SafetyNet Credit provides a revolving line of credit so you can draw down small, short term loans whenever and wherever you need to. See which other lenders provide similar credit options.
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.
Online lenders that offer similar loans to SafetyNet Credit
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.
A closer look at these lenders
1. Fund Ourselves
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 1,310.4%. 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 £300 for 106 days at a rate of 176% p.a. (fixed). Representative 1,310.4% APR and total payable £452.97 in 4 monthly payments of £113.24.
2. Creditspring
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.
3. Lending Stream
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.
4. Drafty
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%.
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)
6. SteadyPay
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 higher representative APR of 91.25%.
SteadyPay representative example: Total amount of credit of £300. Subscription £90 over 120 days. Representative APR 91.25% and total payable: £390.
We compare payday/short term loans from
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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