As there are many different types of lenders available online, choosing between a short term loan or a line of credit agreement can be difficult. Loans like SafetyNet credit provide a credit limit to borrow within, so if you prefer the structure of a loan, you will want to look at your alternative options. Here at Fast Loan UK, we can provide a small cash loan to cover a short term situation such as an unexpected bill. If you are in between paydays and do not have the savings or credit to resolve it, we can provide a fast application process with same day approval.
To see if you are eligible today, click apply now and choose the loan amount and repayment terms you want. We can offer loans up to £2,000, with a maximum of £800 for new customers, and provide a decision in minutes. To learn more about alternative loans like SafetyNet, read on below and how we differ at Fast Loan UK.
Who Are SafetyNet?
SafetyNet provides a different option for customers looking to borrow money. Instead of a loan agreement, they help customers apply for a line of credit. This is where an agreed credit limit is provided for successful applicants of up to £1,000, with new customers limited to £500. As they work differently from the traditional structure of a loan, customers can borrow within this agreed credit limit which works similarly to an overdraft or credit card agreement. Loans like SafetyNet can have both automatic and manual repayments set up depending on a customer’s preference, with automatic payments taken whenever there are available funds. This works by customers agreeing to connect their bank account to SafetyNet and can mean the full balance being taken if funds are available to do so.
As a line of credit is a flexible way to borrow money when you need it, it doesn’t work the same way as a payday loan agreement, we also offer loans like Oakam and loans like Buffa. At Fast Loan UK, we do not provide customers with a credit limit, and we also do not require access to your bank account, only requiring a Continuous Payment Authority (CPA) for repayments. Our loans have a clear repayment term and amount, so you can fit this around your circumstances and what you can afford to pay. This makes borrowing what you need and repaying the loan clear and simple, so you’ll know how long it will take to repay before proceeding. There are no hidden fees or extra costs with our loans, the same as with SafetyNet, and the daily interest charge is capped at 0.8% in line with Financial Conduct Authority (FCA) guidelines.
If you prefer to have a clear repayment term rather than monthly minimum repayments on a line of credit, we can help you and provide a fast solution. Use our loan calculator to choose the terms you need and click apply now.
How Do Choose Loans Like SafetyNet
Depending on your circumstances, being able to choose a flexible borrowing option can help you resolve a financial emergency fast. If you have little in terms of savings and no other options for credit to help cover the costs, choosing a suitable lender option quickly can be overwhelming. As loans like SafetyNet credit provide a limit, the amount you borrow is up to you, as long as it is within the agreed amount. However, this means repayments work similarly to a credit card and if you only pay the minimum payment on your monthly statement, it will take much longer to repay.
That’s why at Fast Loan UK, we prefer our customers to have clear repayments for the total duration. This means if you choose a 3 month loan term with us, for example, that’s how long it will take to repay and settle the loan. We know that some customers prefer to have this structure especially when it comes to high-cost short-term borrowing, helping to understand the total cost of the loan amount they choose. It’s best to understand the different lending options available and choose the one that best fits your circumstances.
Alternative Loan Options at Fast Loan UK
There are many reasons to apply for a loan through us today, including:
- Quick application process
- Loans up to £2,000, maximum of £800 for new customers
- Choose flexible loan repayments of up to 12 months
- Fully transparent terms with no hidden fees
- Same day cash once the loan is approved
- Fully online application – no home visits required
- Applicants with a poor credit history welcome
- Dedicated Customer Care Manager for every applicant
- No access to your bank account like a line of credit – only a CPA for repayments
We want to help those who have struggled to get credit elsewhere find an affordable loan with our alternative options. No confusing terms and a simple application mean quicker cash to resolve your short term financial position. With our loans like SafetyNet credit at Fast Loan UK, we always put our customers first and help those with poor credit find an affordable option today.
Representative example:
Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.
How to Apply at Fast Loan UK
Ready to apply today? You will need to meet the following requirements first. We do not provide guaranteed acceptance, but our eligibility criteria below means we can help many more people when they need it most.
- Be aged at least 18 years old
- Be a current UK Resident
- Be in Full-time, Part-time or Self-Employment
- Receive a Regular Income
- Be able to Provide Bank Account and Debit Card details.
As an FCA approved lender of direct loans, we work to responsible lending guidelines and ensure only applicants who can afford the loan are approved. Anyone in current financial difficulties we will regretfully have to decline, but only after careful assessment of your credit history that includes credit and affordability checks. If we can determine the loan is affordable and can be maintained, your personally assigned Customer Care Manager will be able to send the digital loan agreement to sign. If they have any questions, they may contact you during the lending process, but if so, this will take no longer than 5 minutes to complete.
If successful, we’ll transfer the approved funds the same day for you to use, so click apply now to start an application today and see how we can help you.
Apply Online for an Alternative to SafetyNet Loans
If borrowing via a line of credit agreement isn’t for you and you prefer alternative loans like SafetyNet credit that provide more structure, apply at Fast Loan UK. If you have any questions before you begin your application, please get in touch. Alternatively, you will find helpful information throughout our website and in our FAQs.
If you are experiencing financial difficulties and are not suitable for our available loan options, please seek further help and advice from Money Helper.
FAQs - Loans Like SafetyNet Credit
Do Loans Like SafetyNet Credit Connect to My Bank Account?
One of the features of loans like Safety Net are that they require access to your bank account to take repayments. This enables the lender to regularly assess your account activity and also take repayments whenever available funds are present, depending on the settings agreed. At Fast Loan UK, we only require a Continuous Payment Authority (CPA) to be arranged on your bank account, so we do not require full access. Only the agreed repayments will be taken on the agreed dates, with no extra or top-up payments as seen on loans like SafetyNet credit.
Should I Choose a Line of Credit Instead of a Loan?
This will depend on your circumstances and the type of flexibility you want. A line of credit agreement can be used as and when you need it, however, it only requires minimum repayments like on a credit card. This can mean holding onto the debt for longer than needed if only the minimum is paid. Small cash loans such as what we provide at Fast Loan UK have an agreed repayment structure for a fixed term of up to 12 months. This can be easier to manage for some people and provide a clearer term.
Can I Borrow More than £500 as a New Customer?
Yes, we can provide up to £800 if you are a new customer borrowing for the first time with us. This can be helpful if the maximum of £500 for new customers offered by SafetyNet is not enough to cover your circumstances. The amount you can borrow is subject to credit and affordability checks first before approval.