Looking for a Vanquis credit card?
You might just prefer a Drafty line of credit instead.
Choose Drafty as an alternative to cards like Vanquis
A Vanquis credit card is an example of what is often called a ‘credit builder’ credit card – a credit card for those with bad credit. There are multiple options available depending on your circumstances, with the premium ones having lower APRs.
If you apply for a Vanquis card and you’re successful, you’ll get your card in the post within two weeks and it works the same way as any other credit card.
However, Drafty’s alternative to credit cards like Vanquis could be a better option. And it’s definitely quicker. We assess each application individually and, if approved, you’ll get access to your cash pretty quickly. In fact, we send the money to your bank within 90 seconds of approval. However, it may take longer to reach your account depending on your bank’s processes.
Why take out a credit card like Vanquis?
Most people who take out a Vanquis credit card don’t do so by choice. It’s usually because they need access to a quick financial boost for situations such as car repairs, appliance replacements, unexpected bills or other emergency circumstances.
Taking out a Vanquis card can help ease those short-term money worries with a credit limit of up to £1,500 for a new customer. However, those with a poorer credit history will likely receive the lower end of the limit if approved.
If you take out a credit card like Vanquis and use it responsibly, chances are you could build up your credit report. This would improve your rating and give you a better chance of borrowing again down the line. But, you’ll be pleased to hear, you’ll get the same benefit with Drafty’s line of credit.
Some existing Vanquis customers choose to take out a loan instead, with a limit of up to £5,000. But these are only available directly to current credit card customers and come with fixed repayment terms of between one and three years.
With a line of credit from Drafty, you could borrow up to £3,000, depending on your circumstances and affordability, and enjoy greater flexibility over your repayments. So whether you’re looking for a quick £500 to help with that boiler repair or you need £3,000, Drafty could be just the ticket.
How does Drafty’s alternative work?
Some things are best kept simple. Our line of credit is one of them. Just like a Vanquis credit card, we offer credit to those who need a cash boost. But with a more streamlined process. Here’s how it works:
Find out if you’ll be eligible for a line of credit, with no need to worry about your credit score being affected.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Why a Drafty line of credit could be a better option than a Vanquis card?
We think you’ll agree that our Vanquis card alternative is a superior option. But if you still need some convincing, let’s delve into the details.
Speed
If you apply for a Vanquis card, you’ll need to get past the approval stage before they post the card out to you. Once you’re accepted, a process that could take up to 28 days, you’ll need to wait another 10-14 days for your credit card to arrive before you start using it. If you need cash for an emergency, this is unlikely to ease your financial worries.
However, we offer a quick alternative to a Vanquis card or loan. Once approved, we will send the cash to your bank within 90 seconds. Now that’s what you call quick if we do say so ourselves.
Borrow on your terms
With a credit card like Vanquis, what you’ll be able to borrow will come down to your circumstances. As a new customer, you’ll likely get a lower credit limit with the option to extend it later if you use it responsibly. You’ll have to pay a minimum monthly amount which includes interest.
A credit line from Drafty is similar in this respect. You’ll make monthly repayments and pay interest only on whatever you use from your approved credit limit. With Drafty, you can apply for up to £3,000 and we’ll assess your affordability before setting your credit limit. You can use just what you need from your approved line of credit, putting you in control.
Not only that, your repayment terms can be flexible too. As long as you meet the monthly minimum payments, how much you pay back, and over how long, is up to you. Want to pay it back sooner? Great! And you’ll be over the moon to know there are no fees for doing so.
Reuse
Similar to a Vanquis card, we at Drafty let you use your approved line of credit whenever you need without having to reapply as long as you keep up with your repayments. Yes, really. It’s that simple. We told you we were flexible.
No fees
Take out a Vanquis credit card and you might find you’re hit with a bunch of fees. If you make a late payment, you’ll get charged £12. And you’ll also be charged a minimum flat fee of 3% plus interest to withdraw cash.
But here’s the news you’ve been waiting for: with Drafty, you won’t pay any fees. Not for late payments, not for early repayments and not for withdrawing your cash. What’s more, you’ll only pay interest on what you use. If you don’t use any credit, it won’t cost you anything.
Still unsure?
We only offer our credit line to those who can afford it.
We pride ourselves on our personalised customer service. Take a look at our independent reviews and find out why our customers rate us ‘Great’ on Trustpilot.
We want you to make an informed choice, so, as a fair and responsible lender, we also give you information about our line of credit in comparison to other companies and cards like Vanquis. Browse our Compare Loans page or read on to discover more about Drafty.
We’ve made it easy to apply in minutes, so what are you waiting for? Discover why a Drafty line of credit could be the better option for you.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How much does a Drafty line of credit cost?
Your line of credit will cost just 0.19% (variable) per day. So, if you were to borrow £100 for one month, you’d pay £5.7 as interest. And you’ll only pay interest on what you use. If you have a credit limit of £1000 but only use £500, you’ll only pay interest on that amount.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
For more information about how much a line of credit costs, check out our pricing page.
Although we don’t encourage late payments, we understand that sometimes things don’t quite go to plan. That’s why we won’t charge you for missed payments, unlike some other lenders (and Vanquis) who charge hefty late payment fees. But it’s worth being aware that a string of late payments could harm your credit score.
Because we pride ourselves on simplicity, there are no extra fees or hidden charges with our line of credit.
How can I apply for a line of credit?
We’ve kept our eligibility criteria simple. We’ll consider you for our line of credit if you're:
- 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active bank account and debit card
As with all lenders, including those who offer credit cards like Vanquis, we’ll need to gather a few details to check your affordability. If you’re approved, we’ll agree on a credit limit with you and you’ll be able to access your cash quite quickly.
Tell us how much you want to borrow and apply now. It couldn’t be easier.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Contact Drafty
- Live chat - Log in or create a new Drafty account to speak to our team through our live chat function
- Drop us a message - If you'd like to send us an email, checkout our contact us page and drop us a line. A member of our friendly team will answer your questions as soon as possible
- Give us a call - We're here to answer your calls on 0203 695 8072 from 9am to 6pm Monday to Friday, and 9am to 1pm every Saturday#
FAQs
Can I get a Vanquis credit card with poor credit?
A Vanquis card is also known as a credit builder card, meaning that you could borrow cash even with a poor credit history – however, the chances are that you’ll be given a lower credit limit.Drafty’s line of credit could offer you up to £3,000, depending on your circumstances, and you can be confident that we treat every application individually to make sure you can afford your repayments.
Will getting a Vanquis card affect my credit score?
As long as you keep up your repayments, getting a Vanquis credit card could improve your credit score. With Drafty, you’ll also get the same benefit if you use your credit responsibly, meaning you’ll be seen in a favourable light if you need to borrow from a lender in the future.How much can I borrow with a Vanquis card?
This will depend on your circumstances and the type of card. But most cards like Vanquis have a credit limit of between £250 and £1,200 as a starting point, with only their premium card having a lower APR. With Drafty, you could borrow up to £3,000 and only pay interest on what you use. Our pricing page has more details on what our line of credit costs.How long does it take to get a Vanquis credit card?
Once you’re accepted for a Vanquis card, you’ll need to wait 10-14 days for your credit card to arrive before you start using it. With Drafty, however, once you’re approved, the money could be transferred to your bank within minutes. And, unlike a Vanquis card, there are no fees for withdrawing cash, so you’re free to use your line of credit as you need.Can I increase my credit limit?
If you’re approved and you’ve kept up with repayments, as an existing customer, you can increase the credit limit on your Vanquis card. But we prefer a simpler process. If your account is in good shape, you can borrow up to your credit limit as many times as you wish – without the need to reapply.What about a Vanquis loan?
To be approved for a Vanquis loan direct from the lender, you need to be an existing credit card customer. But these are a longer-term option and offer less flexibility as you’ll need to pay your loan back within a fixed period, usually between 12 – 36 months. You might need to wait three days for your Vanquis loan to land in your account, while Drafty can send the cash to your bank within 90 seconds, if approved.Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.