Previously trading under the ClearAccount name, SafetyNet Credit is a trading name of Indigo Michael Limited. These direct lenders have been in operation since 2012. The ClearAccount name is now used for Indigo Michael’s separate offering, which analyses spending and provides tailored discounts whilst helping with budget management. The ClearAccount software uses Yodlee to gain read-only access to a user’s bank account, and this same technology is used by SafetyNet to improve a customer’s loan experience.
Here’s a quick comparison table, showing you the benefits of choosing CashLady rather than going straight to SafetyNet Credit:
||68.7% (capped at 40 days)
||0.8% per day
||0.8% per day
|Panel of Lenders?
|Loan Options (Number of Lenders)
What kind of loans do they offer?
SafetyNet Credit, offer a revolving credit facility of up to £500 in total for new customers. As the name suggests, they extend small amounts of credit that is intended as a safety net or an alternative to a payday loan, to bridge the gap between one payday and the next or to protect those who pay unauthorised overdraft fees. They are committed to fair and responsible lending, only charging interest for up to 40 days so with a maximum interest of £32 per £100 borrowed. There are never any additional or hidden fees for borrowing.
Robust affordability checks
SafetyNet will use secure read-only online banking access to assess whether a borrower is able to afford the product, to check if and when they can afford repayments and, if chosen, to provide automatic deposit loans.
Customers signed up to automatic deposits will receive a small loan each time their bank balance drops below a pre-agreed level, so that unauthorised overdrafts and default fees can be avoided. Online bank account monitoring also ensures that loans are repaid as soon as possible – SafetyNet can check that your account has enough money to meet all other bills and commitments, and can take repayments automatically to reduce the cost of borrowing.
Applying for a loan
SafetyNet extends credit of up to £500 for first time users. Borrowers can take out a loan using the website, or using the app available on Apple or Android devices. There are no fees for repaying a loan early, and there are no late fees if you’re unable to repay your debt on time.
Filling in the application form
Applying for a loan with SafetyNet Credit involves a four page online application form. The first page requests personal details and residential status. The second page asks about your employment, income and borrowing needs, as well as collecting your bank details. The website will then automatically calculate your interest and total repayable amount based on the amount of credit requested. On the third page you’ll see this calculation and will be able to provide your debit card details for repayment. You’ll also be asked to provide a password to create an online account which you can use to monitor your loan details and to make any manual repayments. The final page requests your online banking details so that SafetyNet can make a secure connection to your bank account to run their affordability assessments. To go forward and receive your short term loan you’ll need to agree to their contract terms.
What if you need help or have any questions?
If you have any questions before or after taking out a SafetyNet Credit loan, you can email at any time or call 0800 180 8559 from Monday through until Saturday.
PO Box 1515,
Contact Telephone: 0800 180 8559
Data taken from SafetyNetCredit.com correct as of April 2016.
Applying with Cashlady
SafetyNet Credit is one of a number of responsible lenders that we can communicate with on your behalf, when you request a loan quote through CashLady. We will send your details to multiple trusted lenders, bringing you a response with a loan that meets your requirements.
Why Choose CashLady?
You can trust CashLady. We work with a variety of responsible lenders, all properly regulated, to bring you short term loans that you can rely on for your temporary borrowing needs.
We like to work closely with Indigo Michael Limited, and we have done for many years, but we still feel that there are benefits to browsing the wider market.
When you apply for a loan through CashLady, we search for a quote on your behalf and show you the lender that approves your loan and can offer the funds that you need.
You’ll find that using CashLady brings more convenience to your borrowing experience, with only one form to fill in. We’re a responsible licensed credit broker, bringing you quotes from our partner lenders. You won’t need to individually visit each lender’s website, and you might hear about some payday loan companies that you hadn’t previously considered. You’ll get the best offer available, without shopping around on your own.
For a more thorough look at the short term loan market and what if can offer you, why not apply through CashLady today?