SafetyNet Credit | SNC

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SafetyNet Credit | SNC

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SafetyNet Credit | SNC

Have you ever been in a situation where your bank account was empty without you knowing it. Unauthorised overdraft charges can be extremely expensive. SafetyNet Credit seeks to help you prevent those situations by providing (you guessed it) a safety net. But is their credit really affordable? How much interest do you end up paying? Does SafetyNet Credit protect and respect your privacy? Can you trust SafetyNet Credit? Will SafetyNet Credit prevent unauthorised overdrafts or will it put you knee-deep in debt? Make responsible lending decisions by first reading reviews of SafetyNet Credit before applying for their service.

About SafetyNet Credit
SafetyNet Credit is an online banking service that provides you a with credit limit whenever you need it. Having won at the Credit Awards for treating customers fairly, SafetyNet Credit promises no hidden fees. Instead, you pay 0.8% interest per day for a maximum of 40 days. Therefore, the maximum cost of borrowing ‚¤200 is ‚¤64.

You connect SafetyNet Credit with your bank account. The moment when the amount of money in your bank account falls down to a certain limit (say ‚¤30), SafetyNet Credit will automatically add money to your account to make sure that you will not face an unauthorised overdraft. Once the amount of money in your bank account has climbed to a certain level again, SafetyNet Credit will draft the money you owe from your bank account. This way, you do not have to worry about repayments.

SafetyNet Credit is not a traditional or conventional bank. But the online bank does promise to use the same cutting-edge security features that conventional banks employ. This security is important because SafetyNet Credit does have access to your bank account. This is necessary for the service to see when you need an emergency loan. However, SafetyNet Credit is ‘read-only’, so even if hackers with malicious intentions could compromise SafetyNet Credit’s security features, they still would not gain control over your bank account. Neither would they be able to make payments to third parties because money can only move between SafetyNet Credit and your bank account. SafetyNet Credit also promises to always notify you when a loan is sent or a repayment is taken.

Lending money can get you into serious trouble. To promote responsible lending, you have to go through the following checks before you will be eligible for SafetyNet Credit's service:

  • credit check
  • affordability check
  • identification verification
  • anti-money laundering check

With automatic repayments, SafetyNet Credit hopes to ensure that customers repay their loans as soon as possible. SafetyNet Credit is not suitable for long-term credit or non-essential purchases.

Questions, complaints and experiences
You can contact SafetyNet Credit’s help centre by calling 0800 180 8400 from 8am to 7pm on weekdays and from 9am to 5pm on Saturday. SafetyNet Credit’s customer care also promises to respond to e-mails within 24 hours (you can fill out the contact form on SafetyNet Credit’s website). Lastly, it is also possible to write to SafetyNet Credit:

SafetyNet Credit
PO Box 1515
High Wycombe
HP11 9JE 

Have you used SafetyNet Credit’s services? We would love to hear from you! Write a review and share your experience.

Are the loans offered by SafetyNet Credit more affordable than paying overdraft fees? And can you trust this company? Read experiences and reviews!

Things to consider when taking out a loan

A loan is a sum of money you borrow from a financial organization that you gradually pay back, with interests, over an agreed period of time. There are different types of loans, but the main two types of loans are secured and unsecured. Secured loans require that you offer up something you own of value in case you can't pay back your loan. Unsecured loans allow you to borrow the money outright, typically after the lender considers your finances to be safe and stable. 

To get a loan, you need to apply to a lender or a broker. This can be done through phone, in person or, nowadays, can be easily done online as well. Once the lender approves it, they will transfer the money to your bank account. Loans are usually paid back in monthly installments, and if you miss a payment you will be charged extra with a fee and also more interest. Also, keep in mind, the longer you take to pay off a loan, the more expensive it will be due to interest charges.

Things to consider when using your credit card

Owning a credit card can be a great step toward building a strong financial future and establishing an excellent credit score. But it is important to manage your credit consciously as it can lead to great debts that you will struggle to pay off for long periods of time. Here are some key recommendations to help you make better decisions when using credit: 

Keep track of your spending - The first step you can take to be responsible with your credit is to calculate how much you can spend. And, after that, keep track of your spending and avoid using your credit card once you’ve reached your monthly limit. This takes discipline but it will also make sure you will build a good credit score. 

Have a clear budget - credit card is a very convenient and easy way to make purchases, but it’s important that you keep a clear tab on how much you can realistically spend so you are sure you can pay it off at the end of the month. Make sure you know how much of a margin of your monthly earnings you want to spend on purchases and paying off credit. 

Set up automatic payments - make sure you don’t skip any credit card payments by scheduling automatic payments ahead of your due date, which is always on the same date each month. Make sure to always have enough funds before the payment is scheduled. This ensures you won’t be charged for any late fees and you keep a good credit score with your bank. 

Before taking on a loan or credit, make sure you have chosen the right company for it, this can make a world of a difference between taking on a loan or credit that you will succeed in and enjoy or taking on a load that you will regret. Here are some loans and credit company reviews that will help you make an informed decision: