SafetyNet was an online lender that provided flexible credit limits rather than a traditional loan option, up to a maximum of £1000. In January 2023, SafetyNet went into administration and are no longer accepting new customers.
Borrowing through SafetyNet worked similarly to other credit limit facilities such as an overdraft or credit card, where customers can borrow within an agreed limit. Rather than set repayments, a minimum monthly repayment was required, similar to a credit card, taken either automatically from a customer’s bank account or manually.
Here at QuidMarket, rather than provide a flexible credit line, we can help those who need funds quickly with a simple to repay cash loan as a SafetyNet alternative. Just choose the repayment and loan amount you want, and once approved and paid out, simply maintain the agreed repayments.
We’re happy to help provide an alternative to loans like SafetyNet credit as we understand many people just want a simple loan with a set amount of repayments. We can quickly help you see if you’re eligible for a quick cash loan with us with our simple application, and if approved, you could have the funds to use the same day where possible.
We don’t use automated lending processes here at QuidMarket, instead, we have a professionally trained team that will manually assess all applications. We prefer ‘human lending’ as it means we can help many more people, including those with a poor credit history, get the cash they need and choose affordable repayments.
It’s simple to start your application for our SafetyNet loans alternative, so if a loan of up to £600 as a new customer would be ideal today, you’ll need to meet our eligibility criteria first:
As you can see, we do not require you to have a minimum credit score and we’ll take the time to assess your application if you have a history of bad credit. All we ask is that the repayments you need are sustainable for you. Part of our credit and affordability checks will determine this, so if you can afford the loan and we can see that, we’re more than happy to try and help you get the cash you need today.
Whereas a SafetyNet loan offered up to a maximum of £1,000, at QuidMarket we can look to approve loans of up to £1,500 for eligible customers. This all comes down to affordability and whether you have settled your first loan with us in full. The reason we limit new customers to loans between £300 – £600 is because we want to ensure this first loan is as affordable as possible.
Once you become a trusted customer, and if you need to borrow again in future, you may be eligible for between £400 – £1,500. As we do not use automated lending processes, we focus on your affordability with every application. We do run credit checks, however, having a low credit rating isn’t an obstacle if your financial difficulties are in the past.
Start by providing us with accurate information about you and your finances along with the loan amount and term you need. This should only take a few minutes to complete.
Our professionally trained team will fully assess your credit and affordability with the information you provide and details from Credit Reference Agencies (CRAs). If successful, we can approve the loan on the same day.
We aim to transfer the loan funds to your bank account within 2 hours of applying, using the Faster Payments System (FPS). We’ll set up a Continuous Payment Authority (CPA) to take repayments on each due date.
SafetyNet credit entered administration in January 2023 and are no longer accepting new customers. Existing customers with any borrowing with them will need to continue repaying their agreements. For more information, please visit safetynet.credit.
As a new customer at QuidMarket, you can choose to borrow between £300 – £600. Our loans like SafetyNet provide a simpler approach to borrowing, compared to an agreed credit limit of up to £500 for new customers that was offered by SafetyNet. Once you have repaid a loan with us, you can apply for up to £1,500 if you ever need a short term credit option again. This will be subject to credit and affordability checks.
Yes, our loan options can be ideal for those with a poor credit history, even if you have been declined elsewhere recently. Bad credit loans are possible because we focus on what you can afford towards repayments. As responsible lenders, we will perform credit and affordability checks to ensure you are not in current financial difficulties. If our team of underwriters can determine the loan you want is affordable and you can maintain repayments, you could be successful with your application.
We use a Continuous Payment Authority (CPA) to automatically take repayments on the agreed dates in your credit agreement. Unlike SafetyNet, this does not mean we will transfer funds out of your account in addition to this. As you will need to link your bank account to your line of credit with SafetyNet, this means your banking activity can be checked and top-up payments can be transferred automatically. At QuidMarket, we do not do this.
Our loans like SafetyNet credit will not require access to view your bank account balance, so you won’t have to worry about us monitoring and transferring funds in addition to the agreed repayments. If you want to keep your short term borrowing simple, click apply now.
Yes, SafetyNet loans were a flexible line of credit rather than a traditional loan with an agreed amount and set repayment term. Working similar to an overdraft or credit card, this type of borrowing isn’t for everyone. At QuidMarket, we provide simple to understand loans with a set number of repayments making it easy to manage and sustain. Use our loan calculator to see what a potential loan with us will look like and click apply now.