Loans like SafetyNet Credit

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

NameEstablishedLoan types
SafetyNet Credit Facility SafetyNet Credit Facility 2015 Line of credit More info
Fund Ourselves (Welendus) Short Term Loan Fund Ourselves 2016 Peer-to-peer instalment loans More info
Creditspring Membership Creditspring 2018 Instalment loans through a membership scheme More info
Lending Stream Instalment Loan Lending Stream 2008 Instalment loans Go to site
Drafty Line of Credit Drafty 2015 Line of credit Go to site
Polar Credit Credit Line Polar Credit 2019 Line of credit More info
SteadyPay 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.

A closer look at these lenders

Fund Ourselves logo

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 4 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.

Creditspring logo

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.

Lending Stream logo

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 12 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 logo

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%.

Drafty Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).

Polar Credit logo

5. Polar Credit

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)

SteadyPay logo

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 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.

We compare payday/short term loans from

Drafty Line of Credit
QuidMarket Short Term Loan
The Money Platform Short Term Loan
Moneyboat Short Term Loan
Lending Stream Instalment Loan
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.

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