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.
This video explains the difference between a loan and an overdraft.
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:
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!
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