Making your Payment
How do you calculate the monthly minimum payment amount?
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:
- £50 (unless your outstanding balance and interest are under £50 in total) OR
- 6% of the amount you borrowed plus 0.19% (variable) daily interest
How do I make payments?
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.
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:
- Sort Code: 20-19-90
- Account Number: 93849228
- Bank Name: Barclays
- Account Name: Drafty
- Reference: Your Drafty account number.
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 quickly.
Changing how and when I pay
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.
What happens if I pay late?
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.
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.