£50 Loan
Looking for a £50 loan? Try a line of credit instead. Drafty Flex offers a flexible line of credit with a maximum credit limit of £3,000. With no hidden fees and a convenient online application process, Drafty could help you cover your unexpected financial needs.
Representative 96.2%APR (variable)
Representative Example: Assumed credit limit: £1,200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Looking for a £50 loan?
Try Drafty Flex.
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
Flexible repayment
As long as you repay the monthly payment, how long you borrow for is up to you. No early repayment fees.
Trusted
Rated excellent on Trustpilot with over 10,000 reviews.
Convenient
Secure online application available 24/7. An instant decision.
Can I get a £50 loan?
Yes, there are lenders who may be able to offer you a £50 loan. £50 loans are small loans that can be used for various purposes. Typically, these loans are repaid within a few weeks, although some lenders may offer longer repayment terms.
However, with Drafty Flex, you won’t get a £50 loan but rather a line of credit. This gives you flexible access to funds when you need them, allowing you to borrow and repay as required, rather than taking out a fixed loan amount. Whether you need to cover an unexpected expense or simply want to tide yourself over until your next payday, a line of credit could be a convenient alternative.
How is Drafty an alternative to a £50 loan?
A line of credit works differently from a traditional loan, overdraft, or credit card, offering more flexibility in how you borrow and repay. With Drafty Flex, instead of receiving a one-time loan, you get access to a credit limit. From there, you can transfer money to your bank account within your available credit limit.
As long as you meet your minimum monthly payments, you can manage your repayments in a way that suits you. Plus, you only pay interest on what you actually borrow. Once repaid, the funds become available again, so you don’t have to reapply every time you need money.
What can I use a £50 loan for?
A £50 loan, or any small loan, can be used for various short-term financial needs or
unexpected expenses. Here are some common uses:
Cover unexpected expenses.
Making home improvements.
Fix your car or other vehicle repairs.
Fix your car or other vehicle repairs.
When you apply for Drafty Flex, we’ll ask you why you need a line of credit. Usually,
our customers use it in the same way they would a short term loan. This could be
for things such as car repairs, dealing with a boiler breakdown, or a sudden,
unexpected bill.
Representative 96.2%APR (variable)
How do I check my eligibility for Drafty Flex?
To apply online for a Drafty line of credit, you need to meet the following requirements:
- Be at least 18 years old
- Be a UK resident with an active UK bank account and debit card
- Earn at least £1,250 a month
After you’ve provided the required details, we’ll run affordability and credit checks. If approved, we’ll agree on a credit limit and send the cash you request to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 96.2%APR (variable)
How to apply for Drafty Flex, a £50 loan alternative?
Here’s how you can apply for a Drafty line of credit:
Apply
Click on the apply now button below and complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment, and banking details. It takes around 15 minutes to complete (application completion time varies).
Set a credit limit
If approved, you’ll be offered a credit limit.
Flexible payment
As long as you repay the monthly payment, how long you borrow for is up to you. There are no early repayment fees. Also, it’s easy to make payments through our app.
Fast cash transfer
Use Drafty whenever you want, and we’ll send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 96.2%APR (variable)
How much can you borrow with Drafty?
Drafty Flex offers a flexible line of credit with a maximum credit limit of £3,000. As long as you make your minimum monthly repayments, you can use your credit line within the approved limit. Plus, there are no early repayment fees. Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
How long do I have to repay my line of credit?
There is no set minimum or maximum repayment term so long as the minimum monthly repayment is met. However, you can repay your line of credit early without fees and save on interest.
What are the reasons to consider a £50 loan?
- Quick access to funds: A £50 loan can give you quick access to the money you need, which can be useful in emergencies.
- No collateral required: When you apply for a £50 loan, it’s usually unsecured. Meaning they don’t require collateral to secure the funds.
- You may be eligible with bad credit: Some lenders may consider you for a £50 loan, with bad credit. If you choose to apply for Drafty Flex, we’ll ensure you can afford your repayments before approving you. We consider more than just your credit rating, so there’s a chance you could still be approved for our credit line, with a poor credit score or credit history.
What if my credit line application is rejected?
We never guarantee your application will be approved. While we do check many different factors when you apply for Drafty Flex, we don’t accept everyone. If your application is declined, it may be due to not meeting our eligibility requirements or concerns about your current financial situation or affordability.
If you’re struggling financially, it might be worth checking that you’re getting all the benefits you’re entitled to. You can check this over at afforda.co.uk, with our BenefitGlance tool.
If the information we receive from any of the credit reference agencies is a factor in us denying your line of credit application, then we’ll let you know the name of the credit reference agency by email. You can then check your credit report with them if you want to.
FAQs – £50 loan
What is the minimum amount I can withdraw?
The minimum amount for your first Drafty Flex withdrawal is £50. After that, you can withdraw from £100 onwards, subject to your approved credit limit.
Can I borrow more than 50 pounds from Drafty?
Yes! Drafty Flex offers a maximum credit limit of £3,000. Plus, you can reuse up to your credit limit with no extra credit checks and set your own repayment schedule to suit you (as long as you keep up with your minimum monthly repayments).
Can I get a £50 loan with bad credit?
Yes, some lenders may offer a small loan even if you have a bad or low credit score. If you are facing serious money problems, taking out a loan may not be the best option. Many local charities and non-profit organisations offer financial assistance to those in need.
Can I get a £50 loan with no credit check?
FCA-regulated lenders are required to conduct credit worthiness checks which may include a credit check. This ensures responsible lending and helps assess whether the loan is affordable for you. Be cautious of lenders offering loans without credit checks, as they may not be regulated and could have high costs or unfair terms.
Can I get a £50 payday loan from a direct lender?
This will vary between payday lenders. Some may have minimum borrowing amounts that exceed £50. Make sure to research and compare different lenders that offer small loans.
Where can I get the best £50 loan?
The best £50 loan depends on factors like interest rates, fees, and repayment terms. Choose an FCA-authorised lender, compare costs, and check for quick funding options. Alternatively, a line of credit (like Drafty) offers flexibility to borrow as needed. Always ensure the loan is affordable before applying
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.