Payday Loans?
A credit line from Drafty might be better for you.
Looking for a payday loan? Try Drafty
Here at Drafty, we like to think of ourselves as payday loans’ fun uncle. We could offer a line of credit that gives you a quick access to funds which you’re seeking from a quick payday loan and more. If that’s not grabbed your attention, here’s what a Drafty line of credit could do for you.
- Speed - We’re proud to offer an efficient payday loan alternative. You could get cash sent to your bank in under 90 seconds, once approved, so your life can continue as normal
- Borrow what you need – You can apply for up to £3,000 and borrow what you need from your approved credit line
- Reuse - The icing on the cake? Our line of credit means you can reuse Drafty whenever you want without reapplying
- No fees – Boom! That's right; there are no fees. What’s more, you’ll only ever pay interest on what you use. No withdrawal equals no cost
So, if you’re looking for a payday loan from a direct lender but like the idea of more flexibility, give Drafty a try.
We’re very honoured to offer a personalised service to our customers. You can find out more about it by browsing the independent reviews that have earned us a ‘Great’ rating on Trustpilot.
Get to the good stuff and check out our loan comparison, which highlights the benefits our payday loan alternative has over some of our competitors.
We’ve made it easy to apply in minutes but, if you still need some convincing, it's easy to learn more about us.
Representative 96.2% APR (variable)
Can I get a payday loan?
Plenty of lenders are willing to offer payday loans; it just depends on whether you’re eligible.
However, taking out a payday loan with bad credit might result in high interest rates and large repayments, leaving you feeling out of control. Not only that, with a quick payday loan, you’ll be charged for what you borrow, not just what you use.
This is where a Drafty line of credit is a little different. We see the person behind the numbers - which is why we try to make the application process as painless as possible. We also only charge for what you use. So, if you don’t use all of your line of credit, you won’t be charged for all of it. Pretty simple we think.
What is a Drafty line of credit?
Excellent question!
We thrive on doing things differently to an instant payday loan. We can still offer the financial boost you’re looking for, but we've brought it back to basics.
In simple terms, we offer a credit line. It's an alternative to an overdraft or credit card but, in our opinion, the superior option.
Key takeaway: You’ll only ever pay interest on what you withdraw, so we won’t charge you if you don’t use your credit.
Plus, we aim to send the cash to your bank in under 90 seconds* if you’re approved, meaning you can borrow from us much quicker than you can from many payday loan companies.
Getting a Drafty payday loan alternative
We thrive on making your life smooth sailing.
Unlike a quick payday loan, a Drafty line of credit uses a simplified application process. We’ll ask for the usual details such as the amount you wish to borrow, your employment details and income and monthly expenses, but without any curveballs.
Next, we’ll conduct our financial checks - we never offer anyone our payday loan alternative unless we’re sure they can afford to pay it back. Once you’ve been accepted, next come the terms and conditions - then you're 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 payday loan for?
Fast payday loans are typically used for those unexpected costs that catch you off guard. For example, if your boiler gives up the ghost and you need some extra cash to cover the costs, a quick payday loan will help ease the financial pressure.
A Drafty line of credit works in a similar way - but without the added difficulties. You can use our quick and easy service in the same way that you’d use a payday loan. You can get rapid financial relief safely and securely. And if you encounter another emergency down the line, it’s easy to borrow again without reapplying – as long as your account is in tip-top shape.
How do I apply for Drafty, a payday loan alternative?
- Apply – We just need a few personal details to help us to get to know you better
- Get 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’ll need to repay a minimum amount every month, but there’s no charge for repaying early and it’s easy to do so on our app
- Fast cash transfer – Use Drafty whenever you need to. We’ll send the money to your bank in under 90 seconds
Disadvantages of instant payday loans
There are a few reasons why we believe a Drafty line of credit is better than an instant payday loan.
- High interest rates – If you’re looking for a quick payday loan, you might face higher interest rates as you’re borrowing over a short period
- Borrowing cycle – As payday loans for bad credit often have higher interest rates, your repayments might add up quickly and affect your financial stability in the long term
- The need to reapply – If you need to borrow again in the future, many fast payday loan companies will ask you to reapply. With Drafty, as long as you’ve kept up with your repayments, you can borrow more from your approved credit line without going through the application process again
Benefits of payday loans for people with bad credit
We know that needing a financial boost isn’t a choice, which is why there aren’t many advantages to discuss. However, as they say on the tin, quick payday loans tend to be for shorter amounts of time and be available fast, as they’re usually online.
Providing that you meet your repayments, taking out a payday loan could improve your credit file. Using a Drafty credit line responsibly will give you the same boost.
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
Once we’ve gathered your info, we can check your affordability and then agree to a credit limit with you if you pass. You'll then have fast access to your cash.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
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#
Payday loan FAQs
Are payday loans regulated?
Before taking out a payday loan in the UK, you should check to make sure the direct lender is authorised and regulated by the FCA. If they’re not, they can’t legally lend money.
What are the payday loan eligibility criteria?
The truth is that each payday loan direct lender works differently. There are many payday loan companies that offer a variation of the same product, and their eligibility criteria are likely to differ. Whether or not you’ll be approved will depend on your circumstances and credit checks.
What if my credit line application gets rejected?
If your application gets rejected, don’t worry; there could be a fix to this. We can’t tell you why your application got rejected but, we’re happy to provide you with the name of the credit reference agency by email if you want to check your file.
If your circumstances change for the better or your score goes up, there’s nothing stopping you from applying again in the future.
Can you get payday loans with a low APR?
As quick payday loans are designed to be short-term options, the APR (annual percentage rate) tends to be higher on these than on other, longer-term borrowing options. This is because APR is calculated on an annual basis. However, it would be rare for someone to use a payday loan over the space of a year or more.
How much can I borrow with a payday loan?
This will depend on the payday loan direct lender and your circumstances, but the limit typically ranges from £250 - £2,000. Drafty’s line of credit could let you borrow from £50 to £3,000 and allow you to use as much or as little as you need.
As you’ll only pay for what you use, it’s a more flexible, and often cheaper, way of getting a cash boost. Whether you need £50 for an unexpected bill or a £2,000 loan for an emergency repair, Drafty could help.
Can I choose my borrowing term for same-day payday loans?
With a fast payday loan, you’d traditionally be expected to pay it back within around three months, as these types of loans were not designed for long-term borrowing.
But we think you should be in control. With our alternative line of credit, there’s no maximum fixed term for paying back what you borrow. As long as you make your minimum repayments each month, the rest of your payment schedule is in your hands.
Can you get a payday loan with bad credit and no guarantor?
Yet again, each payday loan company works differently. Some lenders allow you to get a payday loan with no guarantor, others don’t.
Here at Drafty, we make life as simple as we can. You don’t need a guarantor to apply for our line of credit and we’ll look at the person behind the credit score – it’s just what we do.
What credit score do I need for a payday loan?
Looking for a payday loan for very bad credit isn't easy. A poor credit history may make it harder for you to borrow money. Some lenders will look at more than just your credit checks when assessing your payday loan eligibility, though. Do you know who else does that? Yep, you guessed it - we do!
Do payday loans come with fees?
Some payday loan companies might charge you fees on top of interest rates, such as late repayment or default fees. It’s always a good idea to check with your provider if there are any hidden charges before taking out an instant payday loan. Drafty, on the other hand, will never charge any fees. None whatsoever.
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.