£300 Loan?
Find out how Drafty’s credit line might be a better option.
Looking for a £300 loan? Try a Drafty line of credit
Looking for a £300 loan to meet your unexpected financial emergencies? 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. If approved, we’ll send the cash to your bank within 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.
How is Drafty an alternative to a £300 loan?
- We will assess your creditworthiness and affordability to ensure that any borrowing aligns with your financial capacity. As a responsible lender, this ensures you aren't taking on more debt than you can handle.
- Upon approval, we provide you with a credit line, allowing you the flexibility to borrow funds up to a specified credit limit. This distinguishes us from payday loans and other traditional loans, as it enables you to borrow varying amounts based on your unique needs. Rather than being restricted to a fixed loan amount.
- Our repayment options are designed to accommodate your financial preferences. You can make minimum payments or pay off the balance in full, depending on what works best for your financial situation.
- If you need to borrow money on the same day, we might be able to help. Once approved, you could get your line of credit sent to your bank within 90 seconds. We don’t think it gets much quicker than that!
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do £300 loans work?
If your application has been approved, you'll receive the terms and conditions of the loan. Subject to repayment terms, you’ll repay the loan the following payday. Some lenders offer short term loans which you usually repay within a short period of time allowing you to repay over equal monthly repayments.
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 £300 loan for?
A £300 loan can be used for various short-term financial needs. Here are some common uses:
- Unforeseen expenses such as medical bills, utility bills, car repairs, or home repairs that require immediate attention.
- Addressing personal needs such as replacing a broken appliance.
- Bridging a financial gap temporarily.
At Drafty, we ask you why you need our line of credit. Usually, our customers use it in the same way they would a short term loan. This could be to cover an unexpected expense. For example, car repairs, dealing with a boiler breakdown, or a sudden, unexpected bill.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do I check the eligibility criteria for Drafty’s £300 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 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 £300 loan alternative with Drafty?
Here's how you can apply:
- Apply – Visit our website and click on the apply now button. 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.^
Can I get more than £300?
How long can I borrow a £300 loan for?
Can I get a £300 loan with bad credit?
Yes, you may be able to get a £300 loan even if you have a bad credit rating or poor credit history. 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 rating, so there's a chance you could still be approved for our credit line, even with a low credit score.
Remember that if you are facing financial difficulties, borrowing money may not be the best option.
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 - £300 loan
Is Drafty a £300 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 £300 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.
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.