SafetyNet Credit, a trading name of Indigo Michael Limited, offered a form of high-cost short-term credit designed as an alternative to payday loans or unarranged overdrafts. Its core product was a revolving line of credit that allowed customers to borrow up to an approved limit, with repayments and interest calculated based on the amount drawn. The service was notable for its use of Open Banking technology to monitor a customer's balance and automatically provide funds to prevent payments from bouncing. However, the company faced significant financial difficulties, leading it to cease lending and enter administration in January 2023. This followed regulatory scrutiny over affordability checks, which resulted in a court-approved Scheme of Arrangement to provide redress to affected customers.

Founded in

United Kingdom