Lender in Focus 1.1: SafetyNet Credit Overview and History

Discover more about SafetyNet Credit

About SafetyNet Credit

About SafetyNetCredit

SafetyNet Credit is an alternative short term lending platform. It offers UK customers a revolving credit facility up to £500.

Their service works by making a secure connection to your bank account and tracking your balance and activity every day. Their ‘smart’ method of lending means that they will only deposit money into your account when you need it.

If you are approved for credit, you will also able to borrow money manually through their website or app. That is, if you do not wish to switch on ‘automatic deposits’.

There are no minimum or maximum repayment terms with SafetyNet Credit.

They will only take repayments directly from your account when you have enough money and you can afford for them to do so.

SafetyNet Credit offers UK customers a flexible style of finance. Furthermore they provide their customers with a ‘safety net’ between one payday and the next. This can help prevent customers from going into their unauthorised overdraft and paying penalty bank fees.

Essentially, SafetyNet Credit is an alternative to a traditional payday loan.

If you are approved for a facility with SafetyNet Credit, you will receive a credit limit. You can then borrow and repay within this limit as often as you like.

An automatic deposit system works by linking to your bank account. And, automatically transferring funds when your balance falls below a pre-agreed amount.

You can repay money manually via an online management tool. Or, they can automatically take repayments when your bank balance is higher than the pre-agreed ‘safety net’ level.

SafetyNet will not automatically withdraw funds if the withdrawal would take you into your overdraft. Also, they would not do this if it could affect another credit instalment.

Company information

SafetyNet Credit is actually a trading name of Indigo Michael Ltd. They previously traded under the name Clear Account.

SafetyNet Credit’s registered business address is:

2 Minton Place, Victoria Road, Bicester, Oxfordshire, OX26 6QB

SafetyNet Credit’s registered trading address is:

Account Technologies, Windsor Court, Frederick Place, Loudwater, HP11 1JU

Their website address is: www.safetynetcredit.com

SafetyNet has received a wide range of awards including:

  • Alternative Lender of the Year at the Credit Today Awards 2015
  • Treating Customers Fairly Award at the Credit Awards 2016
  • Bronze Winner in the European Contact Centre & Customer Service Awards 2016.

They were also nominated for Best Fintech lender and Best Data Analytics at the F5 Awards 2016.

Legal information

You are taking on a financial commitment when taking out a loan with any lender, including SafetyNet Credit. If you miss any repayments or fail to make any repayments then your credit history could be negatively impacted. Also, you could find it more difficult to gain approval for finance in the future.

All borrowing is subject to status and affordability assessments.

SafetyNet Credit requires you to grant read-only access to your internet banking if you want to be considered for a loan. They will review your balance and transactions every day and monitor your financial status for any changes.

More terms and conditions can be found here.

Financial Conduct Authority registration

SafetyNet Credit is a trading name of Indigo Michael Ltd.

Indigo Michael Ltd is regulated and authorised by the Financial Conduct Authority. This is under the Firm Reference Number FRN 715525.

Data Protection

SafetyNet Credit states that they securely handle all data under data protection laws and their own privacy policy.

They use 256-bit encryption and are also monitored and verified by VeriSign.

Business development

Launched in July 2012, SafetyNet Credit has over 100 employees. These employees are spread across offices in Euston, London and High Wycombe, Buckinghamshire.

They have 182,000 customers and have made gross loans of over £327 million.

Promotional activities

SafetyNet Credit promotional activities

Do SafetyNet Credit have a television advert?

Currently, SafetyNet Credit do not advertise on television.

Do Safety Net Credit advertise on Google?

Conversely, it seems Safety Net Credit do not have any live Google AdWord campaigns at the time of writing.

Do SafetyNet Credit charge fees?

SafetyNet Credit does not have any hidden charges such as transaction fees and early repayment fees. They also do not have subscription fees, interest on interest or sign-up fees.

Have SafetyNet Credit ever been fined?

CashLady cannot find any evidence that SafetyNet Credit has ever been fined by the FCA. Or, by the  Office of Fair Trading and Information Commissioner’s Office.

General criticism in the news

Payday loans have received more than their fair share of bad press in the news over the past few years.

CashLady could not find anything about SafetyNet Credit in the news recently. Although, this AOL news story mentions them back in April 2014 when they were known as Clear Account.

The article mentions daily charges of 1% but SafetyNet Credit now only charge a daily interest of 0.8% per day, in line with new FCA rules.

Anything I need to be aware of about SafetyNet Credit?

The SafetyNet Credit platform requires access to your online banking details. This is so that they can monitor your account and check your credit worthiness.

Their connection is ‘read-only’ so they cannot control your bank accounts. They can only monitor your transactions. By monitoring your transactions, SafetyNet Credit are able to make automatic deposits into your bank account when you need them. This also enables them to take automatic repayments when you can afford it.

Social Media

Facebook

SafetyNet Credit has a Facebook page with 3,602 likes and 3,532 followers at the time of writing.

They post links to their reviews for their followers to see around 2 or 3 times a day.

Their Facebook page shows that they are ‘very responsive’ to messages and typically reply within an hour.

Twitter

SafetyNet Credit has a Twitter account with 401 followers at the time of writing.

They do not appear be particularly active on Twitter with their last post/ tweet published nearly 3 months ago.

They generally publish their ‘insights’ on Twitter. These ‘insights’ are customer statistics. Such as, “Our customers took advantage of the warmer weather in July, 11% more went on days out compared to May!”

Instagram

SafetyNet Credit does not have an Instagram account currently.

Do Safety Net Credit have an App?

SafetyNet Credit has an app available on both Apple and Android.

The app allows you to borrow money within your credit limit and repay any money owed.

You are also able to review your account status and see your income and outgoings with your transactions and statements.

The app is protected by a 5-digit pin.

If you found this helpful, read the next chapter here. Please remember to share!

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