SafetyNet Credit went into administration in 2023. Prior to its administration, SafetyNet offered transfers in 15 minutes and automatic funding when you’re close to your overdraft limit – a dangerously convenient funding option. We have put together a list of loans like SafetyNet Credit so you can shop around before you make a decision.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
| Name | Established | Loan types | ||
|---|---|---|---|---|
 |
SafetyNet Credit Facility | 2015 | Line of credit | More info |
 |
Fund Ourselves | 2016 | Peer-to-peer instalment loans | More info |
 |
Creditspring | 2018 | Instalment loans through a membership scheme | More info |
 |
Lending Stream | 2008 | Instalment loans | Go to site |
 |
Drafty | 2015 | Line of credit | Go to site |
 |
Polar Credit | 2019 | Line of credit | More info |
 |
SteadyPay | 2017 | Instalment loans through a membership scheme | More info |
Unusually, SafetyNet Credit requests access to your online banking details in order to monitor your account, assess your credit worthiness and provide credit when you’re close to your overdraft limit (if that’s what you’ve asked it to do, via your dashboard). In fact, the convenient funding is primarily designed to prevent you being hit by unauthorised overdraft fees. Learn more about why some payday lenders ask for your internet banking logins.
Safety Net Credit’s facility uses a “read-only” connection to your account, but if you’re not happy about the idea of sharing your details, or if you’re been rejected by SafetyNet Credit, then you may be looking for another lender. Our loan calculator at the end of this page, allows you to compare the cost of payday or short-term loans from multiple lenders. Alternatively, above are some other loan companies like SafetyNet Credit.
The company that’s probably the most similar to SafetyNet Credit is its big sister brand, Tappily. However, since they’re effectively two different faces of the same parent company, if you’ve been rejected by SafetyNet Credit, Tappily is unlikely to offer you credit, and you may prefer to look at one of the other brands listed above.
Fund Ourselves (read review) is a direct lender (not a broker), which offers peer-to-peer instalment loans of up to £1,500 over terms of up to 6 months. That's £500 more than SafetyNet Credit (although for new customers the maximum is £800) but with a lower representative APR of 504.7%. Peer-to-peer services bring together investors who want to lend money with borrowers who want to borrow money. In theory, peer-to-peer platforms have lower overheads and so can pass on lower interest rates.
Fund Ourselves representative example: Borrow £200 for 122 days at a rate of 208% p.a. (fixed). Representative 504.7% APR and total payable £286.62 in 4 monthly payments of £71.71.
Next up, Creditspring (read review) is also a direct lender, which offers instalment loans through a membership scheme of up to £1,000 over terms of up to 12 months. That's the same maximum as SafetyNet Credit but with a lower representative APR of 54.6%. With credit membership schemes, you pay a weekly or monthly subscription fee and can then receive low-interest or no-interest loans when needed. You'll need to have been a member for a specified amount of time (often two weeks) before you can borrow money.
Creditspring representative example: Total amount of credit £1,000 repayable over 13 months. 12 monthly membership payments of £12. Rate of interest 0% p.a. (fixed). Representative 54.6% APR. The first repayment for each advance is £83.35, due 45 days after drawing, followed by 5 monthly repayments of £83.33. Total amount payable £1,144.
Lending Stream (visit site) is another direct lender, which offers instalment loans of up to £1,500 over terms of up to 6 months. That's £500 more than SafetyNet Credit but with a lower representative APR of 1,333%. With instalment loans, you borrow for an agreed amount of time at a fixed interest rate, and pay back a set amount each month until the loan is cleared. You'll know in advance exactly how much your loan will cost and when it'll be cleared. Like SafetyNet Credit, Lending Stream uses open banking as part of its approval process – analysing your bank account transactions to assess risk and affordability (you'll need to give it permission through your internet banking).
Lending Stream representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Drafty (visit site) is a direct lender which, like SafetyNet Credit, offers an ongoing line of credit but could let you borrow up to £3,000. That's £2,000 more than SafetyNet Credit but with a higher representative APR of 96.2%.
Drafty Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Polar Credit (read review) is a direct lender which, like SafetyNet Credit, offers an ongoing line of credit but could let you borrow up to £2,000. That's £1,000 more than SafetyNet Credit at the same representative APR of 68.7%. Polar Credit also uses your banking transactions in its affordability and risk assessments.
Polar Credit Representative Example: Amount of credit: £1,200, interest rate: 49.9% pa (variable) and 1.65% transaction fee. Representative 68.7% APR (variable)
Finally, SteadyPay (read review) is our last direct lender, which offers instalment loans through a membership scheme of up to £1,000. That's the same maximum as SafetyNet Credit but with a lower representative APR of 36.4%.
SteadyPay representative example: Total amount of credit of £1,000. 52 weekly membership payments of £7. Representative APR 36.4% and total payable: £1,364.
As well as comparing short-term loans with other types of credit, before you apply for a loan it’s a good idea to shop around and compare a range of lenders. You can use the table below to get an idea of how much the loan that you have in mind might cost.
Learn when a payday lender will call your employer, what information is shared and what your options are if you’re worried about this.
Looking for loans like Cashasap? Check out our list of UK lenders offering similar payday loans and services to Cashasap.
If you’re experiencing a financial shortfall, you might be considering a 6 month loan. Use our guide to compare loan rates and overall costs from a range of lenders, and to learn more about how short term loans work.
Sometimes unexpected costs crop up and can leave you temporarily short of cash. If you’ve found yourself £500 short then you might be considering a short-term/payday loan. Use our guide to to compare rates and total costs of borrowing from a range of UK lenders and to find out more about how short-term loans work.
Sometimes unexpected costs pop up and leave us temporarily short of cash. If you need a helping hand for 3 months then you might be considering a short-term/payday loan. Use our guide to compare rates and total costs of borrowing from a range of UK lenders and to find out more about how short term loans work.
Sometimes unexpected costs pop up and leave us temporarily short of cash. If you need a helping hand for two months then you might be considering a short-term/payday loan. Use our guide to compare rates and total costs of borrowing from a range of UK lenders and to find out more about how short-term loans work.
It’s not always possible to see what costs are around the corner. If you’ve found yourself £300 short then you might be considering a payday/short term loan. Use our guide to learn more about payday loans, to compare lenders and to calculate the cost of a £300 loan.
Need £100 to cover an unexpected shortfall? Before taking out a payday/short-term loan it’s smart to compare rates from a range of lenders. Use our fast and simple repayment calculation and learn more about short-term loans.
Why not repay your payday loan early if you can? Find lenders that let you close your loan early without charging you a penalty or fee.
Does what you “like” on Facebook influence how much you can borrow?