Pay-Monthly Loans?
Getting a credit line might just give you more than credit.
Looking for a pay-monthly loan? Try Drafty
Searching for a pay-monthly loan to boost your cash flow this year? You could be eligible for a superior alternative (well, in our humble opinion, anyway!). Instead of taking out a pay-monthly loan, consider a Drafty credit line. If you’ve never heard of a credit line, then let us tell you why we’re the best in the business.
Here’s what a Drafty line of credit offers you.
- Speed - We offer a quick and easy pay-monthly loan alternative of which we’re proud. You could get cash into your bank in under 90 seconds, if approved, so life can get back to normal ASAP
- Borrow what you need – You can apply for up to £3,000 and withdraw what you need from your approved credit line, giving you ultimate control
- Reuse - As we offer a line of credit, you can reuse Drafty whenever you want without reapplying. Yes, it’s true!
- No fees – The cherry on top? There are no fees. How good is that? What’s more, you only pay interest on what you use along with principal of course. 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 people who we think can afford it.
We’re immensely proud of the personalised service that we offer to our customers. Don’t just take our word for it; take a look at our independent reviews and see why we’re rated ‘Great’ on Trustpilot.
To help you to make an informed choice, browse our Compare Loans page. Here, we highlight the benefits of our pay-monthly loan alternative compared to some of our competitors. For extra information, discover more about Drafty.
Apply in minutes to see why our line of credit could suit you better than the rest.
Representative 96.2% APR (variable)
Can I get a pay-monthly loan?
The chances are that you can get a pay-monthly loan, but it all comes down to eligibility.
Often, pay-monthly loan direct lenders will leave no stone unturned when they look into your financial history to ensure that you can be relied upon to pay back the money.
For people with a bad credit score, things could be more complicated as taking out a pay-monthly loan with bad credit could result in sky-high interest rates and repayments with which you struggle to keep up. This is where a Drafty line of credit comes in.
We value our customers and look beyond the numbers. Yes, we have to take the expected details (we wouldn’t be a responsible lender if we didn’t), but we aim to make the process as simple as possible.
What is a Drafty line of credit?
Good question!
If you’re looking for a monthly payment loan, give Drafty a try. We do things differently from your average monthly loan, while still offering the financial boost that you need.
We offer a credit line. It’s a bit like a credit card but, in our opinion, much better. To break it down, it’s access to a pot of cash from which you can borrow and pay back as much as you’d like – as long as it meets the minimum repayment amount.
You don’t have to use the funds on your credit line and doing so won’t cost you a thing. If you do use the funds, it can be much cheaper than going to a pay-monthly loan direct lender.
Time is of the essence, so we aim to send the cash to your bank in under 90 seconds if you’re approved.
Getting Drafty, a monthly loan alternative
Now for the nitty-gritty. Unlike most online loans with monthly payments, a Drafty line of credit uses an unintrusive and straightforward application process. Expect us to ask all the expected questions such as the amount that you wish to borrow, your employment details and monthly expenses – nothing out of the ordinary!
We never offer anyone our monthly-payment loan alternative unless we’re certain that they can pay it back, so you’ll have to pass our financial checks. Once you pass, we’ll provide you with your credit line terms and conditions and you’ll be good to go!
Apply for a Drafty line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a monthly loan for?
Monthly loans are normally used for unexpected, temporary or one-off financial outgoings. For example, if your boiler breaks down and you need some extra cash to help you to cover the costs, a pay-monthly loan will help you to bridge the gap.
A Drafty line of credit is similar in process but without extra complications. You can use our quick and easy service the same way in which you’d use a monthly loan, so you can get immediate financial support safely and securely.
How do I apply for Drafty, a monthly loan alternative?
- Apply – We just need a few personal details to help us along
- 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. Want to repay early? That’s fine! We don’t charge and it’s easy to make payments on our app
- Fast Cash transfer – Use Drafty whenever you need to, and we’ll send the money to your bank in under 90 seconds, if approved
Disadvantages of pay-monthly loans
There are a few reasons why we believe that a Drafty line of credit is better than a monthly-payment loan:
High interest rates - If you’re looking to borrow money and pay back monthly, you may well have a low credit score. Consequently, you could pay higher interest rates when you take out a pay-monthly loan with bad credit, as lenders see you as more of a risk.
Borrowing cycle – As monthly loans for bad credit often have higher interest rates, the repayments can soon pile up. This could really affect your financial stability in the long term.
Benefits of monthly loans for people with bad credit
There aren’t many advantages to discuss as people don’t choose to be in situations in which they need a financial top-up. However, most monthly-payment loans tend to be for shorter periods of time and available quickly, as they’re usually online.
As long as you meet the repayments from a monthly loan lender, it can actually improve your credit file. However, using a Drafty credit line responsibly will give you those same brownie points from lenders in the future.
Am I eligible to apply for a Drafty line of credit?
Let’s take a look! 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 everything we need, we’ll assess your affordability and then agree a credit limit with you if you pass. You will then have rapid access to your cash.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
It’s not the end of the world if your application gets rejected – and it may be down to a factor that you can improve as quickly as a snap of the fingers.
While we can’t get the details of your application rejection, if you applied for our credit line 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 error-free, 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#
Pay monthly loan FAQs
Does a pay monthly loan hurt your credit?
Each monthly loan lender for bad credit works differently. Some lenders allow you to get a pay-monthly loan with no guarantor, others don’t. Truth is, if you meet your repayments and adhere to the terms on conditions, your credit score won’t get hurt – which is the same with a Drafty credit line.
Is it hard to get a pay-monthly loan with poor credit?
The truth is that each monthly loan lender works differently and it all rides on your eligibility. However, we can tell you that Drafty aims to make the application process easy. We avoid intrusive questions and get straight to the point.
What credit score do I need for a pay-monthly loan?
There is no right or wrong answer here. It’s fair to say that 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. Do you know who else looks beyond your credit score? Yes, of course – it’s us!
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.