Looking to borrow money?
Look at Drafty's credit line instead.
Needing to borrow money online? Drafty could be your perfect solution
Need a cash boost? Been hit with an unexpected bill? If you're looking for ways to borrow money, Drafty's credit line might just be the answer. And here's why:
- Quick cash - Once approved, we'll send the cash to your bank within 90 seconds. So, if you're looking to borrow money quickly, drafty can help you out here
- Borrow up to £3,000 - You could borrow between £50 and £3,000 (based on approval). Plus, you'll only pay interest on the credit you use
- Reuse again - Yes, that's right. You can reuse up to your credit limit again without reapplying (as long as your account with us is in good standing)
- Pay nothing in fees - With Drafty, what you see is what you get. No hidden fees or extra charges. You can't say much fairer than that. Also, we don't have any late repayment fees, although we don't encourage late repayment, we know that unexpected situations can happen
We're fully regulated by the Financial Conduct Authority (FCA) and offer our line of credit in a responsible way. Our highly rated Trustpilot reviews also show our commitment to customer service.
Unlike other providers who might offer money borrowing services, we want to make sure you can make an informed decision. We know it's a big deal taking out credit, so we've created a dedicated Compare Loans page to show you how our line of credit stacks up against some of our competitors.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Why do people look to borrow money from a direct lender?
There are many reasons why someone might choose to borrow money online but it's normally to help pay for a short-term, unexpected expense such as home repair work, a new boiler or to get your car back on the road. Some people choose to take out a personal loan, payday loan or quick loan but they're all types of short term borrowing, just with different names.
People might also look to borrow money with bad credit, hoping to find a lender that will offer them a loan, even with a poor credit history. However, it's common for short term loan providers to charge a higher rate of interest with this type of credit.
What can you get with a Drafty line of credit?
If you're wondering how to borrow money, you might want to think about our credit line. It's like a loan, but different. Confused? Look at the details and discover why a line of credit might work for you.
- Borrow up to £3,000 - Maybe you're looking to take out a £500 loan or perhaps you need to borrow credit, but you're unsure how much you'll use. With Drafty, you could get up to £3,000 and you'll only pay interest on what you use
- You stay in control - Choosing to borrow money can be a difficult decision and you should stay in control of your finances. Unlike some other lenders, you can use your line of credit like a pot of cash that you can dip into when needed. 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 of course)
- Quick cash - If you're needing to borrow money quickly, once approved, you could get your line of credit sent to your bank within 90 seconds. We don’t think it gets much more quick than that!
- No fees - We've saved the best for last. With Drafty, you won't be charged a penny for repaying early or withdrawing cash. And you can find out exactly what a line of credit could cost you by visiting our pricing page. You might be pleasantly surprised
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I get a Drafty line of credit?
- Earning at least £1,250 a month
- 18 or over and employed
- A UK resident with an active bank account and debit card
- Apply – And you'll get a quick decision
- Use your credit limit – Once approved, you could get a credit limit of between £50 and £3,000. Use what you need and don't pay interest on the rest
- Flexible repayments – You'll repay a minimum amount each month. But other than that, you can create your own payment plan and even repay early if you want to
- Quick cash transfer – Borrow again whenever you need, and you'll have the funds sent to your bank within 90 seconds
Are there any disadvantages of borrowing money online?
There can be downsides to taking out credit, depending on the lender. If you're wondering how to borrow money with bad credit, be aware of a few factors:
- High interest rates - Some providers will increase their interest rates if you have a poor credit history. This means you could end up paying more overall
- Fixed repayment terms - Many lenders will tie you in to a fixed term in which you'll need to repay your loan. And if you want to repay before then, you could be charged
- Extra fees - Depending on the type of loan or credit, you could be charged for taking out your cash and for late repayments too
If you have poor credit, then don’t panic. At Drafty, we look at more than just the figures. So, you won’t automatically be written off for a less-than-great credit history.
And, whilst we only lend our credit line to those who can afford it, we understand that things can happen, and a late payment isn't the end of the world. That's why we won't charge you for it, although it's important to be aware that it will be recorded on your credit file.
Contact Drafty
- 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#
Borrow Money FAQs
What are the different ways to borrow money?
Faced with an emergency expense, people often choose to borrow money to get them out of a challenging financial situation. If it's not possible to borrow from friends or family, or use an overdraft, some borrow money online, through a loan, credit card or other means of credit.
Drafty's line of credit is a way of borrowing, but without the hassle that you often get from other lenders. It's quick, simple, and you stay in control.
Can I borrow money online?
Whether you can borrow money online depends on the lender's criteria and your circumstances. But it's important to check that any credit provider you choose is fully regulated by the FCA so you know you're getting a fair product and dealing with a responsible lender. When you take out our line of credit, you can be safe in the knowledge that we're a regulated lender and offer only the best in customer service.
Can I borrow money with bad credit?
There are some providers that allow customers to borrow money with bad credit, so it might be possible to take out a loan or other form of credit, even if you have a poor credit history. But be aware that some lenders will charge higher interest rates for these types of loans.
Here at Drafty, we'll assess your affordability before approving you for a credit line. And we won't just look at the numbers, we'll consider your overall circumstances too.
Can I borrow money instantly?
How quickly you'll get access to your credit once approved depends on the provider and their terms. There are companies that offer same day loans and quick loans, so there's a chance you could get your funds rapidly. However, at Drafty, we like to offer that little bit more so, once approved, the cash could be sent to your bank in under two minutes.
What can I use the money for?
What you use the money for is up to you. At Drafty, we don't need to know why you want to take out our line of credit, but most customers use the cash in the same way they would a short-term loan. This could be for things such as car repairs, to deal with a boiler breakdown or a sudden, unexpected bill.
How much does it cost to borrow money from a direct lender?
Again, this will depend on the terms, how much you borrow, and how long you pay it back over. Usually, with short-term borrowing, the longer you take to pay it back, the more it costs overall. Some lenders might fix you into a certain period and could also charge you for repaying early.
At Drafty, we want you to be in control of your borrowing. So, we'll never charge a fee if you want to pay your credit line back early. And, as an example of our costs, if you borrowed £100 for one month, it would cost just £5.70.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
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.