Safetynet Credit Alternative
Looking for SafetyNet Credit? They’re not lending anymore, but Lending Stream is. We are a responsible direct lender offering short term loans from £50 – £800 for new users and from £100 – £1,500 for existing customers. If approved, we’ll send the cash to your bank in 90 seconds*.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Not all applications will be approved for a loan. An offer of credit is subject to status and affordability checks.
Why choose Lending Stream as SafetyNet Credit Alternative?
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Direct Lender
Lending Stream is a FCA authorised and regulated direct lender, offering short-term loans without any hidden fees.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Apply online 24/7 with decisions in seconds. If approved, cash is sent to your bank in 90 seconds.*
Who are SafetyNet Credit?
SafetyNet Credit was a lender that used to offer a revolving line of credit to individuals facing unexpected financial difficulties. They used to offer a credit limit of up to £1,000 to existing customers and £500 to new customers.
Safety Net’s credit lines were offered to people to help bridge their financial gaps and manage unforeseen expenses. Unfortunately, SafetyNet went into administration on 9th January 2023.
SafetyNet Credit may be out of business now, but Lending Stream is still lending. In our opinion, we’re a better alternative to SafetyNet Credit. We are a responsible lender offering short term loans from £50 – £800 for new users and from £100 – £1,500 for existing customers in the UK.
How is Lending Stream different from (or better than) SafetyNet Credit?
Depending on your needs, our loans might suit your needs better. Safety Net offered a Line of Credit product, Lending Stream provide personal loans with 6 months to repay. We consider loans for bad credit as we understand that everyone should get a fair chance to get credit and should not be judged based on their current credit score
Representative 1271%APR
How do I check my eligibility for a Lending Stream loan?
To be eligible to apply for a loan with Lending Stream, you must meet the following criteria:
- Be at least 18 years old.
- Be a UK resident.
- Have an active bank account.
- Have a valid debit card.
- Be in regular employment with a monthly income of at least £400.
We will look at your credit report, but we’ll also look at other information to help us decide. This will include your regular income, expenses, existing debts, etc. This will help us get a better idea of your overall financial position than just your credit file. This is why we even consider loans for people with poor credit history.
Representative 1271%APR
How to apply for a Lending Stream loan?
If you want to apply for a loan with Lending Stream, you can do so online. Just fill in our application form and tell us:
- Some personal details.
- How much you want to borrow with us.
- Your employment, salary, expenses, and banking details.
We’ll then run some checks to see if you can afford the loan repayments. If approved, we will send the money to your bank account within 90 seconds. Depending on your bank’s processes, the money may take longer to reach your account.
Representative 1271%APR
Who owns SafetyNet Credit?
SafetyNet was owned by Indigo Michael Limited. They went into administration on 9 January 2023 and appointed Joe O’Connor, Clare Kennedy, and Simon Appell of AlixPartners as the joint administrators of SafetyNet to handle Indigo Michael’s insolvency.
The business, property and other workings of the company are now managed and monitored by these joint administrators. These administrators act as agents of SafetyNet, without any personal liabilities.
What happened to SafetyNet Credit?
SafetyNet credit went into administration. This means they are no longer operating as a lender in the UK.
But if you are looking for funds to meet your urgent unexpected finances? Lending Stream are still lending and offering an alternative to SafetyNet. Our emergency loans can help you get the financial help you need for any emergency quickly (if approved).
We offer loans from £50 – £800 for new users and from £100 – £1,500 for existing users and give 6 months to repay. If you want to repay your outstanding balance early, then you can. We don’t charge any extra fees for early repayments. We consider people with bad credit rating.
Is Tappily better than SafetyNet?
Both Tappily and SafetyNet were owned by Indigo Michael Limited. They both went into administration on 9 January 2023. They both used to offer a revolving line of credit service.
Tappily used to offer a higher credit limit and lower annual interest rate to their users. But this was only offered to customers with slightly better credit history and scores.
Both Tappily and SafetyNet Credit used to offer a revolving credit limit rather than loans. Borrowers could draw any amount from their available credit limit. They’d only pay interest on what they borrowed as per their credit agreement. You can compare other lenders on any price comparison website.
FAQs – SafetyNet Credit
Is SafetyNet a payday loan?
No. SafetyNet is not a payday loans lender. They offered a payday loan alternative in the form of a revolving credit line, and they used to provide a credit limit of up to £1,000.
Has SafetyNet Credit gone into administration?
Yes, SafetyNet Credit has gone into administration on 9th January 2023 and appointed Joe O’Connor, Clare Kennedy, and Simon Appell of the professional services firm, AlixPartners as their joint administrators.
What type of loan is SafetyNet credit?
Safety net credit used to provide a revolving line of credit to their users. They were considered as an alternative to loans.
Does SafetyNet affect your credit score?
Not making loan repayments will impact your credit score. Borrowing money from any lender can affect your credit score. Your credit score is defined by many factors including your repayment behaviour. Making the repayments on time may improve your credit score, and missing payments can have a negative impact on it.
Is SafetyNet regulated and authorised by the FCA?
Yes. SafetyNet Credit was fully regulated and authorised by the Financial Conduct Authority (FCA). Although they have stopped lending to people, but they used to work in accordance with the FCA’s regulations and codes of practice.