Want a credit line like SafetyNet Credit?
We think you might like us more (plus we’re cheaper!)
Choose Drafty as an alternative to SafetyNet Credit
Before SafetyNet went into administration in January 2023, they were a credit lender that offered a revolving line of credit to people facing financial difficulties. A revolving line of credit, (also known as a line of credit) is not the same as a credit card for bad credit, overdraft, or payday loan, but it can offer some similar benefits.
Although SafetyNet are no longer lending, Drafty is - in, fact we also offer a line of credit. But in our humble opinion, ours is a whole lot better.
We’re cheaper and quicker than SafetyNet Credit were – once you’re approved for our line of credit, we send the money to your bank within 90 seconds. If you’re looking for an alternative to SafetyNet Credit, Drafty’s line of credit could be just the answer.
Why do customers choose to take out loans like SafetyNet?
When they were lending, people borrowed from a lender like SafetyNet if they were facing unexpected or urgent expenses. At the time, new customers could borrow up to £500, while existing customers could borrow up to £1,000.
Drafty’s line of credit can offer the same relief as loans like SafetyNet but with a few extra advantages. For one, you could get a credit limit of up to £3000, giving you more flexibility than SafetyNet. And there’s no need to worry about big repayments as we only offer you our line of credit if we know you can afford the monthly payment amounts.
SafetyNet may no longer be in business, but Drafty is! Apply now and see how easy we’ve made our process.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How does Drafty’s alternative to SafetyNet Credit work?
Our line of credit works in a similar way to SafetyNet, but, in our opinion, with a smoother process and more flexibility. Here’s how:
Find out if you’re likely to be eligible for Drafty’s line of credit without impacting your credit score.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Drafty vs SafetyNet: find out why we’re better!
Drafty works in a similar way to SafetyNet. But we think you’ll appreciate the fact we offer that little bit more. Let’s take a look.
We’re faster
If you had been approved for SafetyNet Credit, you should get your money within 15 minutes. But they did say it could take up to two hours. Now, that’s still quick. But Drafty is even quicker. In most cases, once approved, we can send cash to your bank within 90 seconds.
We offer higher credit limits
With SafetyNet, you could borrow £500 as a new customer and up to £1,000 as an existing customer. Drafty could offer you up to £3,000, depending on your circumstances.
We’re cheaper
If you previously borrowed from SafetyNet, you would have paid an interest rate of 0.8% per day for up to 40 days. So, if you borrowed £100, it would cost you 80p per day.
Drafty’s interest rate, however, is just 0.19% (variable). So, you’ll pay just 19p per £100 per day. And you’ll only ever pay interest on what you use. Even better, there are no fees – not for repaying early, making a late payment (we don’t encourage you making late repayments as it might affect your credit rating) or using your cash.
Representative example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
To see more about our SafetyNet Credit alternative costs, head to our pricing page and see how much more you could get with a Drafty line of credit.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Because we want to give you the chance to make a fair and informed decision, our compare loans page shows how we compare to other lenders. It’s easy to discover more about us too.
We know you’ll want to make sure you’re borrowing from a trusted lender. We’re committed to only the highest standards of customer service – check out our Trustpilot reviews and see for yourself.
How do I apply for a Drafty line of credit?
We’ve made our application process streamlined and it’s open to you if you meet some simple criteria. You’ll need to be:
- A UK resident with an active bank account and debit card
- 18 or over and employed
- Earning at least £1,250 a month
If you tick all the boxes, we’ll just need some details from you to assess your affordability. If you pass the checks, we’ll agree on a credit limit with you. You’ll then have access to your cash! See, we told you it was straightforward.
See for yourself and apply now.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Contact Drafty today
Live chat – Sign in or create a Drafty account and speak to someone online in moments.
Ring us – For all queries, you can call us on 0203 695 8072 from 9am to 6pm Monday to Friday and 9am to 1pm on Saturdays.
FAQs
What type of loan is SafetyNet Credit?
SafetyNet was a type of revolving credit, not a loan - sound familiar? Drafty also offers a line of credit and we’re still lending. You could get a limit of up to £3,000 and you can borrow again when you want within your approved limit, as long as you keep your account in good nick.Does SafetyNet affect your credit score?
As long as you met your repayments, using SafetyNet could have improve your credit file, especially if you have a poor credit history. They might have stopped lending but using a Drafty credit line responsibly will give you that same future shine in the eyes of lenders.How much can I borrow with SafetyNet?
When they were lending, SafetyNet let new customers borrow up to £500, depending on their circumstances, with the chance to increase this to £1,000. At Drafty, we offer a credit limit of up to £3,000 and, if you use your line of credit responsibly, you can reuse it again and again without the need to reapply.What was the interest rate for SafetyNet Credit?
Interest was charged at 0.8% per day, for up to 40 days.Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.