£100 Loan?
Find out why a credit line might be better.
Looking for a £100 loan? Try a Drafty line of credit
If you’re looking for a £100 loan to boost your cash flow, we could offer you something even better (at least in our opinion!).
Here's how a Drafty credit line could help:
- Speed - You'll get a fast decision. And if approved, we’ll send the cash to your bank in under 90 seconds
- Borrow what you need – Apply for up to £3,000 and withdraw up to your approved credit limit when needed
- Reuse - Once you’ve used Drafty, you can withdraw up to your agreed limit again. No need to reapply
- No fees – We don't charge any extra fees. Also, you only pay interest on what you use. It doesn't cost you a penny if you don’t use any of your credit
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378. We only offer our credit line to those we think can afford it.
At Drafty, we’re proud of our customer service. See why we’re rated great on Trustpilot.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Can I get a £100 loan?
Yes, you might be eligible for a £100 loan. £100 loans are small loans that can be used for various purposes. Typically, these loans are repaid within a few weeks. However, some direct lenders may offer longer repayment terms.
If you need to tide yourself over until your next payday, or you're faced with an unexpected expense, a £100 loan could be a convenient option.
What is a Drafty line of credit?
A Drafty line of credit is an alternative to a loan, overdraft, or credit card, but with some important differences. If you're approved for a line of credit, you’ll get an account with a credit limit. From here, you can transfer money from your Drafty account to your bank account anytime.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty an alternative to a £100 loan?
- We consider your creditworthiness and affordability to ensure you don't end up with more debt than you can manage.
- You'll have a credit line that allows you to borrow funds up to your approved limit, giving you the flexibility to borrow the amount you need, whether it's a small or large sum, instead of being restricted to a fixed loan amount.
- Enjoy flexible repayment terms with Drafty. You can choose to make the minimum monthly repayments or settle the entire balance, depending on what suits your financial situation best.
- If you find yourself in need of same-day funds, we might be able to assist. Once approved, we'll send the cash to your bank in as little as 90 seconds – making the process quick and efficient!
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a £100 loan for?
A £100 loan can be used for various purposes, including:
- Covering a financial emergency such as car repairs, home repairs and urgent bills
- Make small purchases or replace essential items that you need for daily living
- Bridging a financial gap temporarily
When you apply with Drafty, we'll ask you why you need our line of credit. Usually, our customers use it in the same way they would short term loans. This could be for things such as car repairs, dealing with a boiler breakdown, or a sudden, unexpected bill.
That said, it's important to borrow responsibly and only borrow credit if you are confident in your ability to repay it.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do I check my eligibility for Drafty’s £100 credit line?
You can apply online with Drafty if you are:
- Aged 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active UK bank account and debit card
After you’ve provided the required details, we’ll do some affordability and credit checks. If approved, we'll agree on a credit limit and send cash to your bank within 90 seconds. We might consider you for our line of credit even if you have a bad credit. This is why we can even be considered as an alternative to bad credit loans.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How to apply for Drafty, a £100 loan alternative?
At Drafty, we offer you a credit line. Here's how you can apply:
- Apply – We need a few personal details to help us understand who you are
- Set a credit limit – If approved, you’ll be given a credit limit from £50 to £3,000. You can use it as per your requirements, paying interest only on what you use
- Flexible payment – You repay a minimum amount every month. Want to repay early? That’s fine with us! We don’t charge anything extra. Also, it’s easy to make payments through our app
- Fast Cash transfer – Use Drafty whenever you want, and we’ll send the money to your bank in under 90 seconds
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How long do I have to pay back my £100 line of credit?
What are the advantages of £100 loans?
- Get funds quickly: Opting for a £100 loan provides swift access to the money you require, making it particularly handy during emergencies.
- No need for collateral: When you apply for a £100 loan, it's likely unsecured. This means you don't have to provide collateral to secure the funds.
- Bad credit may not be a barrier: Some lenders are open to considering you for a £100 loan, even if you have a low credit score. If you decide to apply for a credit line with Drafty, we ensure you can manage your repayments before approval. We look beyond your credit rating, so there's a chance you could still be approved for our credit line, even with a less-than-perfect credit history.
- Simple application process: Applying for a smaller loan amount is usually straightforward, often allowing you to submit your loan request online.
What are the disadvantages of £100 loans?
- Steep interest rate: £100 payday loans frequently carry high-interest rates, making them a costly option for borrowing.
- Hidden charges: Certain lenders may have hidden fees, contributing to the total expense of the loan.
What if my £100 credit line application is rejected?
If you've faced a credit rejection, understanding its reasons is crucial, as there might be room for positive changes.
- • Contact the lender to discuss the reasons for rejection. While they're not obligated to disclose, they might share which credit reference agency assessed your application.
- • Obtain a copy of your credit report and go through your credit history. Identify any errors or negative factors impacting your credit score.
- • If your credit score is on the lower side or you have a bad credit score, take steps to improve it. This could involve settling existing debts, ensuring timely payments, and reducing your credit usage. Boosting your credit score enhances your chances of future loan approvals.
- • Consider seeking advice from a financial advisor or a money advice service. They can offer insights on managing finances, explore alternative options, and provide support during challenging periods.
Contact Drafty today
- 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 - £100 loan
Can I get a £100 loan with bad credit?
Yes, some lenders can offer loans even if you have a bad or low credit score. Remember that if you are facing serious money problems, taking out a loan may not be the best option.
Can I get a £100 loan with no credit check?
We advise against getting a loan or line of credit from a lender that doesn't conduct a credit check. All FCA-regulated direct lenders are required to perform a credit check as part of the loan application process. This commitment to credit checks ensures responsible lending practices and a thorough assessment of each application.
Can I get a £100 payday loan from a direct lender?
Lenders offering payday loans can differ in their minimum borrowing requirements, and some may set amounts higher than £100. It's essential to conduct thorough research to find the one that suits your needs.
Will applying for a £100 loan harm my credit score?
When you apply for a loan, the lender typically conducts a hard inquiry or hard pull on your credit report. This hard inquiry can slightly and temporarily impact your credit score. The impact is usually minimal, and for most people with healthy credit, it might only result in a small decrease.
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.