12-month loans
A credit line might be better for you.
TrustScore 4.3 | 9,704 reviews
Looking for a 12-month loan? Try Drafty
In need of a financial boost this year and considering a 12-month loan to lighten the load? Well, come to Drafty instead because we believe we offer a superior alternative.
Instead of taking out a 12-month loan, consider a Drafty credit line. Never heard of a credit line? Don’t worry, you’re about to learn something special – so allow us to demonstrate why we think we’re the best of the best.
Here’s what our line of credit offers you:
- Speed - We offer a swift 12-month loan alternative. You could get cash into your bank in under 90 seconds (if approved). No need for the long and anxious wait
- Borrow what you need – Apply for up to £3,000 and borrow what you need from your approved credit line. Unlike a 12-month loan, you’re always in control
- Reuse - Want to know what sets us apart? As we offer a line of credit, you can reuse Drafty available credit line when you need without reapplying and without extra credit searches
- No fees – The best bit? There are no fees. What’s more, you only pay interest on what you use. If you don’t use any of your credit, it doesn’t cost you a thing
We’re fully regulated by the Financial Conduct Authority (FCA). We don't offer our credit line if we think it’ll make a person's financial situation worse.
Want to know what our valued customers think of us? Take a look at our reviews and see why we’re rated ‘Great’ on Trustpilot.
While you’re here, you might as well check out our loan comparison page. It shows the benefits of our 12-month loan alternative compared to some of our competitors, helping you make an informed decision. If that’s not enough, discover more about Drafty.
Apply in minutes to see why a Drafty line of credit is better than the rest.
Representative 96.2% APR (variable)
Can I get a 12-month loan?
There are plenty of lenders willing to offer one-year loans, but the success of your application comes down to eligibility.
Borrowing over a year with bad credit could result in sky-high interest rates and repayments that get out of hand. This is where a Drafty line of credit comes in.
We understand people are more than just a number. Yes, as a responsible lender we must take all the expected details, but we make the process as smooth as possible.
What is a Drafty line of credit?
Looking for a 12-month loan? Give Drafty a try.
Our line of credit is a bit like a credit card but, in our opinion, far better – here’s why:
- You only pay interest on the cash you withdraw and the principal of course
- If you don’t use the funds, you don’t pay – easy
- If you do use the funds, it could be much cheaper than going to a 12-month loan direct lender
Time is precious, so we aim to send the cash to your bank in under 90 seconds if you’re approved.
Getting Drafty, a 12-month loan alternative
We want to make your life smooth sailing.
Unlike a one-year loan, a Drafty line of credit has a straightforward application process. Of course, we’ll ask you all the expected questions such as the amount you wish to borrow, your employment details and monthly expenses – nothing shocking!
We then ensure you pass our financial checks – we never offer anyone our year loan alternative unless we're confident they can pay it back. As soon as those checks are cleared, we'll send over some terms and conditions to read through and you're good to go!
Apply for a Drafty line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a 12-month loan for?
12-month loans are typically used for unexpected, temporary or one-off financial outgoings, or if you foresee a time where you’d benefit from some extra cash. For example, you could have a planned house renovation coming up and need some additional funds to help cover the costs.
A Drafty line of credit works similarly. You can use our quick and easy service the same way you’d use a 12-month loan, just without the added complications. With us, you get rapid financial support safely and securely.
How do I apply for Drafty, a 12-month loan alternative?
- Apply – We just need a few personal details to get to know you better and begin the application process. Representative 96.2% APR (variable)
- Set a credit limit – If you’re approved, you’ll be given a credit limit of up to £3,000. You can then use as much or as little as you want and pay interest only on what you use
- Flexible payment – You repay a minimum amount every month. Want to repay early? Great! It’s easy to make payments on our app
- Fast Cash transfer – Use Drafty as and when you need, plus we’ll send the money to your bank in under 90 seconds, if approved
Disadvantages of 12-month loans
There are a couple of reasons we believe a Drafty line of credit is better than a 12-month loan:
High interest rates - If you’re looking for a 12-month loan and have a low credit score, you might end up paying higher interest rates. When you borrow with bad credit, lenders see you as more of a risk and that comes at a price.
Borrowing cycle – As 12-month loans for bad credit often have higher interest rates, the repayments can soon escalate. This could really affect your financial stability in the long term.
Benefits of one-year loans for people with bad credit
There aren’t many advantages to discuss as people don’t often choose to be in this situation. However, most one-year loans tend to be available quickly, as they’re usually online.
As long as you meet your repayments, taking out a one-year loan can actually improve your credit file. That’s not exclusive, though, and using a Drafty credit line responsibly will give you that same shine in the eyes of lenders in the future.
Am I eligible for a Drafty line of credit?
Let’s take a look! We’ll consider you if you're:
- 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active bank account and debit card
Once you’ve provided the information needed, we can check your affordability and agree on a credit limit with you if you pass. From here, we'll send the cash to your bank in 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
We understand your application being rejected may be frustrating. However, it could be down to something you can rectify fairly quickly and easily.
While we can’t tell you why your application got rejected, we’ll provide you with the name of the credit reference agency by email if you applied online.
If your file is error-free, that doesn’t mean you’ll never get accepted. If your circumstances change for the better or your score goes up, feel free to apply again in 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#
12-month loan FAQs
Can I get a 12-month loan with bad credit and no guarantor from a direct lender?
We can’t speak for every 12-month loan direct lender as they all work differently. Some lenders require a guarantor to ensure the loan will be repaid, others don’t.
Here at Drafty, we like to make life as simple as possible. You don’t need a guarantor to apply for our line of credit and we’ll look at the person behind the credit score – it’s just how we roll.
What credit score do I need for a 12-month loan?
Looking for a 12-month loan with bad credit isn't easy. Undoubtedly, a poor credit history may make it harder for you to borrow money. Some 12-month loan direct lenders will also look at your overall financial situation along with credit checks. Heard of anyone else that does that? Yep, you got it – we do!
Can I get a 1,000-pound loan over 12 months?
Once again, we can’t speak on behalf of other lenders. However, all loans spread over 12 months are subject to eligibility checks – nothing fresh there!
We operate in a similar but less-intimidating fashion. We look at the person behind the application, meaning you could get a £1,000 loan over 12 months if eligible, without the added complications.
TrustScore 4.4 | 9,721 reviews
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.