£3,000 Loans?
A credit line might be better for you.
Looking for a £3,000 loan? Try a Drafty line of credit
In need of a financial top-up and considering a £3,000 loan to boost your cash flow? Well, stop right there! Come to Drafty instead, because we believe we offer a superior alternative.
Instead of taking out a £3,000 loan, consider a Drafty credit line. Never heard of a credit line? Don’t worry, plenty haven’t – so allow us to demonstrate why we’re the best of the best.
Here’s what a Drafty line of credit offers you.
- Speed - We offer a quick and easy £3,000 loan alternative. You could get cash into your bank in under 90 seconds, if you’re approved. No need for the long and anxious wait
- Borrow what you need – You can apply for up to £3,000 and redraw what you need from your approved credit line unlike a £3,000 loan
- Reuse - Want to know what sets us apart? As we offer a line of credit, you can reuse Drafty whenever you need without reapplying. Yes, it really is that simple
- No fees – The icing on the cake? There are no fees. Yes, you heard correctly. 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 we never offer our credit line to people if we think it’ll make their financial situation worse.
We’re very proud of the personalised service we offer to our customers. 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 £3,000 loan alternative compared to what our competitors offer, helping you make an informed decision. For more information, 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 £3,000 loan?
Truth be told, no shortage of lenders will offer you a £3,000 loan if you meet their eligibility requirements.
Taking out a £3,000 loan with bad credit could result in extortionate interest rates and repayments that quickly mount up. This is where a Drafty line of credit comes in.
We look beyond the numbers to see you – warts and all. Yes, we have to take the expected details (we wouldn’t be a responsible lender if we didn’t), but we try to make the process as painless as possible.
What is a Drafty line of credit?
If your credit score needs boosting and you need a lift financially, give Drafty a try ahead of a £3,000 loan. We do things differently from a traditional loan; we’d say it's an alternative to an overdraft or credit card.
However, there are some key differences worth noting. You don’t have to use the funds on your credit line and you only pay interest on what you withdraw. If you do use the funds, it’s much cheaper than getting a quick 3000 pound loan. A credit line is also cheaper than using most unarranged overdrafts and some arranged overdrafts.
To top it off, we aim to send the cash to your bank in under 90 seconds, if you’re approved.
Getting Drafty, a £3,000 loan alternative
Here at Drafty, we’ve simplified applying for our alternative to a £3,000 personal loan to make your life easy breezy.
If approved, you can use it whenever you need it. We just ask that you make minimum payments at regular stages, but feel free to repay as much as you want. If you can afford to pay more, you’ll save a bit on interest too. Even better, there are no subscription fees and no late fees involved.
The Drafty approach is simple. We look at your current financial status and check your credit history. We know that you’re so much more than just that number, so bear in mind that it only forms a part of our decision. If we’re happy that you'll be able to afford it, you could get your hands on some extra cash sharpish.
So, if that sounds good, you can apply now.
Apply for a Drafty line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a £3,000 loan for?
Quick £3,000 loans are typically used for unexpected, temporary or one-off financial outgoings. For example, if a home appliance packs in and you desperately need a new one, a £3,000 loan can bridge the gap.
A Drafty line of credit works in a similar way, but without the added obstacles of applying again and again. Once you're approved for a Drafty line of credit, you can use it whenever you need, up to the approved limit.
How do I apply for Drafty, a £3,000 loan alternative?
- Apply – We just need a few personal details to get the application process started. 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 need, paying interest only on what you use
- Flexible payment – You repay a minimum amount every month. Want to repay early? That’s fine! It’s easy to make payments on our app
- Fast Cash transfer – Use Drafty whenever you need to and we’ll send the money to your bank in under 90 seconds, if you’re approved
Disadvantages of £3,000 loans
There are a few reasons we believe a Drafty line of credit is better than a £3,000 loan:
High interest rates - If you’re looking for a quick £3,000 loan, lenders might jack up the interest rates as you’re borrowing over a short period
Borrowing cycle – As £3,000 loans for bad credit often have higher interest rates, the repayments can soon add up. This could really affect your financial stability in the long term
Benefits of £3,000 loans for people with bad credit
There aren’t many advantages of a £3,000 cash loan for people with bad credit, as many don’t have a choice. However, most £3000 loans tend to be for shorter amounts of time and available quickly, as they’re usually online.
As long as you meet your repayments, taking out a £3,000 loan can actually improve your credit file. Using a Drafty credit line responsibly can have the same effect, though.
Am I eligible to apply for a Drafty line of credit?
Let’s see, shall we? 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 given us your info, we can check your affordability and then agree a credit limit with you if you pass. We will then send the cash to your bank within 90 seconds, once approved.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
Don’t worry if your application gets rejected – it may be down to something you can improve on fairly quickly and easily.
We can’t tell you why your application got rejected, but if you applied online we'll provide you with the name of the credit reference agency we used. You can then check your file for any issues.
If your file is clear, it doesn’t mean you’ll never get accepted. If your circumstances change for the better or your score goes up, there’s nothing stopping you from applying 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#
£3,000 loans FAQs
What credit score do I need to borrow £3,000?
There is no hard and fast rule to this. Those with a poor credit history may find it more difficult to borrow money than people with better credit scores. Some lenders will also look at your overall financial situation along with conducting credit checks. Do you know who else looks beyond your credit score? That's right – Drafty!
What is the easiest loan to get?
The truth is each £3,000 personal loan is different. Each application has its hoops to jump through. However, we can tell you that we try to make life as straightforward as possible. When applying for a Drafty line of credit, we cut the intrusive questions and get straight to the point.
Where can I get a £3,000 loan with bad credit and no guarantor?
Yet again, each lender works differently. Some lenders insist you have a guarantor to ensure the loan is repaid while others allow you to apply for a £3,000 loan with no guarantor.
Here at Drafty, we make things as simple as possible. You don’t need a guarantor to apply for our line of credit and we try to consider your personal situation to make the process as fair as we can. We’re an extremely responsible lender. We won’t lend you more than you can afford to pay back. Also, our advanced computer underwriting systems will tell if you’re right for the line of credit.
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.