£200 Loan?
Find out how Drafty’s credit line might be a better option.
Looking for a £200 loan? Try a Drafty line of credit
Looking for a £200 loan to meet your small emergency needs? We could offer you something better (at least in our opinion!).
Here's how Drafty's line of credit could help you:
- Speed - You'll get a fast decision. And if approved, we’ll send the cash to your bank in under 90 seconds
- Borrow what you need – Apply for up to £3000 and withdraw up to your approved credit limit when needed
- Reuse - Once you’ve used Drafty, you can withdraw up to your agreed limit again. No need to reapply
- No fees – We don't charge any extra fees. Also, you only pay interest on what you use. It doesn't cost you a penny if you don’t use any of your credit
At Drafty, we’re proud of our customer service. See why we’re rated great on Trustpilot.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Drafty is FCA Authorised
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378. Responsible lending is our biggest priority, and we want to ensure our customers' experience is great. We believe in ensuring that you are fully informed about the costs, fees, and repayment terms of our credit line. To achieve this, we have taken great care to present all charges, including interest rates and fees, upfront. No hidden costs or unwelcome surprises - everything is clear and easy to understand.
Can I get a £200 loan?
Yes, many lenders may be able to offer you a 200 pound loan. £200 loans are small loans that can be used for various purposes. Typically, these loans are repaid within a few weeks. Some lenders may offer longer repayment terms.
Whether you need to cover any unexpected finances or simply want to tide yourself over until your next payday, a £200 loan could be a convenient option. This is why our line of credit can even be considered as an alternative to payday loans.
At Drafty, we offer you a line of credit. We apply interest rate only on what you use.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty an alternative to a £200 loan?
- We check your creditworthiness and affordability. This helps us to ensure that you are not taking on more debt than what you can handle.
- We provide a credit line allowing you to borrow funds up to your approved credit limit as needed. This means you can borrow smaller or larger amounts depending on your specific needs rather than being limited to a fixed loan amount.
- At Drafty, we offer flexible repayment terms. You can make minimum payments or pay off the balance in full, depending on what works best for your financial situation.
- If you need to borrow money on the same day, we might help. Once approved, we’ll send your approved line of credit sent to your bank within 90 seconds. We don’t think it gets much quicker than that!
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do £200 loans work?
Once approved, the £200 loan is sent to your bank. Subject to repayment terms, you’ll repay the loan the following payday. Some lenders offer short term loans which you usually repay within a short period of time allowing you to repay over equal monthly repayments.
At Drafty, we offer a better alternative. We offer a line of credit. If you're approved for a line of credit, you’ll get an account with a credit limit. From here, you can transfer money from your Drafty account to your bank account anytime within your agreed credit limit.
What can I use a £200 loan for?
A £200 loan and other short-term loans can be used for various short-term financial needs, unexpected bills, or to cover an unexpected expense. Here are some common uses:
- Unforeseen expenses such as medical bills, utility bills, car repairs, or home repairs that require immediate attention
- Addressing personal needs such as replacing a broken appliance
- Bridging a financial gap temporarily
At Drafty, we ask you why you need our 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)
Subject to status. T&Cs apply.^
How do I check my eligibility for Drafty’s £200 credit line?
You can apply online with Drafty if you are:
- Aged 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active UK bank account and debit card
After you’ve provided the required details, we’ll do some credit and affordability checks. If approved, we'll agree on a credit limit and send the cash to your bank within 90 seconds. You can even consider us as an alternative to loans for bad credit as we might consider you for our line of credit even if you have a bad credit history.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How to apply for a £200 loan alternative with Drafty?
Here's how you can apply:
- Apply – Visit our website and click on the apply now button. Enter a few personal details to help us understand who you are
- Get a credit limit – If approved, you’ll be given a credit limit of up to £3,000. You can use it as per your requirements, paying interest only on what you use
- Flexible payment – You repay a minimum amount every month. Want to repay early? That’s fine with us! We don’t charge anything extra. Also, it’s easy to make payments through our app
- Fast Cash transfer – Use Drafty whenever you need to, and we’ll send the money to your bank in under 90 seconds
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Can I get more than £200?
How long can I borrow a £200 loan for?
Can I get a £200 loan with bad credit?
Yes, some lenders can offer a small loan even if you have a bad or poor credit history. 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 rating, so there's a chance you could still be approved for our credit line, even with a low credit score.
Remember that if you are facing financial difficulties, borrowing money may not be the best option.
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#
FAQs - £200 loan
Is Drafty a £200 payday loan lender?
No. Drafty is not a payday loan lender. Drafty offers a flexible 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 in minutes for a quick decision. Drafty can transfer cash to your bank in under 90 seconds if approved.
Can I get a £200 loan with no credit check?
We advise against getting a loan or line of credit from lenders who don't conduct a credit check. All FCA-regulated direct lenders need to perform a credit check as part of the loan application process. This practice is in place to prioritise responsible lending and ensure a thorough assessment of each application.
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.