Looking for short term loans?
A Drafty credit line may offer more
Need a short term loan? Here’s why Drafty is so awesome
Here at Drafty, we like to think of ourselves as the short term loan’s cooler brother. We could
offer you a line of credit that still gives you everything you want from a short-term personal
loan and more.
What does a Drafty line of credit offer you?
- Speed – We pride ourselves on offering a quick and easy product that trumps a short-term loan. Once you’ve been approved, you could get your cash to your bank in under 90 seconds without having to jump through hoops
- Borrow what you need – Interested in our short term loan alternative? You can apply for up to £3,000 and then use what you need from your approved credit limit
- Reuse – Want to know what really sets us apart? As it’s a line of credit, you can reuse Drafty whenever you need without having to reapply. Yes, it’s that easy
- No fees – The best bit? There are no fees. Yes, you heard correctly – no fees. What’s more, you only pay interest on what you use. If you don’t withdraw from your credit line, it doesn’t cost you a thing
to those that we think can afford it. We’re really proud of the fantastic service we offer to our
customers. But don’t just take our word for it. See why our customers rated us ‘Great’ on
Trustpilot.
To help you make an informed decision, check out our ‘Compare Loans’ page. Here we highlight
the benefits of our short-term loan alternative compared to some of our competitors.
For the full lowdown, discover more ‘About Drafty’.
Apply in minutes to see why a Drafty line of credit is better than the rest.
Representative 96.2% APR (variable)
What are short term loans?
Short term cash loans do what they say on the tin. You borrow money from a lender that you usually must pay off within a short period. The costs of a short term loan are often high and, you end up paying back the loan as well as the interest. You can usually apply for a short-term loan online – just like a Drafty line of credit.
What is a Drafty line of credit?
If you’re looking for a short term loan, try Drafty first. We might not offer traditional loans, but we can still help you get financial help when you need it.
We offer a credit line, it’s an alternative to an overdraft or a credit card, but at the same time different too. In simple terms, it’s access to a pot of cash that you can dip into when you need. What’s better, you can pay back extra anytime and save on interest!
If you don’t use the money from your credit line, you don’t pay anything. If you do use the funds, it’s much cheaper than going to high cost short-term loan lenders.
And if speed matters most, we’ll make sure to send the cash to your bank in under 90 seconds* (if you’re approved).
Getting Drafty, a short term loan alternative
Here at Drafty, we’ve made applying for our short term loan alternative as easy as possible.
Visit our ‘Apply’ page to get started. We’ll ask some simple questions like how much do you want to borrow, your employment details, monthly expenses – you know, the usual stuff!
From here, we’ll do a few simple financial checks – we never offer anyone our short term loan alternative unless we are confident they can pay it back. As soon as you pass our checks, we’ll provide you with your credit line terms and conditions and then you’re good to go!
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a short term loan for?
Short term loans are typically used for unexpected, temporary or one-off expenses. For example, if you need to cover an emergency cost, like your boiler breaking down, a short term loan could help you pay for repairs quickly if you don’t have enough to do so.
Lucky for you, a Drafty line of credit works in a similar way – but without any added complications. You can use our quick and easy service the same way you’d use a short term loan. So, you can get immediate financial relief safely and securely.
Why Drafty
How do I apply for Drafty, a short term loan alternative?
We’ve made applying for a Drafty line of credit as easy as possible, so you can get back on track before you know it. You could get Drafty, a short term loan alternative in just four easy steps:
- Apply – We just need a few personal details to help us understand who you are
- 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. What’s more, there’s no charge for repaying extra and we make it easy to do so 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*
Are there any problems with short term loans?
It’s important to recognise the challenges of a short term cash loan to ensure you don’t get yourself into a difficult situation.
There are risks to be aware of when applying for a short-term loan for bad credit in particular.
- High interest rates – Often, short term loans from direct lenders will have high interest rates compared to long-term cash loans
- Late fees – If something out of your control means that you can’t stick to tight repayment terms, you could soon find costs increasing as fees are added on top of your borrowing
- Borrowing cycle – The high interest rates and tight timescale of a short term personal loan can result in people needing more cash again. This could become a borrowing cycle that is hard to escape from
Do short term loans have some advantages?
Short term loans can certainly help people cover emergency costs when they crop up. From the
outset, you will know an exact date to repay and an exact amount that you will have to pay – in
most cases the payment is even made automatically.
As short-term loans generally cover smaller amounts of cash, there can be fewer hoops to jump
through. You often don’t need a guarantor or other form of security.
That being said, you can manage your money just as closely with a Drafty line of credit and we
won’t make you sign anything away when you apply either!
Am I eligible to apply for a Drafty line of credit?
You can apply with us if you are:
- Aged 18 or over and employed
- Earning at least 1,250 a month
- A UK resident with an active bank account and debit card
We'll then do some checks into whether you can afford it and tick off a few things from your
credit file. Believe it or not, that usually only takes seconds.
Once you're accepted, we'll agree on a credit limit and send cash to your bank in under 90 seconds.
If you match our criteria – apply now.
Representative 96.2% APR (variable)
What if my application gets rejected?
Your application could be rejected for several reasons, and we’re unable to pass on these
details to our customer service team. However, if you applied for our short term loan
alternative online, we’ll provide you with the name of the credit reference agency used by
email.
You can then check your credit file with them and see if anything can be improved. We won’t
hold anything against you if you are rejected once and you may be approved if you apply again
in the future if things change.
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#
Short term loans FAQs
When you’re looking for financial help, there’s a lot of information to take in. If you’ve been looking at taking out a short-term cash loan, we’ve looked to help you by answering some common queries here.
Are short term loans more expensive?
In terms of the monthly cost, short term loans can often be more expensive than longer term
loans. Depending on how long the loan is repaid for, longer term loans can sometimes be more
expensive overall, but with lower monthly repayments. One thing to remember is that, with
short term loans, you’re repaying the amount owed more quickly.
How long are short term loans for?
There’s no fixed amount of time for a short term loan. It’s a name that can be used for everything from payday loans to instalment loans up to a year. Usually if it’s paid back in a small number of months or weeks, it’s probably a short-term loan.
How do I apply for short term loans?
You typically apply for a short term loan online, usually by filling in an application form with your personal, bank and employment information. There are some high-street stores where you might also be able to apply in person.
Can I get a short term loan with bad credit?
Many lenders will consider you even if you have a less-than-perfect credit score. However, there’s a chance they could increase your interest rates as a result, making things even more expensive. With Drafty, your interest rate is fixed so you can see exactly what you’re paying from the outset, regardless of some number attached to your name.
How Drafty Works
Are you looking for a short term loan online because you want something that’s fast and easy to apply for?
Then we think you’ll love Drafty. Check out how straightforward it is:
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.