£1500 Loan?
Find out why a credit line might be better.
Looking for a £1500 loan? Try a Drafty line of credit
Looking for a £1500 loan to meet your small emergency needs? We could offer you something better (at least in our opinion!).
Here's how Drafty's line of credit could help you:
- 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 £3000 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.
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.^
Drafty is FCA Authorised
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378.
Responsible lending is our biggest priority, and we want to ensure our customers' experience is great. We believe in ensuring that you are fully informed about the costs, fees, and repayment terms of our credit line. To achieve this, we have taken great care to present all charges, including interest rates and fees, upfront. No hidden costs or unwelcome surprises - everything is clear and easy to understand.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty an alternative to a £1500 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.^
How do £1500 personal loans work?
As with most loan providers, you'll need to be over 18, a UK resident and have a bank account and debit card to complete the application.
If your application is approved, you'll receive your loan agreement. Subject to the lender’s terms and conditions, the loan may be required in one lump sum on the following payday. Some lenders may offer a longer repayment schedule, allowing repayments to be made over a period of a few months.
As with any financial arrangement, it's crucial to thoroughly review the terms and conditions of the loan, including the interest rate and fees. While a loan can help you manage emergency expenses, responsible management is essential to avoid potential money problems.
At Drafty, we offer a better alternative. We offer a line of credit. 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 within your agreed credit limit.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a 1500 pound loan for?
£1500 loans are typically used for those unexpected costs that catch you off guard. For example, if your boiler gives up and you need extra cash to cover the costs, a £1500 loan could help ease the financial pressure.
A Drafty line of credit works in a similar way. Usually, our customers use it in the same way they would a short term loan. This could be to cover an unexpected or emergency expense. For example, urgent home repairs or improvements, unexpected bills, or car repairs.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do I check my eligibility for Drafty’s £1500 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 credit and affordability checks. If approved, we'll agree on a credit limit and send the cash to your bank within 90 seconds. You can even consider us as an alternative to loans for bad credit as we might consider you for our line of credit even if you have a bad credit rating.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How to apply for a £1500 loan alternative with Drafty?
Here's how you can apply:
- Apply – Apply online by visiting our website. Enter a few personal details to help us understand who you are.
- Get a credit limit – If approved, you’ll be given a credit limit of up to £3,000. You can use it as you require, paying interest only on what you use.
- Flexible payment – You’ll need to 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 need to, and we’ll send the money to your bank in under 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my 1500 pound loan application is rejected?
- Reach out to the lender to discuss the reasons for the rejection. While they don’t have to give you a reason, they may be able to tell you which credit reference agency they used to assess your application.
- Obtain a copy of your credit record to review your credit history. Look for any inaccuracies or negative factors affecting your credit score.
- If your credit score is low, take steps to improve it. This may include paying off existing debts, making timely payments, and reducing your credit utilisation ratio. Improving your credit score can increase your chances of getting approved for loans in the future.
- Seeking advice from a financial advisor or a debt counselling service may be helpful. They can provide guidance on managing your finances, help you explore other options, and provide support during challenging times.
Can I repay my £1500 loan early?
Whether you can repay a £1500 loan early depends on the terms and conditions set by the specific lender you choose. Many lenders allow early loan repayments, but it's essential to confirm this before agreeing to the loan terms. Some lenders may have early settlement penalties or fees, while others may offer flexibility without additional charges.
Did you know that you can repay a Drafty credit line early? We don’t charge anything extra, and you'll save on interest.
How long can I borrow a £1500 loan for?
However, the duration for which you can borrow a £1500 loan varies depending on the lender and loan term. Short term loans, such as payday loans, bad credit loans and unsecured loans, often have a repayment period of a few weeks, typically aligned with your next payday.
Can I get a £1500 loan with bad credit?
If you choose to apply for a line of credit with Drafty, we'll consider your personal circumstances to ensure you can afford your repayments before accepting you. We consider more than just your credit file, so there's a chance you could still be approved for our credit line.
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 - £1500 loan
What credit score is needed for a £1500 loan?
There isn't a defining number, as the different credit agencies (TransUnion, Equifax, and Experian) have their own individual scoring systems. Before applying for a £1500 loan, it's recommended to check your credit score and review the specific requirements of the lender you are considering.
Is Drafty a £1500 payday loan lender?
No. Drafty is not a payday loan lender. Drafty offers a flexible credit line. Unlike payday loans with a fixed repayment date, Drafty provides ongoing access to credit, and borrowers are charged interest only on the amount they borrow.
Can I get a £1500 loan with no credit check?
We advise you to not take a loan from any lender who offers a loan with no credit check. All FCA-regulated direct lenders need to perform a credit check as part of the loan application process. This practice is in place to prioritise responsible lending and ensure a thorough assessment of each application.
What should I consider before borrowing £1500?
Before borrowing £1500, evaluate your financial capacity to comfortably repay. It's also important that you understand the interest rates, fees, and repayment terms, comparing offers from reputable lenders.
Do I need a guarantor to borrow £1500?
Borrowing £1500 may not require a guarantor, especially if you have a good credit score and a stable income. However, if your credit history is not strong or the lender perceives you as a higher risk, they may request a guarantor to co-sign the credit agreement.
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.