Application & Eligibility

A line of credit is a type of credit arrangement where a lender sets a maximum amount of money you can borrow – your credit limit. It works like a flexible pot of money you can access whenever you need to (up to the credit limit). You can withdraw funds as needed, like how you use a credit card, but without the card itself.

You only pay interest on the amount you borrow. You can choose to repay the borrowed amount in full or make partial payments each month. As you repay the borrowed amount, funds become available again. This allows you to borrow repeatedly, as long as you remain within your credit limit.

Credit lines provide flexibility and convenience. They allow you to access money whenever you need it without having to apply for a new loan each time.

Drafty makes it easy and quick to draw once you’ve been approved. Just log into your account or use our app, request the amount you want, and we’ll send you the cash in under 90 seconds*.

You can apply for a line of credit if you:
 

• Have a valid UK Debit card
• Have an active UK bank account
• Live in the UK
• Are over the age of 18
• In regular employment – full or part time
• Have a net monthly (after tax) income of at least £1,250

We'll then do some checks which include looking at your current finances, eligibility and credit history before we make any lending decisions. Affordability checks are also undertaken to work out what your credit limit should be.  

You can ask us for a credit limit for anything up to £3,000.

We’ll look at the information you give us and check other data sources to help us work out what the right credit limit is for you.

We can’t guarantee that you can borrow the amount you applied for. We might offer you a lower credit limit based on our assessment of your ability to repay.

We can't guarantee you'll be approved until we've looked at your application. We'll use the most up-to-date information about you to decide. We do this to make sure we don't give you a credit line that might be hard for you to pay back.

We know that it can be disappointing and frustrating when an application for credit is declined. We work hard to make sure we make the best lending decisions based on your personal circumstances. If the information we collected from you, along with other information we look at, tells us that you don’t meet our lending criteria, we won’t be able to give you a line of credit. 

Our credit assessment process is confidential, so we won’t be able to tell you about the basis of our decision, even if you ask us.

Things can change quickly, and we’d like to stay in touch. We may contact you again if we think we may be able to help. We can’t guarantee that we’ll be able to agree to any applications you make in the future of course, but we’ll look at each one carefully.  

Drafty makes it easy and quick to draw. Once approved, the loan will be sent to your bank in under 90 seconds in most cases. However, the time it takes for the cash to appear in your account may vary due to your bank's policies. If it's taking too long, check with your bank first. If they can't help, contact us online or through chat by logging into your account, and we'll check the transfer status for you.

Too many checks with different lenders over a short period of time can affect your credit score. This may reduce your ability to get credit in the future.

We check your credit file as part of the application process. However, it's not the only factor which we use to make our decision. If your application is accepted our check will be recorded on your credit file. Other companies who make a search on your credit file will be able to see that we made an enquiry, but they will not know what the outcome of it was.

If your application is unsuccessful, our enquiry will be recorded as a ‘soft search.’ This means that you will be able to see it, but other companies will not. It will not have any impact on your credit score, or any future applications you might make.