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SafetyNet Credit?

SafetyNet Credit is a trading name of Indigo Michael Ltd, who are a London based lender that have been in operation since 2012. They are a direct lender.

What kind of loans do they offer?

SafetyNet Credit offers a revolving credit facility between £100 - £500. If approved, you can borrow your available credit whenever you choose by logging in to and clicking the “Borrow Now” button. Funds usually arrive within 15 minutes.

Alternatively you can switch ‘on’ automatic deposits. SafetyNet Credit will then monitor your account and when they detect that your balance has dropped below a pre-agreed level, they will automatically send you a loan to prevent you from entering your unauthorised overdraft and incurring charges.

In order to be considered for a facility you will need to disclose your online banking log-in details. SafetyNet Credit’s service requires a read only access to your internet banking so that we can monitor your balance and transactions and therefore any changes in your financial status.

How much can you apply for?

Customers can apply for a credit limit of up to £500.

How quickly can they supply the loan?

SafetyNet Credit usually transfers money to your account in less than 15 minutes.

What do they charge?

SafetyNet Credit charge a flat rate of £0.80 per day for every £100 you borrow (0.8% per day). For example, if you borrow £100 for 5 days, you will repay £104.

Interest is charged for a maximum of 40 days. This means that if you borrow £100 you will never owe more than £132, even if you are unable to make a repayment after 40 days. There are never any additional charges, including late fees, default fees, deposit fees etc.

How do their charges work?

There are no fixed payment dates with SafetyNet Credit but there is a minimum payment which you must meet each month.

Their repayment systems are designed to operate automatically to minimise the period of borrowing. If, after an injection of funds into your account, you have sufficient available funds to make repayment whilst leaving you with a buffer to meet other commitments, repayment is automatically taken to repay the outstanding balance. This minimises the period over which you pay interest and hence the cost of borrowing. Once you have made a repayment, any principal repaid will be instantly available to borrow again.

Interest is only ever charged at the rate of one per cent per day capped at a maximum of 40 days. There are never any other charges or penalties.

What optional charges do they have?

There are never any additional fees or charges.

Do they charge penalties?

There are never any late payment fees or any other penalty charges.

Do they have TV adverts?

Not at present.

Licence details

  • FCA Interim Permissions Reference Number: 646762
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We work with a number of lenders and their APRs vary. This example shows the average figures.

Money Gap Limited operate and own the credit brokerage site, Money Gap Limited is not a lender nor does it provide credit to consumers. If you decide to apply on this site, your application will be shown to a variety of our lending partners to consider. We receive a commission from the lenders we work with after successful applicants are passed on from this website. Approval is subject to status and all applicants must have reached 18 years of age or older. The information provided on this website is for the purpose of explaining the lending process and should not be considered financial advice.

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