£1000 Loans?
Read on to see why a credit line might be better.
Looking for a £1,000 loan? Try a Drafty line of credit
Here at Drafty, we like to think of ourselves as a £1,000 loan’s fun cousin. We could offer a line of credit that gives you everything you’re searching for from a £1,000 loan and then some. If that’s not convincing enough, here’s what a Drafty line of credit offers you.
- Speed - We are proud to offer an efficient £1,000 loan alternative. You could get cash into your bank in under 90 seconds if you’re approved so your life can continue as normal
- Borrow what you need – You can apply for up to £3,000 and redraw what you need from your approved credit line. Unlike a £1,000 loan, you can potentially access more money
- Reuse - The icing on the cake? We offer a line of credit, so you can reuse Drafty whenever you want without reapplying
- No fees – That's right, there are no fees. What’s more, you’ll only ever pay interest on what you use. No withdrawal equals no cost
We’re fully regulated by the Financial Conduct Authority (FCA). We only offer our credit line to those that we think can afford it.
We’re very proud of the personalised service we offer our customers. You can find out more about it by browsing the independent reviews that have earned us an ‘Great’ on Trustpilot.
Get to the nitty-gritty and check out our loan comparison, which highlights the benefits our £1,000 loan alternative has over some of our competitors.
You can find out why a Drafty line of credit is so good by applying in minutes Representative 96.2% APR (variable), but if you still need some convincing it's easy to learn more about us.
Can I get a £1000 loan?
No shortage of lenders offer £1,000 loans, it just depends on whether you’re eligible.
However, taking out a £1,000 loan with bad credit might result in high interest rates and large repayments, leaving you feeling out of control. This is where a Drafty line of credit comes in.
We see you. Looking beyond the numbers, we try to make the application process as painless as possible.
What is a Drafty line of credit?
Here at Drafty, we like to do things differently from a traditional £1,000 loan. We could still offer the financial boost you’re looking for, but we've made it simple.
We offer a credit line. It's an alternative to an overdraft or credit card, but, in our opinion, the superior option.
You’ll only ever pay interest on what you withdraw, so if you don’t use your credit, we won’t charge. If you do use the funds, it’s much cheaper than going to a £1,000 loan direct lender – and even cheaper than some unarranged and arranged overdrafts.
We aim to send the cash to your bank in under 90 seconds, if you’re approved.
Getting Drafty, a £1,000 loan alternative
Here at Drafty, we’ve streamlined our application process to make your life smooth sailing.
Like or unlike a quick £1,000 loan, a Drafty line of credit uses an unintrusive application process. We’ll ask you all the expected things such as the amount you wish to borrow, your employment details and monthly expenses, but there are no nasty surprises.
Next, we’ll ensure you pass our financial checks – we never offer anyone our £1,000 loan alternative unless we’re sure they can pay it back. Once you’ve been accepted, next comes the terms and conditions – then you're good to go!
How much do you want to borrow?
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a £1,000 loan for?
£1,000 loans are typically used for those unexpected costs that catch you off guard. For example, if your boiler gives up the ghost and you need some extra cash to cover the costs, a £1,000 loan will help ease the financial pressure.
A Drafty line of credit works in a similar way, but without the added difficulties. You can use our quick and easy service the same way you’d use a £1,000 loan. You can get rapid financial relief safely and securely.
How do I apply for Drafty, a £1,000 loan alternative?
- Apply – We just need a few personal details to help us get to know you
- Set a credit limit – If you’re approved, you’ll be given a credit limit of up to £3,000. You can then use as much or as little as you want, paying interest only on what you use
- Flexible payment – You repay a minimum amount every month. What’s more, there’s no charge for repaying early and it’s easy to do so on our app
- Fast Cash transfer – Use Drafty whenever you need to. We’ll send the money to your bank in under 90 seconds, if you're approved
Disadvantages of £1,000 loans
There are a few reasons we believe a Drafty line of credit is better than a £1,000 loan:
High interest rates - If you’re looking for a quick £1,000 loan, you might find lenders bump up the interest rates as you’re borrowing over a short period.
Borrowing cycle – As £1,000 loans for bad credit often have higher interest rates, your repayments could quickly mount up and affect your financial stability in the long term.
Benefits of £1,000 loans for people with bad credit
Needing a financial boost isn’t usually a choice. Therefore, there aren’t many advantages to discuss. However, most £1,000 loans tend to be for shorter amounts of time and be available quickly, as they’re usually online.
As long as you meet your repayments, taking out a £1,000 loan could improve your credit file. Using a Drafty credit line responsibly will give you that same shine in the eyes of lenders in the future.
Am I eligible to apply for a Drafty line of credit?
We’ll consider you 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
Once you’ve given us this info, we can check your affordability and then agree a credit limit with you if you pass. We will then send the cash to your bank within 90 seconds, once approved.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
Don’t worry if your application gets rejected – it could be an easy fix.
While we can’t tell you why your application got rejected, if you applied online we’ll provide you with the name of the credit reference agency by email if you want to check your file.
If your file is issue-free, that doesn’t mean you don’t have a chance. If your circumstances change for the better or your score goes up, there’s nothing stopping you from applying again in the future.
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#
£1,000 loans FAQs
What credit score do I need for a £1,000 loan?
When looking for a 1,000 pound loan with bad credit, there’s no certainty. Those with a poor credit history may find it more difficult to borrow money than people with better credit scores. Some lenders will also look at your overall financial situation along with credit checks, which is exactly what we do.
Is it hard to get a £1,000 loan?
The truth is each £1,000 loan direct lender works differently. However, we can tell you that Drafty aims to make the application process easy. We avoid intrusive questions and get straight to the point.
Can you get a £1,000 loan with bad credit and no guarantor?
Yet again, each lender works differently. Some lenders insist you have a guarantor to ensure the loan will be repaid, others don’t. Here at Drafty, we make life as simple as we can. You don’t need a guarantor to apply for our line of credit and we’ll look at the person behind the credit score – it’s just what we do. We’re also an extremely responsible lender. We won’t lend you more than you can afford and our advanced computer underwriting systems will tell if you’re right for the line of credit.
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.