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, but you need to pay the minimum monthly repayment. As you repay the borrowed amount, funds become available again.
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 if 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:
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 of a maximum of £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. If approved, the line of credit 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.
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.
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.
At Drafty flex, we give a minimum of £200 in Line of Credit but, a user can withdraw as low as £50 for the first time, and £100 as minimum going forward.
We regularly review your affordability and account management. IWe may offer you an increase to your line of credit (up to a maximum of £5,000 for existing customers).
If we can increase your line of credit, we’ll let you know by email, SMS and through our app. You can accept the change at any time during the following 30 days. If you don’t, your limit won’t be changed.
We won’t be able to update your credit limit on request if you contact us and ask us to increase it.
If you want to check how much of your line of credit you’ve used just log into your account. You can do this via our app or on the website and click on Sign in.
To give an example, if you have a credit limit of £800, and you’ve already drawn £200, you still have £600 available.
Remember, you only pay interest on the money that you borrow, so you won’t be charged for having money available that you haven’t used.
From time to time, we may have to make the decision to stop you using your line of credit. When we do this, we generally tell you why we’ve made the decision and what you need to do about it.
Here are some of the reasons why we may need to suspend your account:
If you’d like more information about what to do next, log into your account and chat to us, email us at info@drafty.co.uk or call us on 0203 695 8072#.
We’ll send you a monthly statement that shows your total outstanding amount, and what your minimum monthly repayment is. Here’s how that’s calculated.
Your repayment amount will be whichever is larger of:
You’ll need to make at least a minimum monthly payment of 6% of the amount you borrowed. If you’ve set up a continuous payment authority (CPA), we’ll collect the payment automatically each month. We also accept debit card.
If you haven’t set up a CPA or if want to pay more than the monthly minimum, you can pay via your online account. You can access either on the Drafty app or the website.
Alternatively, you can make a bank transfer to our account. Here are our details:
If you make a bank transfer to our account, please use your Drafty account number as the reference. You will be able to see your account number in your online account. This lets us apply the payment to your account.
You can change your debit card details yourself by logging into your account either on the app or on the website. Please do not email us your debit card details, as this is not a secure method.
To change your payment date, log into your account and chat with us, email us at info@drafty.co.uk or call us on 0203 695 8072#, and we’ll change your payment date for you.
Once you have been sent your monthly statement, you won’t be able to change that month’s payment date.
If you’re late with your repayment, it’s really important to get in touch with us. It’s also worth noting that the interest will keep adding up for a longer time than you planned, which can make your line of credit cost more. Missed payments will also be recorded on your credit file. This might make it harder for you to get credit in the future. So, it’s best to reach out to us if you’re having trouble making your payment on time.
Simply login to your Drafty account via the website or app. Once logged in, you’ll be able to access your rewards.
The Drafty Club is a bespoke rewards programme, that aims to add value to customers. With over 200 incentives and offers, customers with an open Drafty Account can take their pick of rewards to save money on an everyday basis.
You’ll get an email notification each time you redeem a reward. It’s that easy.
To access your rewards, you must meet the following eligibility criteria:
If you’re eligible and having trouble accessing your rewards you can contact us or call us on 0203 695 8072#. Our customer services team are around from 9 am to 6 pm Monday to Friday and 9 am to 1 pm on Saturdays.
For the most part, yes. However, please read the terms and conditions on the individual rewards as they may differ between them.
If you’re having trouble receiving your rewards you can contact Perx at support@perxrewards.co.uk or 0333 050 8174 (Mon-Fri 9:00-5:30, excluding Public Holidays).
If you’re having trouble making your payments, or think you might, we’ll be happy to talk to you about options we can offer about your payments. The sooner we know the more we can do. We can work with you to identify the best next option whether that’s a payment break or an affordable repayment plan.
If you’d like to get some free, impartial advice, go to the government backed, independent, free to use service Moneyhelper (moneyhelper.org.uk) or call them on 0800 138 7777.
If you need any additional support to help you manage your account, or if there is anything we should know about your circumstances to enable us to help you better, please get in touch and tell us.
When life throws something at you, we’re here to help
When life throws something at you, we’re here to help, whether it’s difficulties with physical or mental health, serious illness or other unexpected life events. If you feel like you can’t manage your finances, we’re ready to provide you with support. Additionally, if you’d like to get some free, impartial advice, go to the government backed, independent, free to use service Moneyhelper (moneyhelper.org.uk) or call them on 0800 138 7777.
We won’t judge. We’ll use the information you provide us to understand how we can support you.
You can find out more about how we have already helped customers like you. We’ve gathered some of our customers stories here. If any of these sound like your situation, please contact us.
When you apply for a line of credit, we’ll conduct a soft search with Credit Reference Agencies. This will give us information about your current and previous handling of credit. Only you’ll be able to see that we made a search of your record on your credit file.
If we accept your application, a hard search 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. Too many checks with different lenders over a short period of time can affect your credit score, reducing your ability to get credit in the future.
Once you’ve taken a line of credit, we’ll tell the Credit Reference Agencies about your repayments every month. If you ever want to check information on your credit report, there are a number of services available which you can use free of charge to do so. These include:-
During your relationship with us, we may conduct soft searches from time to time on your credit file to make sure that we can continue to offer you a line of credit. One of the credit reference agencies we use is TransUnion. You can find more about them and other Credit Reference Agencies here: Credit Score Frequently Asked Questions | TransUnion UK
Please make sure you’re dealing with the real Drafty. There are fraudsters out there who may try to trick you into applying elsewhere. We’ll never ask you for upfront payments, application fees or processing fees.
If you receive a phone call and you are not sure if the person is genuine, end the call, and call us on 0203 695 8072#
Please don’t provide personal or financial details to anyone who contacts you to request them.
You should report them immediately to Action Fraud by contacting them on 0300 123 2040 or using their online form http://www.actionfraud.police.uk/report_fraud.
It’s easy to update your information. Just go to your online account and go to “My Info” where you can make changes. You can also call us on 0203 695 8072# or chat to us when you’re logged in.
If you have a concern about our service or performance, we want to hear about it straight away. We can usually sort things out quickly and without fuss. However, you always have the right to make a formal complaint to us.
The best way to contact us or making a formal complaint is by logging into your account and chatting with us. You can also contact us:
We are available from 9am to 6pm Monday to Friday and 9am to 1pm on Saturday.
We’ll acknowledge your complaint within two business days of receiving it. We’ll give you our final response within eight weeks.
If you’re not satisfied with our final response or have not received a final response from us within 8 weeks of making your complaint, the Financial Ombudsman Service may be able to help – View our consumer leaflet: ‘Want to take your complaint further?’ – Financial Ombudsman service or phone 0800 023 4567 (free from most phone networks).
Download our full complaints handling procedure here.
Firm Name: GAIN Credit LLC
Trading Names Covered: Lending Stream, Drafty, bettercredit, & Afforda
Reporting Period: July 2024 – December 2024
| Brand | Drafty | All brands under GAIN Credit LLC |
|---|---|---|
| Product / Service / Grouping | Credit Related | Credit Related |
| Provision (at reporting period end date) | 0.77% | 1.07% |
| Number of complaints opened | 587 | 2346 |
| Number of complaints closed | 495 | 2116 |
| Percentage upheld | 40.81% | 35.82% |
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.