Want a credit line like SafetyNet Credit?
If you’re looking for an alternative to SafetyNet Credit, Drafty has got you covered. Whether you need to manage unexpected expenses, Drafty could help. We offer a flexible line of credit with a maximum credit limit of £3,000. We consider all applications including those with a poor credit history. Discover a smarter way to borrow with Drafty today.
Representative 96.2%APR (variable)
Representative Example: Assumed credit limit: £1,200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty as a SafetyNet Credit alternative?
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
Flexible repayment
As long as you repay the monthly payment, how long you borrow for is up to you. No early repayment fees.
Trusted
Rated excellent on Trustpilot with over 10,000 reviews.
Convenient
Secure online application available 24/7. An instant decision.
About SafetyNet Credit
SafetyNet Credit was a credit lender. They used to offer a revolving line of credit to people facing unexpected financial challenges. They offered a credit limit of up to £1,000 to customers. If approved, they would 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. Unfortunately, SafetyNet went into administration on 9th January 2023.
Although SafetyNet is no longer lending, Drafty is – and we also offer a line of credit. If 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 the answer.
What happened to SafetyNet credit?
SafetyNet Credit stopped operating and went into administration on 9th January 2023. Its parent company, Indigo Michael Limited, ran into financial trouble and had to close. The company, along with Tappily, offered short term credit to customers. Reduced lending volumes and a tough market made it hard for them to continue.
People who borrowed money still had to pay it back. But, on 9th April 2024, any remaining debts were cancelled and marked as ‘partially settled’ on the customers credit file.
How to check your eligibility for a Drafty line of credit
To apply online with Drafty, you need to meet the following requirements:
- Be at least 18 years old.
- Be a UK resident with an active UK bank account and debit card.
- Have a monthly income of at least £1,250.
Representative 96.2%APR (variable)
After you’ve provided the required details, we’ll run affordability and credit checks. If approved, we’ll set a credit limit and send the cash to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
How to apply with Drafty, a SafetyNet Credit alternative
Here’s how you can apply for a Drafty line of credit:
Apply
Click on the apply now button below and complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment, and banking details. It takes around 15 minutes to complete (application completion time varies).
We set a credit limit
If approved, you’ll be given a credit limit (maximum limit £3000).
Flexible payment
As long as you repay the monthly payment, how long you borrow for is up to you. There are no early repayment fees. Also, it’s easy to make payments. With continuous payment authority, automatic payments are easy to manage. You can also pay with debit card or Google/Apple Pay in the Drafty app.
Fast cash transfer
Use Drafty Flex whenever you want, and we’ll send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 96.2%APR (variable)
How is Drafty a better alternative to SafetyNet Credit
| Drafty | SafetyNet |
|---|---|
| In most cases, once approved, we can send cash to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account. | They used to send money within 15 minutes, if approved. |
| You could get a maximum credit limit of £3,000. The amount will be dependent on your circumstances. | They offered £500 to a new customer and up to £1,000 to an existing customer. |
| Interest rate is just 0.19% (variable). So, you’ll pay 19p per £100 per day. Pay interest on what you use. | Interest rate was 0.8% per day for up to 40 days. If you borrowed £100, it would cost you 80p per day. |
If you’re looking for a loan with Amigo Loans, consider Drafty instead. We understand bad credit happens, that’s why we look at more than just your credit score when assessing applications.
How much can I borrow with Drafty?
You can ask us for a credit limit up to £3,000. We’ll look at your information and determine the right credit limit for you. We can’t guarantee that you can borrow the amount you applied for. We might offer you a lower credit limit based on our assessment of your ability to repay.
Representative 96.2%APR (variable)
FAQs – SafetyNet Credit
Is SafetyNet still lending?
No, SafetyNet is no longer lending. The company entered administration on January 9, 2023. They stopped lending due to many factors.
Who owns SafetyNet Credit?
Indigo Michael Limited owned SafetyNet. They went into administration on 9 January 2023. They appointed Joe O’Connor, Clare Kennedy, and Simon Appell of AlixPartners. They’re the joint administrators of SafetyNet to handle Indigo Michael’s insolvency.
Has SafetyNet credit gone bust?
Yes, Safety Net Credit went into administration January 2023. The company has stopped lending.
Is SafetyNet a payday loan?
SafetyNet was not a payday loan. They were a revolving credit line lender that provided a line of credit. The credit limits were up to £1,000. They are no longer lending. If you are looking for a SafetyNet alternative, consider Drafty.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.