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Safety Net Credit

About the lender (A member of our panel)
SafetyNet Credit provide a new form of overdraft protection/emergency credit which automatically tops up your bank account to prevent you from overdrawing and paying penalty charges.

SafetyNet Credit

Safety Net Credit offers customers short term borrowing that is often cheaper than paying bank unauthorised overdraft and penalty fees. It was developed in response to media scrutiny around unauthorised overdraft charges and works so that when the balance in a customer’s account drops below an agreed level money is automatically loaned in order to make sure that the customer doesn’t go over an overdraft limit and incur unathorised charges. Safety Net Credit works on the basis of affordable credit and responsible lending – fees are typically cheaper than unauthorised overdraft charges and customers are not loaned more than they can afford to repay.

How it works

Safety Net Credit provides complete clarity when it comes to the fees charged for borrowing, which are £1 per day for every £100 that is borrowed. There are two main options for borrowing money, the first is a system of ‘auto deposits’ that will automatically send the borrower a loan when the level of a bank balance drops to a certain agreed point to prevent the account from falling into an unauthorised overdraft. The second method of borrowing is available whenever a borrower chooses – this can be accessed via the Safety Net Credit dashboard and allows credit to be managed manually, rather than using the auto deposits. A borrower can simply borrow up to an agreed credit limit at any time that they choose.

Repaying with SafetyNet Credit?

Repayments for credit borrowed with Safety Net can be automatically taken from the borrower’s current account or made manually instead. Where automatic repayments are to be taken this is only ever done where the bank account is above the Safety Net Level. Borrowers also have the option of repaying whenever they choose as long as the minimum monthly repayment of 5% (with a minimum payment amount of £20) is met. Where borrowers only make the minimum repayment each month it will take longer to pay off the credit.

Applying with Safety Net Credit

To apply for Safety Net Credit customers need to be at least 18 years old, a UK resident, employed and with a salary or other income. Customers also need to have a current account with the facility for Internet banking. Safety Net Banking is a responsible lender and will only loan customers amounts that they can afford to repay. That’s why the company does thorough checks when the lending process begins – these are based on credit history and current account activity. As part of the applications process, Safety Net Credit looks at current account activity so details such as account number and sort code will need to be provided. Safety Net Credit uses bank level security so customers can be assured that their internet banking log in details are being properly looked after – although this access gives Safety Net Credit the ability to see transactions that are passing through the account it doesn’t not allow the company to operate a borrower’s bank account, that power stays completely with the borrower. It’s a simple process that gives customers access to a reliable safety net to prevent any charges for unauthorised overdrafts, as well as providing access to a quick and easy line of credit.

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Fill in our application form to apply today for a flexible loan up to £5000