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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

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.
Applying

Applying for SafetyNet Credit

We’ve designed our application process to get you up and running as quickly as possible.

Am I eligible?

You can apply for a SafetyNet Credit account if you are:

  • • A UK resident aged 18 or over
  • • Have a salary or other regular income
  • • Have a current account with Internet Banking

What do you check for?

At SafetyNet Credit, we take pride in lending responsibly and appropriately. That’s why our checks use the following information:

  • • Your credit history
  • • Your current account activity

What information do I need to provide?

As part of the application process, you will need to link your SafetyNet Credit account to your current account, so be sure to have the following handy:

  • • Bank account sort code and account number
  • • Debit card details
  • • Internet Banking log-in credentials
Credit options from SafetyNet Credit

How much can I borrow

If approved, we will let you know exactly how much credit is available to you. We make an assessment of your creditworthiness based on what you can afford.

How can I be sure SafetyNet Credit is a responsible lender?

  • • We’re regulated by the Financial Conduct Authority
  • • We are committed to fee clarity. We charge 80p per day per £100 you borrow
  • • We run affordability checks to make sure you are able to meet repayments in a sustainable manner
See more information on responsible lending

What are my borrowing options?

Once you have completed your application and if eligible for credit, you can borrow money in the following ways:

  • • Whenever your bank balance is about to go beyond your overdraft limit: Switch auto-deposits ‘on’, then set the balance level that will trigger us to automatically send you a loan. When we detect that you have reached this limit, we will automatically send a loan to your account to prevent you from entering your unauthorised overdraft. Find out how
  • • Whenever you choose: You can borrow up to your available credit whenever you choose from your SafetyNet Credit dashboard. If you don’t want the automatic deposits you can manage your SafetyNet Credit account manually. Find out how
Borrowing whenever you choose

Get the credit you need, when you need it.

Can I decide when I use credit?

  • • Yes, SafetyNet Credit makes a certain amount of credit available to you, which you can use at any time
  • • Use the ’Borrow money now‘ facility to borrow at any time, up to your credit limit
  • • Borrowing costs 0.8% per day and you can rest assured that there are no additional fees, ever

How do I use the ‘Borrow money now’ facility?

Provided you have available credit, you can transfer money to your current account instantly from your SafetyNet Credit dashboard.

What does borrowing cost?

  • • We charge 80p per day for every £100 you borrow
  • • SafetyNet Credit only charges interest for the days you borrow the money
  • • You can make a repayment at any time - from your SafetyNet Credit dashboard
  • • It’s free to link your account with us even if you don’t borrow anything

And that’s it...

Once you’ve applied for a SafetyNet Credit account and have available credit, you can use it whenever you want - you won’t need to apply every time you want to borrow from us.

Preventing unauthorised overdraft charges

How can SafetyNet Credit’s automatic top-ups help me?

SafetyNet Credit monitors your account and when your balance drops to a pre-agreed level, we can automatically lend you money to stop you falling into your unauthorised overdraft and incurring charges.

How do I switch automatic deposits ‘on’

If your application is approved, you’ll be able to access your personalised dashboard where you can switch automatic deposits ‘on’.

You will also need to set the level that will trigger a loan to be automatically transferred to your account, but don’t worry — we will guide you through this.

How does it work?

Because SafetyNet Credit‘s secure credit facility is linked to your current account, it monitors your balance and when it reaches a pre-agreed level, can automatically send you a loan so you avoid entering your unauthorised overdraft.

What does borrowing cost?

  • • We charge 80p per day for every £100 you borrow
  • • SafetyNet Credit only charges interest for the days you borrow the money
  • • You can make a repayment at any time - from your SafetyNet Credit dashboard
  • • It’s free to link your account with us even if you don’t borrow anything
Making repayments

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.

SafetyNet Credit costs

Straightforward interest costs

  • • Our costs are clear and simple: We charge 0.8% per day for anything you borrow. For example: If you borrow £150 for 4 days, the interest per day would be £1.20 and the total interest would be £4.80
  • • Interest is charged on a daily basis including the day we lend to you and you receive funds in your account

Current outstanding balance

You can view your balance at any time by logging in to SafetyNet Credit and checking your dashboard.

Repaying your balance

  • • When you borrow money from SafetyNet Credit, the full amount you owe does not have a set payment date although there is a minimum monthly repayment
  • • Our repayment systems are designed to operate automatically to minimise the period of borrowing. If you receive funds into your account from someone other than SafetyNet Credit and you have sufficient available funds to make repayment whilst leaving you with a buffer to meet other commitments, then repayment is automatically made to repay the full outstanding balance or as much of this as we can see you can afford whilst leaving you with a buffer above your SafetyNet Level
  • • Repayment to us at the earliest possible point means you pay less interest
  • • Please note, we will always leave you with a buffer above your SafetyNet Level and no repayment taken by us should ever take you into your unauthorised overdraft

If a repayment we take when combined with other commitments does create a problem for you or give you financial difficulties, then please contact us immediately and we will endeavour to remedy the situation or point you in the right direction to obtain help and guidance

What you see is what we’ll charge

  • • You are only charged interest on the money you borrow
  • • We never add any hidden charges such as transaction fees, early repayment fees, interest on interest, subscription or sign up fees
Linking SafetyNet Credit to your bank account

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.

Which account should I use?

  • • SafetyNet Credit works by linking to your current account. This should be the account that your income gets paid into
  • • This will be the same account that receives any credit we provide to help protect you from unauthorised overdraft charges

Why do you need to link to my current account?

To help you avoid going into your unauthorised overdraft

  • • If you’re approved for SafetyNet Credit facility, switch Automatic deposits ‘on’ from your dashboard
  • • When Automatic deposits are switched ‘on’, SafetyNet Credit can top up your account just as you are about to go into your unauthorised overdraft

...and to ensure we only lend what you need

  • • We run automated checks to ensure accuracy when assessing how much money we can make available to you.
  • • We carry out a full affordability assessment on your bank account transactions to determine if we should lend to you and if we should then how much

How do you link to my current account?

  • • SafetyNet Credit links to your current account via your internet banking log-in details
  • • This is completely safe and uses bank-level security
  • • We can see your account transactions but we cannot operate or control your account
  • • For more information, please visit our Security page
Money management tools

Check your SafetyNet Credit status

You can log into your SafetyNet Credit dashboard at any time to see how much credit is available to you and how much you owe, helping you to keep on top of your finances.

Get the big picture

With SafetyNet Credit’s easy-to-read interactive graphs, you can track and analyse your spending and develop better money management habits.

Track your spending

Your personalised dashboard shows your spending habits over time, which will enable you to budget more effectively.

Analyse your spending

Our interactive pie-charts automatically categorise your spending so that you can see exactly where you’re spending your money.

Set up your automatic deposits level

If you qualify for credit, you can set up your SafetyNet account to trigger automatic top up’s. Having Automatic deposits switched ‘on’ can help you avoid unauthorised overdraft fees.