£200 Loan?
Looking for a £200 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.
With a Drafty Flex, what you see is what you get
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 £200 loan?
Yes, there are lenders who may be able to offer you a £200 loan. £200 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 £200 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. When you need to cover an unexpected expense a line of credit could be a convenient alternative.
How is Drafty an alternative to a £200 loan?
A line of credit provides more flexibility compared to a traditional loan, overdraft, or credit card, giving you greater control over borrowing and repayments. With Drafty Flex, instead of taking out a fixed loan, you receive access to a credit limit. This allows you to transfer funds to your bank account within your available credit limit.
As long as you meet your minimum monthly payments, you can repay at your own pace. Plus, you only pay interest on the amount you actually use. Once repaid, the funds become available again, meaning no need to reapply each time you require extra cash.
What can I use a £200 loan for?
A £200 loan or any small loan can help cover short-term financial needs or unexpected costs. Common uses include:
Unexpected expenses
Emergency bills or urgent costs.
Home improvements
Small repairs or essential upgrades.
Car repairs
Fixing your vehicle to stay on the road.
Bridging financial gaps
Covering shortfalls.
When applying for Drafty Flex, we’ll ask about your reason for needing a line of credit. Many of our customers use it similarly to a short-term loan—for car repairs, boiler breakdowns, or unexpected bills.
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 set your 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.
Even if you have a less-than-perfect credit history, you may still be eligible for our line of credit, subject to affordability and credit checks.
Representative 96.2%APR (variable)
How to apply for Drafty Flex, a £200 loan alternative?
Here’s how you can apply:
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).
Get a credit limit
If approved, you’ll be offered a credit limit. You can use it as per your requirements, paying interest only on what you use
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)
Can I get more than £200?
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). Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
How long can I borrow a £200 loan?
With Drafty Flex, there is no set minimum or maximum repayment term as long as the minimum monthly repayment sum is met. However, you can repay your line of credit early without fees and save on interest.
Can I get a £200 loan with bad credit?
Yes, some lenders may offer you a £200 loan even if you have a bad or low credit score. If you choose to apply for a line of credit with Drafty, we’ll consider your personal circumstances to ensure you can afford your repayments before accepting you. We consider more than just your credit report, so there’s a chance you could still be approved for our credit line, even with a low credit score.
If you are facing financial stress, taking out a loan may not be the best option. Many local charities and non-profit organisations offer financial assistance to those in need.
What are the reasons to consider a £200 loan?
- Fast cash: A £200 loan can give you quick access to the money you need, which can be useful in emergencies.
- No asset required: When you apply for a £200 loan, it’s usually unsecured. Meaning they don’t require collateral to secure the funds.
- You may be eligible for a £200 loan with bad credit: Some lenders may consider you for a £200 loan, even with bad credit. If you choose to apply for Drafty Flex, we’ll ensure you can afford your repayments before accepting you. We’ll look at your financial situation, but we will consider more than just your credit rating, so there’s a chance you could still be approved for our credit line, even with a poor credit score or credit history.
FAQs – £200 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.
Is Drafty a £200 payday loan lender?
No. Drafty is not a payday loan lender. Drafty Flex offers a credit line that allows borrowers to access funds as needed, up to a predetermined credit limit. Unlike a payday loan with a fixed repayment date, Drafty provides ongoing access to credit, and borrowers are charged interest only on the amount they borrow.
Can I borrow £200 today?
You might be able to borrow £200 today. At Drafty, we’ve made the process simple. You can apply online and get an instant decision. Depending on your bank’s processes, it may take longer to reach your account.
Can I get a £200 loan with no credit check?
FCA-regulated lenders are required to conduct credit worthiness checks which may include a credit check. This practice is in place to prioritise responsible lending and ensure a thorough assessment of each application.
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.