Tappily is no longer trading but you can find a loan from £100 to £5,000 at Dot Dot Loans below.

Tappily was a UK-based financial service offering flexible credit lines to consumers. It operated under Indigo Michael Limited, which also managed SafetyNet Credit. Tappily provided a revolving credit facility, allowing customers to access funds up to a predetermined limit as needed. This service aimed to assist individuals in managing short-term financial requirements by linking directly to their bank accounts.

How Tappily Operated

Tappily’s model differed from traditional payday loans by offering a line of credit rather than a lump-sum loan. Customers could draw funds up to their approved limit and repay flexibly. Interest accrued daily only on the amount borrowed, making it a potentially more cost-effective solution for short-term borrowing needs. A notable feature was its automatic top-up system, which transferred funds into users’ bank accounts when balances fell below a specified threshold, helping to prevent overdraft fees.

Eligibility Criteria

To qualify for Tappily’s services, applicants needed to meet specific criteria:

• Be a UK resident.
• Be at least 18 years old.
• Be employed with a minimum monthly income of £1,000.
• Possess a current account with internet banking capabilities.

These requirements ensured that customers had the financial capacity to manage the credit line responsibly.

Regulatory Oversight

Indigo Michael Limited, trading as Tappily, was authorised and regulated by the Financial Conduct Authority (FCA). This oversight mandated adherence to strict guidelines designed to protect consumers, ensuring transparency and fairness in lending practices.

Administration and Cessation of Services

On 9 January 2023, Indigo Michael Limited entered administration, ceasing all new lending activities. The challenging trading environment and regulatory changes contributed to this outcome. Existing customers were advised to continue repaying outstanding balances under the original terms. The administration process aimed to treat customers fairly while managing the company’s obligations.

Impact on Customers

The administration had several implications for customers:

• Outstanding Balances: Customers were required to maintain repayments as per their agreements. Interest continued to accrue until full repayment.
• Access to Funds: Access to additional funds was restricted. Customers who had drawn down on their accounts within 30 days before the administration and had no arrears retained access for a short period. Others had their access discontinued.
• Complaints and Claims: Customers believing they were mis-sold loans or faced unaffordable lending could submit complaints. However, the likelihood of financial redress was minimal due to the company’s financial status.

Loan Write-Offs

By April 2024, the administrators announced the cessation of collections for outstanding SafetyNet and Tappily loans. Balances remaining after 9 April 2024 were written off, and affected accounts were marked as ‘partially settled’ on credit files, indicating the loans were not fully repaid. This measure aimed to alleviate financial burdens on customers during the administration process.

Alternatives to Tappily

With Tappily’s services discontinued, customers seeking similar financial products could consider alternatives:

• Drafty: Offers a line of credit up to £3,000 with a daily interest rate of 0.19%, providing quick access to funds.
• Lending Stream: Provides short-term loans up to £1,500 for existing customers, with a focus on quick application processes and fast fund disbursement.

It’s crucial for consumers to assess the terms, interest rates, and repayment conditions of alternative lenders to ensure they align with personal financial circumstances.

Financial Guidance

Individuals facing financial difficulties or seeking advice on borrowing options can access free and impartial guidance from MoneyHelper. Additionally, organisations like the National Debtline offer support for managing debts and understanding financial rights and responsibilities.

Conclusion

Tappily provided a flexible credit solution tailored to short-term financial needs. However, due to regulatory challenges and economic conditions, it ceased operations in early 2023. Customers were advised to continue repayments and explore alternative financial products suited to their needs. Engaging with regulated and transparent lenders remains essential to ensure responsible borrowing and financial well-being.