SafetyNet is a subsidiary of Indigo Michael Ltd. The company offers its customers loans up to £500 at an APR of 68.7%. Operating from the United Kingdom, SafetyNet deviates from the short-term loan norms by offering people a flexible credit facility.
How does SafetyNet work?
The operation of SafetyNet doesn’t include the normal procedure of providing short-term loans like other companies. Rather, it provides you loan by giving you two options which are:
- You can have the loan amount transferred directly to your crediting account.
- You can also decide to select an option that tops up your account at a specified point. This will help you from taking overdraft and its exorbitant fees. If you choose this option, you will be charged a daily interest of 0.8% on any amount you borrow. The loan is available for 40 days only.
Either of the above options will give you the confidence that you will never be out of money.
SafetyNet loan requirements
SafetyNet, like any other loan lending company, has some requirements that define the eligibility of a potential borrower. The requirements are listed below:
- The borrower must reside in the UK.
- The minimum eligibility age is 18 years.
- Being employed is a must.
- A regular source of income is a must.
- You must have a functional current account with internet banking.
- Although you are not expected to have a perfect credit history, the company will still conduct a credit check on you to determine how much loan can be lent to you. The company may decide to lend you what you can afford after checking your credit history. This is to prevent you from defaulting in your repayment.
What they offer
SafetyNet offers a good number of benefits for its customers. These are:
- They have their own app: This will make any transactions with them very easy and convenient at any time. Regardless of where you are, you can visit their website and apply for a loan or get any necessary information on any device with internet facility. You must download this app on the device before you can enjoy this service.
- Automatic payment: Payment into your account is automatic once there is an agreement between you and the company. This will ensure that you are never cash-strapped.
- Convenient repayment plan: Instead of flooding you with repayment reminders and threats, the company will only take repayment from your account when you have sufficient funds in the account to make the repayment.
- No charges: The company charges their customers no other fees apart from an APR of 68.7% charged on the loan. So, you will not be charged any arrangement fee, penalties for late payment, or early payment fee.
- Fast payment: It takes only 15 minutes for the company to credit your account if your account is below the agreed minimum amount. Therefore, instead of going through the rigors of overdraft, you need to wait for just 15 minutes to have the fund you need.