Indigo Michael: SafetyNet Credit and Tappily
History and Ownership
Indigo Michael Ltd was incorporated in July 2011 and they later launched with ClearAccount in 2012. The SafetyNet Credit brand (although referenced as 2012) was introduced in 2014. Both sites were lending for a short while, but the decision was then taken to drop ClearAccount for loans and use it as a financial tool only. Its purpose now is to help enable people to understand their finances better and to see how potential lenders view their banking data. SafetyNet’s market growth in recent years can’t be matched by anyone. Just Wonga now does better for traffic, but they spend vast amounts on TV advertising plus they started out in 2007.
TV and web advertising hasn’t been invested in as yet. Their explosive growth appears to have been guided from a mixture of things such as their 2015 Alternative Lender of the Year award, favourable online reviews and word of mouth recommendations. This has boosted their user base to 276,000. Innovation has certainly been proven here through their impressive overdraft protection that protects from those nasty banking fees. Then there is also a flexible line of credit facility available to all and their interest cap. Tech is provided in-house by Account Technologies whilst they also work with Yodlee. Update: We have now added Tappily to this page that is a fresh 2017 release.
Info: SafetyNet Credit Loans
www.safetynetcredit.com (Alexa UK Rank: #13,385)
Anyone that uses this service must grant access to online banking. This shouldn’t be concerning since they have a solid reputation plus they are only permitted with read-only access. Their system works by funds being quickly sent across when there is an alert of a payment taking the customer into the red. This protects from unauthorised banking fees assuming that the account is in good standing. Whilst access is required, you’ll have the freedom to pick if auto-deposits are switched on. General lending is always there when cash boosts are needed. A limit will be set between £100 and £500 (new and returning users). You can however request an advance from £20 onwards that raises in £1 increments.
Since a line of credit is made available you’ll be able to request a boost up to your limit whenever it is needed 24/7 through the SafetyNet Credit login. There is no fixed term on borrowing whereby you pay 0.8% daily for as long as 40 days and then the cap kicks in for any terms above. This means that the £100 loan charge stops at £32 and so for the maximum £500 this £32 (x5) would turn into £160. For shorter borrowing per £100 you’d pay £5.60 over 7 days or £24 over a full month. Applicants must initially be approved during SafetyNet’s opening hours that run between Monday and Friday (8am-7pm) and Saturday (9am-5pm).
Info: Tappily Loans
www.tappily.co.uk (Alexa UK Rank: No Ranking)
Tappily is a brand new project from Indigo Michael. The domain (www.tappily.co.uk) was registered in late February 2017, but the launch looks to have followed much later than this. This service is similar to SafetyNet’s with the main distinction being larger sums and lower interest. The loan amount extends to £2500 and interest is charged at just 0.34% per day. The interest cap is set at 75 days and so once this comes in no more charges are payable. Costs per £100 are £2.38 (7) and £10.20 (30). For £300 you pay £76.50 for both 3 and 6 months and then for £1000 borrowed we see £255. The same banking protection, revolving line etc sits in place. Bad/poor scores is mentioned in their FAQ then they point to less than perfect and so fair would sound about right. Do expect them to be extra picky in comparison to the main company. This brand has impressed in our comparisons with them now commanding the lowest rate for both payday and 6 month loans.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
Trustpilot will have been a big referrer for this lender over the years. On this site they score an impressive 93% rating from a vast pool of close to 6000 reviews. There is also a page on Review Centre at 68% from around 110 feedback. The negative comments here generally stem around the requirement to grant bank access. Ignore this though. Most people have been very happy with the flexible and protective service provided.
There are 2 other companies currently operating in the UK where you can receive a credit line. These options include Drafty and MyKredit. Drafty is from the same team that brought us Lending Stream. They charge lower interest and you can borrow £3000 at first (£5000 when returning). They are however strict with acceptance. MyKredit is a better fit when you do have a low score. They mainly differ in having fixed 20 day terms, but you can have multiple draws at any one time. It is always worth giving a shout out to the payday king Wonga. Everyone is familiar with their flexible product and their impressive automated decisions.
The Plus Points
Payday loan products and their variants are targeted at those who’ll struggle to obtain funding elsewhere. The potential borrower may have a low income and be struggling to budget their finances properly. It is in this scenario where overdraft protection is an excellent idea protecting from horrific fees. This is complimented with flexible funding that is made available 24/7. It is no surprise just how popular this service has become. The cap that they have in place makes them more affordable than most competitors on instalments. This has been improved further with Tappily who we’ll keep a close eye on over the coming months to see how they are progressing.
Last Updated: January 5th, 2018.