Pricing - How much does a line of credit cost?
The simple version: Drafty costs £5.70 to borrow £100 for 30 days.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
How much it costs
Your Drafty line of credit costs just 0.19% (variable) per day. This means that how much you’ll need to repay in interest is just 19p per £100 per day.
You'll need to make minimum monthly repayments. These go towards your interest and the amount you've borrowed. The rest of your payment reschedule is up to you.
Just remember the longer you borrow for, the more interest you'll pay. And the shorter you borrow for, the cheaper Drafty is!
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Here’s how much it would cost to borrow £100, assuming you make your minimum monthly repayments:
| £100 for | ||
| 1 day | £0.19 | |
| 1 week | £1.33 | |
| 1 month | £5.70 | |
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Making repayments
Your minimum monthly repayment is based on the amount of credit you've used. You can view your minimum monthly payments in the account section. Your monthly statement will show what your exact minimum monthly payment will be (but you can repay more at any point - you'll save on interest if you do). Complete details on your minimum payments
Late repayments
We understand that, every now and then, things can go a little wrong and repayments can be missed. While we discourage late payments, we won’t punish you for them either. So we don’t charge late fees.
As with any other type of credit though, we will need to record any missed or late repayments on your credit file though, which may affect your credit score. It’ll also be something we look at when it comes to reviewing your credit limit.
So if you miss one, it’s not the end of the world, and we won’t make a big deal about it. But if you keep missing them, it may affect your credit-worthiness.
Repay online
The easiest way to make repayments at any time is to download the Drafty app. It’s free to use, and it’s a convenient way to check the status of your credit line, how much you’ve borrowed, and when your next minimum payments are due. It’ll also show you if there are any changes to your credit limit.
You can also easily make repayments on the app as well, using your debit card.
You can also make repayments with online banking.
Ready to get Drafty?
Access up to £3,000 today.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Applying won't affect your credit score
(unless you actually take out a line of credit).
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.