A Drafty Line of Credit: Better than online loans?
We think so. Read this and you'll think so too.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What’s so good about a Drafty line of credit?
Even though a Drafty line of credit isn’t exactly the same thing as an online loan, you’ll still get everything you wanted – and more. So, what’s better about our credit line?
- No fees – You only pay interest on the money you draw. There are no fees for applying, and if you don’t draw anything, you won’t need to pay us anything either. We’re transparent with our prices and like to keep things simple
- Speedy service – You could get cash to your bank in under 90 seconds, if approved* thanks to our quick and easy alternative to online loans in the UK. You’ll get your money hassle-free, leaving the admin to us
- Quick decisions – You can borrow what you need, when you need it – and from credit lines up to £3,000. We give you the opportunity to use your approved credit line however you like
- Responsible lending – We only lend to people we know can afford to pay it back. But don’t worry, these are straightforward and done automatically
- Use it again – You can reuse your line of credit without having to go through another loan application, provided you’ve completed your repayments. It’s that easy
What are the different types of online loans?
Whether you’re looking for short-term loans, same day loans or any other type, online loans can be appealing to borrowers with bad credit or no guarantor, especially those in need of quick cash.
But it may well be worth looking at Drafty. We don't offer loans, but a line of credit might suit you better – and in some cases, it can be faster and cheaper as well! To give you the full picture, common examples of online loan include:
Payday loans
Forget payday loans. Try Drafty. An alternative to a payday loan, we'll consider your application even with bad credit.
Read more about payday loans
Short term loans
These could suit you as a one-off solution. But could a line of credit suit you even better?
Read more about short term loans
Bad credit loans
Loans for bad credit can be useful, but they're often expensive. A Drafty line of credit could be cheaper.
Read more about bad credit loans
Same day loans
If you need cash quickly, a same day loan can help. But with cash sent to your bank in under 90 seconds, once approved*, Drafty might be even quicker!
Read more about same day loans
Quick loans
If you're looking for a quick loan, a Drafty line of credit might be a cheaper, faster
solution.
Read more about quick loans
Personal loans
Looking for a personal loan to boost your finances? Well, lucky for you, Drafty offers something even better.
Read more about personal loans
Overdraft Alternative
Are you getting overcharged for your unauthorised overdrafts? In some cases, a Drafty line of credit, if approved, can be a cheaper way to borrow money.
Read more about overdraft alternative
12 Month Loans
Looking for a 12 month loan? Try Drafty line of credit instead because we believe we offer a superior alternative.
Read more about 12 month loans
Direct Lender Loans
Looking for a quick direct lender loan? However, we believe we offer something better – a Drafty credit line.
Read more about direct lender loans
Instalment Loans
Looking for an instalment loan? We believe we offer something even better - a Drafty line of credit.
Read more about instalment loans
Small Loans
Are you looking for a small loan? Come on over to Drafty instead, because we believe we offer something better.
Read more about small loans
Pay-Monthly Loans
Searching for a pay-monthly loan? Instead of taking out a pay-monthly loan, consider a Drafty credit line.
Read more about pay-monthly loans
£500 loans
A £500 loan can help boost cash flow quickly, but they’re often quite expensive. A Drafty line of credit could be cheaper AND more flexible.
Read more about £500 loans
£1000 loans
Looking for a £1,000 loan? We could offer a line of credit that gives you access to a £1,000 today (if approved).
Read more about £1,000 loans
£2000 loans
Do you need to borrow a £2,000 loan or more? A Drafty line of credit could give you access up to £3,000.
Read more about £2,000 loans
£3000 loans
Need a £3,000 loan? There's a simpler way to borrow. A Drafty line of credit could be cheaper and easier to repay.
Read more about £3,000 loans
What is a Drafty line of credit?
You only pay interest on the amount you draw, and if you don't draw anything, you don't pay anything. And if you want to access it again? Your Drafty line of credit is still available, up to your agreed credit limit at any time. If you draw cash from it, it'll be sent to your bank in under 90 seconds! We’ll even check in with you every 6 months or so just to make sure that the line still suits you.
Why choose Drafty?
We think we’ve built a service to be proud of, and you can see that for yourself – it’s reflected in our thousands of ‘Great’ ratings on Trustpilot.
And you’re more than welcome to compare our loans on our website, where we go into more detail on why we’re the right choice. Taking out an online loan with no guarantor can be tempting in an urgent situation, but we think we could help out more.
If you’re still eager to learn more about Drafty before you make up your mind, we understand. We’re here to help guide your decision, regardless of the type of online loan you choose
What can you use a Drafty credit line for?
Much like many other types of online loan, a Drafty credit line gives you the money you need when you need it. We’re open-minded, and we think it’s fair to consider more factors than just your credit score.
You’ll find out if your application is accepted within minutes, and from there you’ll have access to a pot of cash. With credit lines of up to £3,000 available for approval, you’ll be able to take out what you need – from the moment you need it from your approved credit limit.
From there, a line of credit can be used to cover all manner of things. Need a helping hand after an expensive month, or looking to treat a loved one to a special surprise? We’ve got you covered with our alternative solution to traditional online loans.
Getting an alternative to cash loans online
We know that applying for a loan online is not always easy. That’s why our process is nice and simple, meaning you can get your money quickly while we’ll be happy to have helped another satisfied customer. Everyone’s a winner!
We’ll need a few basic details like your name, address and the amount you wish to borrow as well as your monthly outgoings.
Once that’s done, we’ll make sure you pass our financial checks because we would never lend to someone who couldn’t afford the repayments. If you’re approved, you could get your money sent to your bank in just 90 seconds*!
How do you apply for a line of credit from Drafty?
Here at Drafty, we know how upsetting and stressful money worries can be. That’s why we aim to keep the application process for our online loan alternative as simple as possible.
We’ll only ask you to give us some basic personal information, and we’ll sort out the rest – it’s a lot speedier than a personal loan eligibility check. Here’s four simple steps to using a Drafty credit line:
How much does it cost to get a loan online?
When you get a loan online, the overall cost can vary depending on a few things. These include how much you borrow, how long it takes you to pay it back and the interest rate charged by the lender. That means it’s impossible for us to put an exact figure on the answer.
What we can do, though, is tell you how much a credit line with Drafty costs. Our interest is charged at 0.19% (variable) a day, so borrowing £100 will cost about £5.70 a month. If you don’t use it, it won’t cost you a penny. And there are no fees. None whatsoever.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
What are the advantages of an online loan?
We want to be clear – online loans do have their benefits. They’re convenient, and if you’re approved you can usually borrow and repay the money you need quickly. Even high-cost loans have become more affordable since regulations changed in 2014.
If you need cash quickly, online loan companies may be able to help you out. We’re just saying we think a Drafty credit line is a better option.
What are the disadvantages of an online loan?
If you need a short-term solution to your finances, we think there’s a few reasons why a Drafty line of credit might be the right option. Even though you can borrow and repay money quite quickly with an online loan, it’s important to know about a few things that could catch you out.
So, if you’re thinking of applying for a loan online, there are some potential risks to bear in mind.
- High interest rates – Online loans from direct lenders often have sky-high interest rates, higher than those on long-term cash loans or alternative solutions like a Drafty line of credit.
- Borrowing cycle – Sometimes, higher interest rates on online loans in the UK leave the borrower caught up in a cycle, struggling to make ends meet after making repayments. This could have a negative effect on your personal finances and wellbeing.
Am I eligible to apply for a Drafty line of credit?
If you think a Drafty line of credit could be a great solution for you, here’s the criteria you’ll need to meet to apply:
- Over 18 years old, and in full-time or part-time employment
- Earning at least £1,250 per month
- A resident in the UK, with your own bank account and debit card
After you’ve met the basic criteria, we’ll do some quick checks to make sure you can afford your repayments.If you think you’re a good match, you can apply now.
Representative 96.2% APR (variable)
What if my application gets rejected?
There’s a chance your application for a Drafty line of credit could get rejected. However, if you applied for our online loan alternative, we could send you the name of the credit reference agency in an email. You’d then be able to check your credit file with the agency.
Even if you’ve been turned down, it doesn’t mean we’ll never accept you. If it’s an issue you can fix, you’re more than welcome to apply again in the future.
Contact Drafty today
- Live chat - Log in or create a new Drafty account to speak to our team through our live chat function
- Drop us a message - If you'd like to send us an email, checkout our contact us page and drop us a line. A member of our friendly team will answer your questions as soon as possible
- Give us a call - We're here to answer your calls on 0203 695 8072 from 9am to 6pm Monday to Friday, and 9am to 1pm every Saturday#
Cash loans online: FAQs
Do you need a guarantor for an online loan?
Many lenders will offer online loans with no guarantor. And although we provide lines of credit, rather than loans, we don’t ask for a guarantor either.
Can you get online loans for bad credit?
Being approved for an online loan with bad credit can be tough, but it’s more likely than being offered something like a credit card with a lower interest rate.
Bad credit doesn’t have to mean you will never be approved, though. A lot of online loan direct lenders know this, which is why your application with them could still be successful. It will likely mean that your rates are higher, but no lender should ever offer you credit if they don’t think you can afford to pay it back.
We don’t think these higher rates are always fair, which is why we’ve made our credit line more affordable than a lot of online loans in the UK.
How much can you borrow when you apply for a loan online?
This really depends on how much the lender offers and for how long. So, it’s impossible to provide a simple answer to this question.
What we can say, however, is what we can offer you. With us, you could be approved for up to £3,000, subject to affordability checks and credit worthiness assessments.
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.