Looking to Borrow Money?
Borrow money online with Drafty, a trusted direct lender in the UK. Whether you’re managing unexpected bills or covering emergency expenses, borrowing money online may provide a helping hand. Our loan amounts range from £1,000 to £3,000 with 12, 18 or 24 months to repay. We offer a straightforward online application process and no hidden fees.
Representative 79.9%APR
Representative Example: Given a Representative APR of 79.9%, if you borrow £1000 over 18 months at 59.9% p.a. (fixed), you would owe 18 equal repayments of £85.56. You will repay £1,540.08 in total.
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Need to borrow money online? Why choose Drafty Loans?
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.
Varied repayment periods
Repay in 12, 18 or 24 months.
Convenient
Secure online application available 24/7. An instant decision.
How much money can I borrow with Drafty?
With Drafty loans, you can get an instant decision for an amount between £1,000 – £3,000. We send the money to your bank in 90 seconds, if approved. Depending on your bank’s processes, it may take longer to reach your bank account.
The amount you can borrow depends on the length of the loan, your credit report, and ability to repay.
Why borrow money from a direct lender?
Borrowing from a direct lender means dealing directly with the company providing the loan. This makes the process fast, simple, and more secure. Regulated direct lenders offer clear loan terms and responsible lending practices. You apply online for a quick decision, and if approved, receive funds directly into your bank.
Also, with some direct lenders you can borrow money with a poor credit history. However, the interest rate on loans for poor credit may be higher.
Am I eligible for a Drafty Loan?
If you are looking to apply for a loan with Drafty, you need to meet the following requirements:
- Age: You must be at least 18 years old.
- Residency: You must be a UK resident.
- Income: Be in regular employment with a net monthly income (after tax) of at least £1,250.
- Bank account: A valid UK bank account and debit card is required.
After you’ve applied, we’ll run affordability and credit checks. If approved, we’ll send the money to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 79.9%APR
How can I apply for a loan with Drafty?
Once you have checked our eligibility criteria, you can apply online. Here are the steps to 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).
Checks & approval
Once you submit the application, we’ll run credit and affordability checks. This is to see if you can afford the repayments on top of your existing financial responsibilities. In most cases, we’ll give you an instant decision.
Get your money
If approved, we will send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 79.9%APR
How quickly can I borrow money?
At Drafty, our online application is available 24/7 and we offer instant decisions. Once approved for a Drafty loan, we send the cash to your bank in 90 seconds. However, it may take longer to reach your account, depending on your bank’s processes.
With other lenders, the time it takes to receive borrowed money can vary. Depending on whether it’s a personal loan or a credit card, it could take anywhere from a few minutes to several days.
How do I repay the borrowed money?
Repaying your Drafty loan is simple. Your monthly repayments are paid in equal instalments based on the money borrowed and the repayment terms. Before you take out the loan, we’ll confirm your repayment schedule, so you know exactly what to expect. Plus, you can repay early anytime to save on interest.
Making payments is easy. You can set up a Continuous Payment Authority (CPA) for automatic payments or make manual payments in the Drafty app using a debit card, Google Pay, or Apple Pay.
Different ways to borrow money
Short term loans
A short term loan can provide quick access to funds for a short period. These loans are often designed to cover urgent expenses and are typically repaid within a few months. However, it’s important to carefully consider the terms and ensure that you can comfortably repay the loan within the given time duration. Late or missed repayments can negatively impact your credit file.
Bad credit loans
A bad credit loan is specifically designed for borrowers with a bad credit score. These loans may come with higher interest rates and stricter repayment terms due to the perceived risk to the lender. When applying for a loan with poor credit, it’s important to understand the credit agreement and the loan’s affordability and reputation.
Guarantor loan
A guarantor loan is when a third party agrees to repay the loan if you cannot. Guarantors are often a family member or close friend. This type of loan can help individuals with a poor credit rating get approved, as the lender has added security. Guarantor loans are typically unsecured, meaning there’s no assets involved, but the lender can still pursue the guarantor for repayment if you default.
Line of credit
A line of credit is a flexible borrowing option. It allows you to borrow money from a line of credit as needed, similar to a credit card. You only pay interest on the amount you borrow, not the entire credit limit. While a line of credit may provide more flexibility than a loan, it can also carry high interest rates if you miss payments.
Friends and family members
If you need to borrow money fast, friends and family can be helpful. Sometimes, family or friends will be willing to offer interest free loans. However, this form of borrowing can strain relationships if you’re unable to repay on time or if expectations aren’t clearly defined. To prevent misunderstandings and protect your relationship, it’s essential to establish clear repayment terms from the start.
Interest free credit cards
Interest free credit cards, often called 0% APR credit cards, are financial products that offer a specified period during which no interest is charged on purchases or balance transfers. The interest free period typically ranges from several months to over a year, depending on the credit card issuer and the offer terms. While a good credit score is generally required for approval, the specific requirements can vary between providers.
FAQs – Borrow Money Online
Can I borrow money online?
Yes, you can borrow money online from direct lenders. But getting approved, depends on the lender’s criteria and your circumstances. It’s important to check that the lender is fully regulated and authorised by the FCA. This is to ensure that you’re getting a fair product and dealing with a responsible lender.
Can I borrow money if I have bad credit?
Yes, you can borrow money with bad credit, but it may come with higher interest rates or less favourable terms. There are lenders who offer bad credit loans as they assess factors beyond just your credit score. If you meet the eligibility criteria, you may still qualify for a loan, even with a less-than-perfect credit history.
How can I borrow money right now?
To borrow money quickly, apply online with a direct lender. The process is usually fast. Complete the online application, get an instant decision, and, if approved, receive funds in your bank account, often on the same day. Before applying, always make sure to check the lender’s eligibility criteria and see if you meet it.
Do I need a guarantor to borrow money?
No, you don’t always need a guarantor to borrow money. But it can help if you have bad credit or limited borrowing history. A guarantor is someone who agrees to take responsibility for your loan if you’re unable to repay it. Having a guarantor can increase your chances of approval and help you secure better terms.
Is it safe to borrow cash?
Yes, borrowing from a FCA authorised and regulated direct lender is safe. FCA-authorised lenders follow strict rules to ensure fair and responsible lending. Always check that the lender is legitimate, read the loan terms carefully, and borrow only what you can afford to repay.
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.