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If you’ve been searching for direct credit lenders Tappily and SafetyNet, you may have already discovered that they ceased trading in January 2023. Their owners, Indigo Michael Limited, went into administration after facing a number of ultimately fatal challenges, including changes to regulations and a difficult trading environment.
Before their closure, Tappily and SafetyNet Credit provided around 150,000 customers with credit lines up to £1,000 with interest rates at almost 70% APR. They came under fire for mis-selling their loans to their customers.
Following their closure, customers who believed they’d been mis-sold a loan, or it was unaffordable, were given a set period of time to put forward their claim, and all customers with an outstanding balance had to continue paying it off. As of 9th April 2024, any customers who still had some of their Tappily loan or SafetyNet Credit loan left, had it written off. To recognise this, they were granted a ‘partially settled’ mark on their credit file to indicate the loan wasn’t fully repaid. If you were a Tappily customer who had your loan written off, please check your credit file to check that’s it’s been marked. If it hasn’t, visit the FCA website.
We’re a finance subscription service providing small, affordable loans - even if you have bad credit. We understand that life isn’t always straightforward, and accessing credit is harder for some of us. That’s why we take a more holistic approach to lending than traditional banks and lenders and look beyond your credit score. Our loans are between £400 (split into two equal £200 instalments) and £2,400 (split into two equal £1,200 instalments) with no interest (APR Rep 83.1%) - all you pay with your repayments is a fixed monthly membership fee. This means you always know exactly how much to pay – no surprises!
We’re different to other lenders. Our loans are split into two equal and manageable parts, which you repay (with your monthly membership fee) in fixed, monthly instalments.
Once you’ve paid off the first half of the loan on time and in full, you can request the second half. Why do we split the loans like this? Well, we believe this gives our members more clarity and transparency, so not only will you always know what you’ve borrowed, there’s also less risk of you feeling overwhelmed by a larger sum of money you may not actually end up needing.
It only takes a few minutes to find out if you’re eligible for a Creditspring loan. Our standard criteria apply, and you must:
Be a UK resident
Be at least 18 years old
Have a minimum income of £14,000 per year
Not have any recent CCJs, IVAs or bankruptcies*
If you’re approved to become a Creditspring member, we’ll run some checks to confirm your eligibility. If you’re approved, you'll enter a 14-day change of heart period, so you can still change your mind if you don’t need the loan anymore.
After the change of heart period, we can pay the money into your account within 24 hours. Payments are made seven days a week, except for bank holidays.
*This list is not extensive and Creditspring membership is subject to status. Terms and conditions apply.
At Creditspring, we want to support our members to help them reach their financial goals. Not only do Creditspring loans come with no interest, they can also help you build your credit score by making regular monthly repayments.
We charge a small membership fee each month, which depends on the membership you are eligible for, and you won’t be charged for anything that’s not stated on your account. Our fixed monthly fees and no additional charges mean there’s no risk of getting into a debt spiral with our membership loans.
Step membership: pay £7 per month and access £200 for each advance (Rep APR 88.8%)
Core membership: pay £10 per month and access £300 for each advance (Rep APR 83.1%)
Plus membership: pay £14 per month and access £500 for each advance (Rep APR 66.2%)
Extra membership: pay £24 per month and access £1,200 for each advance (Rep APR 43.7%)
As we’ll report both your monthly membership fee and your repayments to the credit agencies, you can build your credit rating with any of our loan memberships, providing you keep up with your payments.
Tappily wasn’t a payday lender, but it used to provide credit lines with high interest rates, making them an expensive way to borrow.
If you were a Tappily or SafetyNet Credit customer, and you believed you were mis-sold one of their loans, the deadline for making a claim has now passed. Likewise, outstanding SafetyNet and Tappily loan debts were written off from 9th April 2024. For more information check this page.
With so many credit products on the market it’s important to do your research to find what suits you – and what you can comfortably afford to repay. If you’re interested in a Creditspring loan, you can check your eligibility today.
Yes, SafetyNetCredit was regulated and authorised by the Financial Conduct Authority (FCA). The FCA raised concerns regarding this firm and provided them with areas to improve on. This combination led to its eventual closure in 2023.
