Personal Loans
Getting a credit line might be better for you.
Looking for a personal loan? Try Drafty
Looking for a personal loan to boost your finances? Well, lucky for you, Drafty offers something even better (well, in our humble opinion, anyway!). If you’ve never heard of a credit line, you’re not on your own. So, allow us to delve deeper into 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 way to borrow, similar to a personal loan that we’re proud of. You could get cash into your bank in under 90 seconds if approved, so you can resume life as normal
- Borrow what you need – You can apply for up to £3,000 and borrow what you need from your approved credit line, keeping you in the driver's seat
- Reuse - Believe it or not, as we offer a line of credit, you can reuse your Drafty available credit line whenever you want without reapplying
- No fees – We saved the best until last: there are no fees. How good is that? What’s more, you only 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 people who we think can afford it.
We’re truly proud of the personalised service we offer to our customers. Don’t just take our word for it; browse our independent reviews and see why we’re rated ‘Great’ on Trustpilot.
To give you further insight, browse our Compare Loans page. Here, we highlight the benefits of our same-day personal 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 personal loan?
We can’t say for sure if you can get a personal loan, it all comes down to eligibility.
Often, personal loan direct lenders will scrutinise your financial history to ensure you can be relied upon to pay back the money.
For those with a bad credit score, things aren’t so straightforward. Taking out a personal loan with bad credit could result in sky-high interest rates and repayments you struggle to keep up with. This is where a Drafty line of credit comes in.
We value our customers and look beyond the numbers. We’ve no option but 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?
Excellent question!
If you’re looking for a personal loan alternative, give Drafty a try. We like to do things a little differently here, while still offering the financial boost you need.
We offer a credit line. Simply put, it’s an alternative to an overdraft or a credit card but, in our opinion, the superior choice. It’s almost like gaining access to a pot of cash you can borrow from 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 cheaper than going to a personal loan direct lender.
No one likes a long wait, so we aim to send the cash to your bank in under 90 seconds if you’re approved.
Getting Drafty a personal loan alternative
Let’s get down to business. A Drafty line of credit uses an unintrusive and straightforward application process, unlike most online personal loans. Expect questions such as the amount you wish to borrow, your employment details and monthly income and expenses – nothing out of the ordinary!
As a responsible lender, we never offer anyone our personal loan alternative unless we’re certain they can pay it back, so you’ll have to pass our creditworthiness assessments and affordability 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 personal loan for?
You’d expect people to use online personal loans for unexpected, temporary or one-off financial outgoings. For example, if your car breaks down and you need some extra cash to help cover the costs, a same-day personal loan could bridge the gap.
A Drafty line of credit is similar in process but without added obstacles. You can use our quick and easy service the same way you’d use a short-term personal loan, so you can get immediate financial support safely and securely if eligible.
How do I apply for Drafty, a personal 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 personal loans
There are a few reasons why we believe that a Drafty line of credit is better than a personal loan:
High interest rates - If you have a low credit score, you'll likely have to pay higher interest rates. This is because a personal loan with bad credit is seen as more of a risk by lenders.
Borrowing cycle – As online personal loans for bad credit often have higher interest rates, the repayments can soon pile up. This could affect your financial stability in the long term.
Benefits of personal 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 same-day personal loans tend to be for shorter periods and are available quickly, as they’re usually online.
As long as you meet the repayments from a personal loan direct lender, it can improve your credit file. However, using a Drafty credit line responsibly offers the same benefits.
Am I eligible to apply for a Drafty line of credit?
We’ll soon find out! 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 provided the details we need, we’ll assess your creditworthiness and affordability and then agree to a credit limit with you if you pass. We'll then send the cash to your bank within 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
It’s not all over if your application gets rejected – and it may be down to a factor that’s easily solved.
While we can’t get the full details of your rejection, we’ll provide you with the name of the credit reference agency we used by email if you applied for our credit line online. You can then check your credit file.
If your file is error-free, your circumstances change for the better or your score goes up, nothing is 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#
Personal loan FAQs
Does a bad credit personal loan hurt your credit score?
Every poor credit personal loan lender works differently. Some allow you to get a personal loan with no guarantor, others don’t. The truth is, if you meet your repayments and adhere to the terms and conditions, your credit score won’t get hurt – which is the same with a Drafty credit line.
Is it hard to get an unsecured personal loan with bad credit?
Yet again, getting an unsecured bad credit personal loan from a direct lender all comes down to eligibility. We can’t tell you the ins and outs, but 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 personal 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. Some direct lenders of bad credit personal loans will look at your overall financial situation along with credit checks. Do you know who else looks beyond your credit score? Yes, of course you do – 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.