prevent such fees from occurring. Whilst this protection is based on unauthorised borrowing, you could essentially set it to keep you out of an approved overdraft. Banks usually charge between £0.70 and £1 daily even if you were for instance using just £25 or so. The service charge here meets the industry cap at 0.8% daily and so that’s £0.80 per day for £100 (the minimum sum). You are getting a better deal here, but it would be preferential to see a starting sum of £50 to cut the price down to £0.40.
– Operations: Customer support extends for a good 8 hours on Saturdays. Once you are approved you can borrow up to £500 whenever it is needed and so you should also be able to receive cash on Sundays.
– The pricing before the cap came in is unknown. We’d predict that it matched ClearAccount when they were active. They charged 1% daily interest and there was no extra fee for same day funding.