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How SafetyNet Credit works

SafetyNet Credit is straightforward to use - find out all the details here.



 


Need help?
Call 0800 180 8400 or contact us



Representative Example:

Borrowing:
£500
Interest:
0.8% per day
for up to 40 days (292% per annum, variable)
Representative:
68.7% APR (variable)
For free independent money advice, see moneyadviceservice.org.uk
SafetyNet Credit offers a permanent revolving line of credit with no minimum or maximum repayment terms. Representative 68.7% APR.

Making repayments

Ways to repay

We take repayments in two ways:

  • Automatically from your current account
  • Manually whenever you choose

Automatic repayments

When you owe any money to us, we will automatically take a repayment each time we see money coming into your bank account as follows:

  • We will only ever take a repayment when your Bank Balance is higher than your SafetyNet Level
  • We will never take a repayment which reduces your balance to the SafetyNet Level and therefore triggers a Credit Instalment. To make sure this is the case whenever we take a repayment we will always leave you a balance which is at least £30 above your SafetyNet Level
  • Subject to the above, the repayment amount will be the full amount you owe us in outstanding capital and interest whilst leaving you a Bank Balance which is at least £30 above your SafetyNet Level or such lesser amount as will leave you a Bank Balance at least £30 above your SafetyNet Level
  • The minimum amount of money being paid into your bank account which will trigger a repayment to us is £50, unless the balance you owe us is less than £50, in which case we may take the full amount owed on a lesser amount being paid into your bank account subject to the application of the above rules
  • If we have not collected and you have not otherwise paid the minimum repayment for any month by the due date for payment specified in your statement, we will make an attempt to take the minimum repayment from your account to prevent you going into arrears. However this is always subject to ensuring that in doing so we will leave you a balance which is £30 above your SafetyNet Level
  • In circumstances where we do not have access to your real time banking data for whatever reason (for example IT failure or if you withdraw our access rights), then the automatic repayment facility will not operate. In these circumstances, repayments will not be made by reference to your account balance as this will not be visible to us; instead we will notify you that we are not connected to your bank account and, unless you have otherwise paid it since the statement date, use CPA to take the full amount you owe us in capital and interest from your account on the date your salary or other regular income is next anticipated by us to be paid into your bank account and when we believe you should have sufficient funds to make the full repayment under our predictive models (the Target Date). We will notify you by email, SMS text or telephone call at least 48 hours before attempting to take payments on the Target Date. If we are unsuccessful in our attempts to take payment of the full amount you owe us in outstanding capital and interest on the Target Date, then we will instead seek to take the minimum repayment from your account on the Target Date

Repay whenever you choose

  • You can choose to make a manual repayment at any time from your SafetyNet Credit dashboard for any amount you wish

Minimum payments

Your contractual minimum repayment for the month is as shown on your statement and will be 5% of the outstanding balance of capital and interest subject to a minimum repayment of £20, or if you owe less than £20 the actual amount outstanding.

If you only meet your minimum repayments it will take you longer to pay off your credit and may cost you more in interest.

Please note, that if we see money coming into your account, we may take a payment of more than your minimum payment, as set out in your terms and conditions and the How it Works page. Most of our customers who make repayments fully repay their borrowings on a monthly basis.