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 of up to £1,500 in the UK. If approved, we’ll send the cash to your bank in 90 seconds.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Representative 1333% APR
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Very easy to apply
Very easy to apply, couldn’t have been more simpler to be honest and the money was in my account in less than a minute 10/10
Leona, 18 November 2023
Poor credit rating no problem
Quick and easy to apply
Kim, 25 November 2023
Why choose Lending Stream as SafetyNet Credit Alternative?
Fast
Cash sent to your bank in less than 90 seconds, once approved.
Convenient
24/7 simple & online application. Instant decision. Direct lender since 2008.
Affordable
Repay over 6 months. Pay off early with no extra fees and save on interest.
Trusted
Rated excellent on Trustpilot & 99% recommend us on Reviews.co.uk.
Who are SafetyNet Credit?
SafetyNet Credit was a trusted credit lender that used to offer a revolving line of credit to individuals facing unexpected financial challenges. They used to offer a credit limit of up to £1000 to existing customers and £500 to new customers and if approved, they used to send the cash to your bank account via internet banking or direct transfer on the same day.
SafetyNet offered a credit line to help people bridge their financial gaps and manage unforeseen expenses effectively. Unfortunately, SafetyNet went into administration on 9th January 2023.
SafetyNet Credit may be out of business now, but Lending Stream is still lending and, in our opinion, we’re a better alternative to SafetyNet Credit. We are a responsible lender offering short term loans of up to £1,500 in the UK (£800 for new customers).
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 being managed and monitored by these Joint Administrators who act as agents of SafetyNet, without any personal liabilities.
What happened to SafetyNet Credit?
As mentioned by SafetyNet on their website, they were running the business in a challenging trading environment. It became quite difficult for them to operate in due to many different factors which reduced their lending volumes. Even the changes in the regulatory environment made it difficult for them to survive.
This is why they stopped lending and on 9 January 2023 went into administration.
But are you looking for funds to meet your urgent unexpected finances? No need to worry as we’re still lending and offering something better. Our emergency loans can help you get the financial help you need for any emergency quickly (if approved).
We let our customers borrow up to £1500 (£800 for new customers) and give them 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.
Is Tappily better than SafetyNet?
Both Tappily and SafetyNet were owned by Indigo Michael Limited, and both went into administration together on 9 January 2023. They both used to offer a revolving line of credit service to help individuals with their unexpected expenses.
Compared to SafetyNet Credit, Tappily used to offer a higher credit limit and lower interest rate to their users, but they used to offer it only to customers with slightly better credit history and scores.
Apart from this both Tappily and SafetyNet Credit used to offer a revolving credit limit to the borrowers where borrowers can draw any amount from their available credit limit, and they pay interest only on what they borrow. You can even compare different lenders on any price comparison website.
How is Lending Stream different from (or better than) SafetyNet Credit?
| Lending Stream | SafetyNet |
|---|---|
| We are a direct lender which is still lending to people | SafetyNet are not lending anymore |
| We lend up to £1500 (depending on your financial situation) | SafetyNet used to lend up to £1000 |
| We give an instant decision to the borrowers on their application | SafetyNet can’t make any decision as they are not lending now |
| If approved, we’ll send the cash to your bank in under 90 seconds | Unable to fund at all |
How do I check my eligibility for a Lending Stream loan?
To apply for a loan with Lending Stream, you must meet the following criteria:
- Be a UK resident
- Be at least 18 years old
- Have a valid debit card
- Have an active UK bank account
- Be in regular employment with a monthly income of at least £400
Rather than looking at just your credit report, we look at other information as well such as your income, expenses, existing debts, etc. A bad credit score won’t give us a complete understanding of what your current financial situation is. This is why we even consider loans for bad credit.
How to apply for a Lending Stream loan?
If you want to apply for a loan with Lending Stream, then you should know that we have an online application process. To apply, you need to fill out our online application form and provide us with the following information:
- Your personal details
- The amount which you want to borrow with us
- Provide us with your employment, salary, expenses, and banking details
Once submitted, we’ll run a credit and affordability check on your profile to see if you can afford the repayments. If approved, we will send the amount to your bank within 90 seconds.
Contact us – Lending Stream
If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our contact us page.
If you prefer you can give us a call on 0203 808 4440#. We’re open from 9am to 6pm Monday to Fridays, and 9am to 1pm Saturdays.
FAQs – SafetyNet Credit
Is SafetyNet a payday loan?
No. SafetyNet may look like a payday loan, but it is actually a payday loan alternative. SafetyNet Credit was a revolving credit line lender in the UK who used to provide a credit limit of up to £1000.
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 safety net credit?
Safety net credit may look like a loan but in real they used to provide a revolving line of credit to their users. They are considered as an alternative to loans.
Does SafetyNet affect your credit score?
Yes, borrowing money with SafetyNet affects your credit score. Your credit score is defined by your repayment behaviour. Making the repayments on time will improve your credit score and vice versa.
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.
Very good company
Very good company, it's easy to fill out the application, everything is written well and clearly and the money is quickly in your account. The company is worth recommending
Grzegorz Komajda, 24 November 2023
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