Looking for an overdraft alternative?
A credit line could be just the ticket.
Looking for an overdraft alternative? Give Drafty a try
Wanting to top up your bank account? You might be considering an overdraft. However, we believe a Drafty credit line is far better. Never heard of a credit line? You’re not alone, so read on to see why we’re the cream of the crop.
Here’s what you get from a Drafty credit line:
- Speed - We offer a quick overdraft alternative, meaning you could get cash to your bank in under 90 seconds, if approved
- Borrow what you need – With Drafty, you’re in control. You can apply for up to £3,000 and use what you need from your approved credit line
- Reuse - Simply think of Drafty as a pot of money you can use when you need, without reapplying. Yes, we like the easy life!
- No fees – Say goodbye to overdraft fees. With us, you’ll only ever pay interest on what you use. If you don’t use any of your credit, it doesn’t cost you a thing
We’re fully regulated by the Financial Conduct Authority (FCA). We only offer our credit line to those we think can afford it. We aim to provide an impeccable customer experience, and it pays off. Take a look at why we’re rated ‘Great’ on Trustpilot.
Want to know more about how our service stacks up against others? Check out our ‘Compare Loans’ page. Here you’ll see our credit line compared to some of our competitors’ products. If you still want more, read all about Drafty.
Apply in minutes to see why a Drafty line of credit is worth a nosey.
Representative 96.2% APR (variable)
Can I get an overdraft?
There are plenty of banks that offer overdrafts.
However, adding an overdraft to your current account could come with extortionate overdraft fees and repayments you struggle to keep up with. This is where a Drafty line of credit comes in.
As a responsible lender, we must take all the expected details from you. However, we see beyond the numbers on a page and aim to make the process as painless as possible.
What is a Drafty line of credit?
Considering an overdraft? Give Drafty a try.
We’d consider ourselves a credit card or overdraft alternative but, in our opinion, we’re much more interesting than that.
You’ll only ever pay interest on the cash you withdraw. Drafty lets you keep in control. We'll only send money when you ask for it - meaning no nasty surprises or borrowing more than you expect. If you do use the funds, it’s much cheaper than most unarranged overdraft fees and it’s even cheaper than some arranged overdrafts.
We know time is precious, so we aim to send the cash to your bank in under 90 seconds* if you’re approved.
Getting Drafty, an overdraft alternative
Here at Drafty, we aim to make your life as straightforward as possible.
A Drafty line of credit application won’t take much time. We’ll ask you questions about your employment details and monthly income and expenses, but there are no nasty surprises.
From here, we’ll ensure you pass our financial checks – we never offer anyone an overdraft alternative unless we’re sure they can pay it back. Once you’ve been accepted and we’ve agreed the terms and conditions – all is well!
Apply for a Drafty line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use an overdraft for?
Often people add overdrafts to their current account to help with those unexpected costs we all encounter. For example, if your car needs a new part, an overdraft will help ease the financial pressure.
A Drafty line of credit works in a similar way, but without the added problems. You can use our quick and easy service the same way you’d use an overdraft, so you get quick financial relief safely and securely.
How do I apply for Drafty, an overdraft alternative?
- Apply – We just need a few personal details from you – nothing too advanced
- Get a credit limit – You’ll be given a credit limit of up to £3,000 if you pass our checks. 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 and there’s no charge for repaying early. It’s as easy as pie to pay on our app
- Fast Cash transfer – Use Drafty whenever you need to. We’ll send the money to your bank in under 90 seconds, once approved
Disadvantages of overdrafts
There are a few reasons we believe a Drafty line of credit is better than anything an overdraft can offer:
High overdraft fees - If you’re looking for an overdraft, you might find banks bump up the fees.
Borrowing cycle – High overdraft fees equal repayments that could quickly mount up and affect your financial stability in the long term.
Benefits of overdrafts for people with bad credit
There aren’t many advantages to discuss, as needing a financial top-up isn’t always a choice. However, overdrafts can be simple to organise with the right bank.
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
Then we just need your details, we can check your affordability and then agree a credit limit with you, if you pass. From here, cash will be sent to your bank in 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
Don’t be disheartened if your credit line 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 there are no issues on your file, your circumstances change for the better or your score goes up, feel free to apply 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#
Overdraft FAQs
Do overdraft fees hurt your credit score?
If your overdraft fees mount up and you struggle to pay them back each month – you could be seen as financially irresponsible in the eyes of a lender. However, if you keep up with your overdraft fee payments, this might actually improve your credit score – just like it would with Drafty.
How can I avoid overdraft fees?
Sadly, there aren’t many ways to avoid overdraft fees. The only advice we would give is:
- Keep up with your monthly payments
- Watch your account regularly
- Transfer money quickly where possible to avoid overdraft fees
Here at Drafty, there’s no charge for the money you don’t use – giving you ultimate peace of mind and more control over your finances than an overdraft on a daily and monthly basis.
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.