Looking for same day loans?
Find out why a credit line might be better
What makes a Drafty line of credit so awesome?
Even though a Drafty line of credit isn’t quite the same as a same day loan, you’ll still get everything you wanted and more. So, what does a Drafty credit line have to offer?
- Speed – You could get access to your cash in under 90 seconds, once approved thanks to our quick and easy same day loan alternative. You can get your money without having to jump through hoops, leaving the work to us
- Borrowing what you need – Apply for up to £3,000 and withdraw what you need up to your approved credit limit, when you need it. Our same day loan alternative gives you the freedom to use your approved credit limit however you like
- Flexibility – Once you’ve used Drafty, you’re welcome to withdraw up to your agreed limit again.. It’s that easy – and you won’t need to reapply
- No fees – You’ve heard right – there are no fees for applying with us for a line of credit. Offering a simpler alternative to same day loans is what we do
We’re honest about what we do. We’re fully regulated by the Financial Conduct Authority (FCA). We make sure we only give our line of credit to those who can afford it.
We’re proud of our customer service, so see for yourself why we’re so highly rated on Trustpilot.
If you’re still not convinced, why not compare our loans on our dedicated page? We go into more detail there on why we’re the right choice for an alternative to the same day personal loans offered by some of our competitors.
We know you might still want to learn more about Drafty before you come to a decision. If it all seems too good to be true, we’ll clear everything up for you.
Apply now and find out why a Drafty line of credit could be the perfect alternative to same day short term loans.
Representative 96.2% APR (variable)
What are same day loans?
Same day loans are loans that give you the cash you need on the day that you apply for them. They’re usually designed for short-term use, since they’re also usually more expensive than most longer term loans.
If you’re wondering why same day loans are usually more expensive, it’s for a mixture of reasons. Partly, you’re paying for the convenience (a bit like how a taxi usually costs more than a bus), but also because they’re usually aimed at people with less-than-perfect credit, who are more of a risk. This means, unfortunately, the best rates often aren’t available.
That’s partly why we launched Drafty in the first place. We believe that credit should be available at reasonable prices, even if your score and history is less than ideal. So we made Drafty as easy as possible. We’re not going to guarantee acceptance (if we could, we would), but you could find out if we’ll accept your application within minutes. We’ll check your identity, your ability to repay (so we know you can afford it) and a few other things.
What is a Drafty line of credit?
If you’re looking for a same day loan, try Drafty first. We don’t offer loans in the traditional sense, but we can help you solve the same problem. We offer a credit line, which is an alternative to an overdraft or a credit card, but also a bit different from both. Basically, it’s access to a pot of cash that you can use and pay back as much as you need.
If you don’t use the funds on your credit line, you don’t pay anything. If you do use the funds, they’re much cheaper than a quick same day loan. They’re also cheaper than using most unarranged overdrafts. They’re even cheaper than some arranged overdrafts.
If all that’s not enough, we’ll also send the cash to your bank in under 90 seconds* if you’re approved.
Getting a same day cash loan alternative with Drafty
Applying for a same day loan can be long and painful. But it’s a different story with Drafty. We’ve made the process quick and simple, so you can get your money swiftly and we’ll gain another satisfied customer. Everyone’s happy!
We’ll ask for a few basic details such as the amount you’d like to borrow, your name, address and employment information as well as your monthly expenses.
Then we’ll see if you pass our financial checks, because we’d never offer credit to someone who couldn’t afford to pay it back. If you’re approved, you’ll have your money in next to no time and will be good to go!
What can you use a Drafty credit line for?
Much like a same day cash loan, a Drafty credit line gives you the money you need quickly. Once you’re approved we’ll send the cash to your bank within 90 seconds! We believe credit should be available at reasonable prices, even if your own credit score isn’t perfect.
If your application is accepted – and you’ll find that out within minutes – you’ll have access to a pot of up to £3,000, and you’ll be able to take out however much you need, when you need it.
Struggling to cover expenses up to payday, or looking for a helping hand on an important occasion? We’ve got you covered with our same day loan alternative.
How much do you want to borrow?
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do you apply for a line of credit from Drafty?
We don’t want to make anything complicated – especially since we know how crushing money worries can be. That’s why we aim to keep the application process for our same day loan alternative fast and simple.
We’ll only ask you to give us a little bit of information about yourself (you know, the important stuff), and we’ll sort the rest. Here’s four steps to using a Drafty credit line:
How much do same day loans cost?
The overall cost of a quick same day loan will depend on a number of factors, such as the amount you borrow, the length of time it takes to pay back and your lender’s interest rates. That means it’s hard for us to provide a straight answer, which we don’t like, because we prefer to keep things simple.
We understand that speed is important for same day loans, as you may be trying to deal with an emergency. But we don’t think you should be charged a premium for it. So we’re offering something different but just as quick!
Our interest is charged at 0.19% (variable) a day, so borrowing £100 will cost around £5.7 a month. If you don’t use it, it doesn’t cost you anything. And there are no fees. Zero. Zip. Diddly squat.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
What are the disadvantages of a same day loan?
We think there’s a few reasons why a Drafty line of credit might be a better short-term financial solution than a same day cash loan. Even though you can borrow and repay money pretty quickly, it’s important to be familiar with a few things that could catch you out.
If you’re thinking of applying for a quick loan for bad credit, there’s a few potential risks to bear in mind.
- Higher interest rates – Same day loans from direct lenders often have higher interest rates than long-term cash loans or alternative solutions like a Drafty line of credit
- Borrowing cycle – Higher interest rates and tight repayment schedules on same day loans in the UK often result in the need for more cash – just to pay it back. This could create a borrowing cycle with a negative effect on your finances
What are the advantages of a same day loan?
Don’t get us wrong – same day loans do have benefits. You can borrow cash quickly, and you can repay it pretty quickly too. If they are high-cost short term loans, they have also become less expensive in many cases since becoming more regulated in 2014.
So, if you need a quick solution for emergency cash, same day loans can be pretty good. We’re just saying we think we’re better.
Am I eligible to apply for a Drafty credit line?
You can apply for Drafty, the alternative to a same day loan, if you’re:
- Over 18 years old, and in full-time or part-time employment
- Getting paid at least £1,250 per month
- A resident in the UK with your own bank account and debit card
After you’ve met the basic criteria, we’ll do some quick checks to make sure you can afford any repayments. If you think you’re a good match, you can apply now.
Representative 96.2% APR (variable).
What if my application gets rejected?
There’s a chance your application for a Drafty credit line could get rejected. However, if you applied for our same day loan alternative online, we could send you the name of the credit reference agency in an email. You’d then be able to check your credit file with the agency.
Even if you’ve been turned down, it doesn’t mean we’ll never accept you. If you know how to fix the issue, you’re more than welcome 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#
Same day loans FAQs
There’s a lot to think about if you’re weighing up whether to apply for a same day cash loan. We want to help you as much as we can, so we’ve put together a few frequently asked questions.
Do you need a guarantor for a same day loans?
A lot of lenders don't require a guarantor for same day loans. While Drafty doesn't provide loans (we provide line of credit), we don't require guarantors either.
Can you get same day loans online?
You'll find a lot of same day lenders by looking online, although it's worth checking how quick they are. Drafty can transfer cash to your bank in under 90 seconds, if approved.
Can you get a same day loan with bad credit?
The term 'same day loans' tends to refer to high-cost short-term credit, which is usually aimed at people with less-than-perfect credit scores.
Getting a same day loan with bad credit can be tough, but it may be more likely than being offered, say, an overdraft or a credit card with a much lower interest rate. Basically, if you’re not seen as a good risk, you’re less likely to be offered the best rates.
But… bad credit may not be the whole story. Lenders know this, which is why they may be willing to lend to you. You’ll usually pay a higher rate as a result, but most lenders won’t offer you the money if they don’t think you can pay it back.
We don’t think having to pay a high rate is always fair. So we put together Drafty at a much lower rate than most same day loans
How much can you borrow in same day loans?
How much you can borrow with same day loans varies. It depends on how much the lender offers, how long it’s for, and how much they’re willing to lend to you based on your credit history and application info.
So while we don’t have an easy answer to that one, we do know how much we offer. With Drafty, you could be approved for up to £3,000, subject to affordability checks. You may not be offered the entire amount, but we do check your limits and can sometimes increase them.
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.