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The Top 5 SafetyNet Credit Alternatives

Looking for a SafetyNet Credit Alternative?


No extra fees, no interest


Transparent and fixed pricing

Representative example: Total amount of credit £600 repayable over 13 months. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 83.1% APR. The first repayment for each advance is £50.00, due 45 days after drawing, followed by 5 monthly repayments of £50.00. Total amount payable £720.

A revolving credit line can help to cover any unexpected expenses or help to build your credit profile. SafetyNet Credit automatically connects to your bank account and offers you revolving credit to use when you need it - only paying interest on what you use. 

It automatically takes a repayment when there is an increase in your bank balance, but you can also make a manual repayment at any time. This means you do not pay interest for longer than you need to.

SafetyNet Credit allows for up to £1,000 credit and the free app helps you to keep track of your borrowing. With Smart top-ups to your bank account, you can keep above the SafetyNet level and avoid unnecessary interest payments. Becoming a SafetyNet Credit customer is free and you only pay interest on what you borrow, which is charged at 0.8% per day and capped at 40 days. 

To apply you have to be over the age of 18, have a U.K. bank account with online banking, a U.K. address and receive a regular income of £700 or more. Let’s look at similar loans like SafetyNet Credit that are easy to apply for.

1. Creditspring

Creditspring offers no-interest loans (Rep APR 83.1%), on-demand loans.  There are different membership levels available from Creditspring, offering you the chance to rebuild your credit or even get the cash you need to finance an unforeseen expense.

Membership fees start at £7 per month and you pay no-interest on the loan you take. This means you will have access to two on-demand no-interest loans per year to help build your credit. 

Depending on your membership level, the loans range from £400 to £2400, with the first loan available within 14 days after approval. The Extra membership has a monthly fee of £24 per month, The Plus membership has a monthly fee of £14 per month, while the Core membership has a monthly fee of £10 per month and the Step membership has a fee of £7 per month. 

As a Creditspring member, you’ll also have access to your Stability Score to understand your financial health and your potential to get credit. Your personalised score is updated every month so you can monitor your improvement. 

As there is no-interest payable on these loans, Creditspring is a great alternative to SafetyNet. You simply pay a small monthly membership fee in addition to the loan amount - that’s it! The first step is to see if you qualify and this is a quick process that will check your eligibility within minutes.

comparison of safety net loans alternatives

2. Fund Ourselves  

Fund Ourselves is a peer-to-peer platform that allows individuals and companies to request funding for their projects. Users are rewarded in tokens for their participation, which can then be exchanged for cash or used as a currency on the site. 

The platform allows members to borrow cash amounts from £100 to  1,500 at an average interest rate of 10% per annum. There are no hidden fees and money can be deposited into your account instantly.

Investors can invest their money and earn returns of up to 15% per annum. They can invest amounts from £1,000 and get flexible investment terms with provision fund cover included. 

After selecting an interest rate and risk level, investments will be matched with borrowers who’ve passed affordability and credit scoring checks. Keep in mind that loans are unsecured and you may receive a higher or lower return - investments are also not covered by the FSCS.

3. LendingStream 

LendingStream offers short-term instalment loans up to £1,500 with repayment periods of up to six months. As a short-term lender, LendingStream is a good SafetyNet Credit alternative and checking if you’re eligible only requires a soft credit check - the application process is fast and easy.

Payouts are relatively fast (typically up to 90 seconds with the Express Transfer option) and you can also repay your loan earlier with no prepayment penalty. You can let LendingStream take out an amount from your bank every month, or you can make individual payments through your account. 

When you apply for a loan from LendingStream you will get an immediate outcome that is based on your creditworthiness, financial circumstances, and affordability. You have to be at least 18 years old, be a U.K. resident, earn at least £400 per month, and have an active bank account.

4. Drafty

Drafty.co.uk is a UK-based peer-to-peer lending platform that offers personal loans to UK residents. They offer you a line of credit with a limit of up to £3,000 and you only pay interest on the amount you use. As long as your account is in good standing, you can borrow up to your credit limit at any time.

To apply for a Drafty loan, you need to fill out an application form on the website. You’ll need to provide information such as your personal information and financial history, as well as information about the loan you are applying for, such as the amount and term of the loan. 

Drafty will determine if you are eligible based on your credit score and other factors. As long as you pay your monthly minimum, the amount of time you borrow is up to you. There are no late fees and no early prepayment penalties. 

Once approved, you will be required to pay back the loan plus interest within one year. The interest rate will vary depending on the type of loan that you take out, but it is typically between 5% and 10%.

5. Polar Credit

Polar Credit is a direct lender in the U.K. and a similar alternative to SafetyNet Credit. It offers an ongoing line of credit but could let you borrow up to £2,000. Compared to SafetyNet Credit, that's £1,000 more at the same representative APR of 68.7%. 

Polar Credit also uses your banking transactions in its affordability and risk assessments. As long as you maintain your minimum monthly payments, you can borrow from your open line of credit whenever you need to. You can also make additional payments if you prefer.

There is a transaction fee of 1.65% every time you withdraw funds and while you’re borrowing, you’ll be charged an interest rate of 60.23%. This comes to a daily rate of 0.165%.

Some people may be hesitant to allow Polar Credit - and other loan providers - access to their bank account transactions but this has become more common for credit approvals in the U.K. Other SafetyNet Credit alternatives like Tappily also use this method of assessing your profile.  


What was the SafteyNet Credit Loans product?

Customers initially could borrow between £100 and £500 and then potentially borrow up to £1000 in SafetyNet credit, which was made available again once paid back as a revolving line of credit. Its terms and conditions meant that while it was free to become a customer, interest was in effect charged daily at 0.8%.

What was the application process to get started with a SafetyNet loan?

To become a customer, applicants needed to be an employed UK resident that received a regular income and be at least 18 years old. Loans like SafetyNet also require access to the customer’s bank account data, to assess affordability, eligibility, and financial behaviour, and to determine credit limits. (Please note SafetyNet went into administration on the 9 January 2023.)

What are the repayment terms for SafetyNet loans?

With this being a rolling credit agreement there was no minimum or maximum loan repayment terms. Repayments are automatically taken out of your account on a monthly basis. There was a minimum month repayment of £20 or 5% of the outstanding balance which ever was the higher amount. SafetyNet Credit and many other loans like SafetyNet credit allowed payment to be made Manually or automatically, in part or full.

How to Find the Best SafetyNet Credit Alternatives?

There are many loans and lines of credit available in the UK that cater to a variety of needs. You can use financial comparison and review websites to understand the organisations’ reputations and customer service, as well as the features they offer. Creditspring is a good alternative to SafetyNet loans. By charging a fixed membership fee instead of interest, members always know how much they owe. Creditspring offers loans of up to £2400, with monthly repayments starting from £33 and no hidden fees.

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