£50 Loan?
Find out why a credit line might be better.
Looking for a £50 loan? Try a Drafty line of credit
If you’re looking for a £50 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 £50 loan?
Yes, many lenders may be able to offer you a £50 loan. £50 loans are small loans that can be used for various purposes. Typically, these loans are repaid within a few weeks, although some lenders may offer longer repayment terms.
Whether you need to cover an unexpected expense or simply want to tide yourself over until your next payday, a £50 loan could be a convenient option.
What is a Drafty line of credit?
A line of credit is an alternative to a loan, overdraft, or credit card, but with some important differences. If we approve you for a line of credit, you’ll get given an account with a credit limit. From here, you can transfer money from your Drafty account to your bank account anytime.
As long as you meet minimum monthly payments, you can manage how you repay, and you’ll only get charged interest on what you withdraw. Plus, with Drafty, the cash is available for you to redraw again and again, up to your approved limit.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty an alternative to a £50 loan?
- We consider your creditworthiness and affordability. This helps ensure you are not taking on more debt than you can handle.
- We provide a credit line allowing you to borrow funds up to your approved credit limit as needed. This means you can borrow smaller or larger amounts depending on your specific needs rather than being limited to a fixed loan amount.
- With Drafty, there are flexible repayment terms. 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.^
What can I use a £50 loan for?
A £50 loan, or any small loan, can be used for various short-term financial needs or unexpected expenses. 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 for things such as 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 my eligibility for Drafty’s £50 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 credits and affordability 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 history.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How to apply for Drafty, a £50 loan alternative?
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 of up 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 much can you borrow with Drafty?
How long do I have to repay my £50 line of credit?
What are the advantages of £50 loans?
- Quick access to funds: A £50 loan can give you quick access to the money you need, which can be useful in emergencies.
- No collateral required: When you apply for a £50 loan, it's usually unsecured. Meaning they don't require collateral to secure the funds.
- You may be eligible with bad credit: There are lenders who may consider you for a £50 loan, even with bad credit. If you choose to apply for a line of credit with Drafty, we'll 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.
- Ease of application: The application process for a smaller loan amount is typically straightforward and can often be completed online.
What are the disadvantages of £50 loans?
- High-interest rate: £50 payday loans often come with extremely high interest rates, making them an expensive form of borrowing.
- Hidden fees: Some lenders may have hidden fees that can add to the overall cost of the loan.
What if my £50 credit line application is rejected?
If you’ve been turned down for credit, it’s important to find out why, as you might be able to make some changes.
- 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 report 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.
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 - £50 loan
Can I borrow more than 50 pounds from Drafty?
Yes! We offer credit lines up to £3,000 (subject to approval). Plus, you can reuse up to your credit limit with no extra credit checks and set your own repayment schedule to suit you (as long as you keep up with your minimum monthly repayments).
Can I get a £50 loan with bad credit?
Yes, some lenders can offer a small loan 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 £50 loan with no credit check?
We recommend not taking a loan or line of credit from a lender who is lending without running a credit check. All FCA-regulated direct lenders will always carry out a credit check on you before accepting your loan application. This is to prioritise responsible lending and assess each application carefully.
Can I get a £50 payday loan from a direct lender?
This will vary between lenders who lend payday loans. Some may have minimum borrowing amounts that exceed £50. Make sure to research and compare different lenders that offer small loans.
Where can I get the best £50 loan?
Best £50 loan means getting competitive rates, flexible terms, and a quick approval process. For this, compare your options and choose a lender that meets your needs and provides a seamless borrowing experience.
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.