Small loans?
A credit line might be better for you.
Looking for a small loan? Try Drafty
Looking to top up your cash flow with a small loan? Well, hold your horses! Come on over to Drafty instead, because we believe we offer something better.
As an alternative to a small loan, consider a Drafty credit line. Never heard of a credit line? Don’t worry – let us explain why we’re the best of the best.
Here’s what a Drafty line of credit offers you.
- Speed - We offer a fast and easy small loan alternative. You could get cash into your bank in under 90 seconds if approved. No need for the tedious wait
- Borrow what you need – You can apply for up to £3,000 and withdraw what you need from your approved credit line. Unlike a small loan, you’re in control of your own finances
- Reuse - Because we offer a line of credit, you can reuse Drafty available credit line whenever you want without reapplying. Yes, it really is that simple
- No fees – We’ve saved the best until last: there are no fees. Yes, you heard correctly. 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 never offer our credit line to people if we think it’ll make their financial situation worse.
We’re very proud of the personalised service we offer to our customers. Look at our reviews and see why we’re rated ‘Great’ on Trustpilot.
Stop right there – check out our loan comparison page. It shows the advantages of our small loan alternative compared to what our competitors offer, helping you make an educated decision. For more information, 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)
How can I get a small loan?
Plenty of lenders will offer you a small loan if you meet their eligibility requirements.
Taking out a small loan with bad credit could result in extortionate interest rates and repayments that stack up fast. This is where a Drafty line of credit comes in.
We look beyond the numbers to the person behind the application. As a responsible lender, we use the relevant information to make our decision, but we try to make the process as easy as possible.
What is a Drafty line of credit?
Looking for something to boost your finances and credit score? Give Drafty a try instead of a small loan. We do things differently here; we’re more like a credit card than a loan, so you feel much more in control of your finances.
However, it’s worth noting some key differences. You don’t have to use the funds on your credit line and you only pay interest on what you withdraw. If you do use the funds, it’s far cheaper than getting a small loan or a form of overdraft, in many cases.
To top it off, we aim to send the cash to your bank in under 90 seconds, if you’re approved.
Getting Drafty, a small loan alternative
We’re making your life easy by simplifying the application process for our small loan alternative.
If approved, it’s there at your disposal. We just ask that you make minimum payments at regular stages, but how much you pay back is up to you. If you can afford to pay more than the minimum, you’ll save a bit on interest, too. Even better, there are no subscription fees and no late fees involved.
The Drafty approach is simple. We look at your current financial status and check your credit history. We know that you’re so much more than just that number, so bear in mind that it only forms a part of our decision. If we’re happy that you'll be able to afford it, you could get your hands on some extra cash sharpish.
So, if that sounds good, you can apply now.
Apply for a Drafty line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a small loan for?
Small loans are typically used for those temporary or one-off financial outgoings you don’t see coming. For example, if a home appliance gives up the ghost and you desperately need a new one, a small loan tends to be an option to ease the financial pressure.
A Drafty line of credit works in a similar way, but without the added complications. We don’t need to know why you need the money, so you can use our fast and easy service the same way you’d use a small loan – without the invasive questions.
How do I apply for Drafty, a small loan alternative?
- Apply – We just need a few personal details to get the application process started. Representative 96.2% APR (variable)
- 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? Not a problem! 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 small loans
Here are the main reasons we believe a Drafty line of credit is better than a small loan:
High interest rates - If you’re looking for a quick small loan, lenders might jack up the interest rates as you’re borrowing over a short period.
Borrowing cycle – As small loans for bad credit often have higher interest rates, the repayments can stack up fast. This could really affect your financial stability and credit score in the long term.
Benefits of small loans for people with bad credit
There aren’t many advantages of a small loan for people with bad credit, as most small loans are for shorter amounts of time and available quickly in a pinch.
However, if you meet your repayments, taking out a small personal loan could actually improve your credit file. Using a Drafty credit line responsibly can have the same effect but with greater financial control.
Am I eligible to apply for a Drafty line of credit?
Let’s take a closer 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 provided your information, we can check your affordability and agree a credit limit with you, if you pass. You will then have near-instant access to your cash.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
Don’t worry if your application gets rejected – it may be a quick fix.
Unfortunately, it’s not possible to tell you why your application got rejected, but if you applied online, we'll provide you with the name of the credit reference agency we used. You can then check your file for any issues.
If your file is clear, your circumstances change for the better or your score goes up, no need to hold back 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#
Small loan FAQs
What credit score do I need for a small short-term loan?
There is no hard and fast rule for small loans for bad credit. Those with a poor credit history may find it more difficult to borrow money than people with better credit scores. Some small loan direct lenders will also look at your overall financial situation along with conducting credit checks. Do you know who else looks beyond your credit score? That's right – we do!
Is it hard to get a small short-term loan?
The truth is that each small loan direct lender works differently. However, we can tell you that Drafty aims to make the application process easy by avoiding intrusive questions and getting straight to the point. Our in-house algorithm considers many factors, and we base our decision on your individual circumstances so that you can repay your line of credit comfortably.
Can you get a small loan with bad credit and no guarantor?
As we’ve said, each online small loan lender works differently. Some lenders insist you have a guarantor to ensure the loan will be repaid, 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.
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.