Looking for Peachy Loans?
Drafty is a cheaper, and more flexible alternative to Peachy loans.
Who Were Peachy Loans?
Peachy Loans, a trading name of Cash On Go Ltd, was a direct lender in the UK. They used to offer payday loans and short term loans, with loan amounts ranging from £100 to £1,000. If you were successful with your application, you could repay between a 1 to 12 month period.
If you wanted to repay your loan early, they allowed you to do so without charging anything extra. However, they charged a late payment fee of £15.
In March 2020, Peachy Loans went into administration and stopped lending. They followed in the footsteps of payday lenders like Wonga and QuickQuid, which collapsed after a spike in customer complaints.
If you are looking for Peachy Loans now, you may find a loan broker with the same name. They relaunched their website in 2022 and operate as a trading name of Maxed Up Media Ltd.
If you are looking for an alternative to a Peachy payday loan, why not try Drafty? We’re a little more flexible than your standard loan. Drafty offers a line of credit of up to £3000. We offer quick applications, and if you’re approved, we’ll send the cash to your bank in 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Why Drafty Could Be a Better Alternative?
Unlike the payday loans offered by Peachy Loans, Drafty offers a credit line with a limit of up to £3,000. Here is why you can consider Drafty as an alternative to Peachy Loans:
- Speed - You'll get a fast decision. And if approved, we’ll send the cash to your bank in under 90 seconds
- Borrow what you need – Apply for up to £3000 and withdraw up to your approved credit limit when needed
- Reuse - Once you’ve used Drafty, you can withdraw up to your agreed limit again. No need to reapply
- No fees – We don't charge any extra fees. Also, you only pay interest on what you use. It doesn't cost you a penny if you don’t use any of your credit
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378. We only offer our credit line to those we think can afford it.
At Drafty, we’re proud of our customer service. See why we’re rated great on Trustpilot.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Has Peachy Loans Gone into Administration?
Yes, Peachy Loans went into administration in March 2020. This means that they had to stop lending. Peachy could not handle the increasing customer complaints, so they stopped lending and no longer offer loans. Before the administration, Peachy was owned by Cash on Go Ltd.
In 2022, Peachy relaunched its services as a credit broker as a trading name of Maxed Up Media Ltd.
If you want to borrow money and are looking for a Peachy loan alternative, try Drafty. Instead of traditional loans (like personal loans, instalment loans), we offer a personal line of credit with a maximum limit of £3,000.
Once you’re approved, you can withdraw up to your agreed limit again. Plus, you will only pay interest on the money you use.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Is Peachy Loans Refunding Customers?
Peachy went into administration in March 2020, and the deadline has passed for submitting a claim against them. The deadline was 29 July 2021 to submit a claim to the administrators. Unfortunately, you can’t claim a refund now as the date has passed.
Does Drafty offer loans Like Peachy Loans?
No, Drafty is different. We offer a line of credit. As long as you pay the monthly minimum payment (which covers your interest and amount of credit used), you can choose to repay early with no early repayment charges.
A short term loan (like a payday loan) or a long term loan (like a mortgage), is done once you’ve paid it back. Whereas with Drafty, as long as you are up to date with your payments and your account is in good standing, you can borrow up to your credit limit as often as you want.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty different from (or better than) Peachy Loans?
| Drafty | Peachy Loans |
| Drafty is an FCA-authorised direct lender which is still lending. | Peachy Loans was also an FCA-authorised direct lender. Peachy closed its lending services and went into administration after many customers' affordability complaints. However, in 2022, they relaunched their services as a credit broker. |
| Drafty provides a revolving line of credit up to £3,000. We'll make a near-instant decision, and if you're approved, we will send the cash to your bank in 90 seconds. | Peachy Loans used to offer only up to £1,000. |
| Drafty's line of credit has a representative APR of 96.2% (variable). | Peachy’s representative APR was 855.85%. |
| We aim to give you a near-instant decision on your credit line application. | They are no longer processing loan applications as they are not lending anymore as a direct lender. |
How can I check the eligibility criteria for Drafty, a Peachy Loans alternative?
You can apply online for a line of credit with Drafty if you are:
- Aged 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active UK bank account and debit card
After you’ve provided the required details, we’ll do some credit and affordability checks. If approved, we'll agree on a credit limit and send the cash to your bank within 90 seconds. You can even consider us as an alternative to loans for bad credit as we might consider you for our line of credit even if you have a bad credit rating.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I apply online with Drafty?
Here's how you can apply:
- Apply - Visit our website and click on the apply now button. Fill out our online application form by entering a few personal details to help us understand who you are.
- Get a credit limit - If approved, you’ll be given a credit limit of up to £3,000. You can use it as you require, paying interest only on what you use.
- Flexible payments - You’ll need to repay a minimum amount every month. Want to repay early? That’s fine with us! We don’t charge anything extra. Also, it’s easy to make payments through our app.
- Fast cash transfer - Use Drafty whenever you need to, and we’ll send the money to your bank in under 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
FAQs - Peachy Loans
Is Peachy Loans a direct lender?
Peachy Loans was a direct lender from 2010 to 2020. In 2020, they stopped lending. In 2022, Peachy relaunched its website as a credit broker rather than a direct lender.Is Peachy Loan legitimate?
Yes. Peachy Loans was a legitimate direct lender in the UK. However, it went into administration after many customers' affordability complaints.What happened to Peachy Loans?
Peachy Loans, a former direct lender offering small loans (£100-£1,000), stopped lending in March 2020. Since they are no longer direct lenders, borrowers who wish to borrow money from a direct and responsible lender should consider alternatives.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.