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Responsible lending

At SafetyNet Credit we pride ourselves on being a responsible lender and money management company.


If you apply for a SafetyNet Credit facility, you must pass credit, affordability, identification verification and anti-money laundering checks. These include the use of data from credit reference agencies as well as your bank account income and expenditure.

When you first set up your SafetyNet Credit facility, you will receive a credit limit between £100 and £500. The size of your credit line is determined by your previous credit history, income and affordability. Your credit limit may change based on your repayment history and changes to your personal or financial circumstances. You are free to reduce your credit limit at any time on request.

It is important that you do not take on more borrowing than you can afford. Remember, if you run into difficulties with your repayments, please contact us immediately so that we can help you. If you are worried about your financial circumstances you should seek independent debt advice. A list of organisations that offer free help and guidance on money matters is available from the direct.gov.uk website.



 


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.

Your credit score

Your repayment behaviour is shared with credit reference agencies. This means positive repayment behaviour may improve your credit rating.

Please note, missed payments are also reported to the credit reference agencies and this may make it more difficult for you to obtain credit in the future.

When isn’t SafetyNet Credit suitable?

  • A SafetyNet Credit account should not be used as a long-term credit facility
  • A SafetyNet Credit account should not be used if you lack control of your expenditure
  • A SafetyNet Credit account should not be used to purchase something non-essential


Pricing and fee clarity

It is free to set up a SafetyNet Credit facility and you will incur no cost if you do not borrow using SafetyNet. Use of SafetyNet Credit’s money management tools is free.

If you use your SafetyNet Credit facility to obtain credit, either by automatic top-up or whenever you choose, you will be charged 80p per £100 deposited per day.

There are no hidden charges with SafetyNet Credit. With us there are:

  • No transaction or faster payment deposit fees
  • No early repayment fees
  • No Interest on interest
  • No subscription or sign-up fees

Interest is capped

For each credit instalment you have the added comfort of knowing that the maximum total cost of credit is fixed to the interest on 40 days borrowing. This means for each £100 credit instalment, the maximum amount of interest charged would be £32. This way costs cannot spiral out of control in the event of finding yourself in unexpected financial difficulties.

Repayments

Automatic repayments

SafetyNet Credit’s automatic repayment rules encourage you to pay off your SafetyNet balance at the earliest available opportunity, minimising interest you need to pay back.

SafetyNet Credit takes a payment once you can afford to repay and there is enough money in your bank account. If your new bank balance doesn’t cover the loan amount in full, we may take a part payment to reduce your balance owed and interest charged.

Repay early with no extra cost

You can choose to make a repayment at any time from your SafetyNet Credit dashboard. Part payments are also possible. We will apply these immediately against the amount you owe so that you can keep your interest to a minimum.



Your right of withdrawal

As set out in the credit agreement, all customers have the right, under section 66A of the Consumer Credit Act 1974, to withdraw from an Agreement for a period of 14 days beginning with the day when they receive the executed copy of the agreement and ending 14 days after that date.

You may exercise this right by giving us notice in writing by sending:

In the event that any such notification is made after the payment by us of a Credit Instalment to you under this Agreement, you will be required to repay within 30 days of providing notice of withdrawal the amount of the Credit Instalment in full, together with interest accrued on a daily basis.

Important information

By borrowing from SafetyNet Credit you are taking on a financial commitment. You should consider whether you can afford to take out credit and make the necessary repayments.

Failure to make payments or missed payments could have a negative impact on your credit history and adversely affect your ability to gain credit (including mortgages).

SafetyNet Credit’s service requires us to have read only access to your internet banking. You need to disclose your online banking log-in details to be considered for a facility. If you are given a facility we review your balance and transactions on a daily basis and monitor any changes in your financial status.

Borrowing from SafetyNet Credit or through an unauthorised overdraft or any other form of high cost short term credit involves risks if you are unable to repay.