Cash Loans
We think you might prefer our line of credit.
Looking for a cash loan? Try Drafty's line of credit
If you’re looking to apply for a cash loan, we could offer you something even better (at least in our opinion!).
Here's how a Drafty credit line could help:
- 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.
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378. We only offer our credit line to those we think can afford it.
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.^
What are cash loans?
Cash loans are a type of short term loans that can help you manage unexpected expenses or temporary cash gaps. These unsecured loans typically cater to smaller loan amounts, usually ranging from £50 to £1000. However, the loan amount offered will vary between lenders and depend on your eligibility and lender’s criteria. The application process for cash loans online is usually straightforward.
Borrowers are required to provide proof of income and a valid UK bank account. Lenders usually ask for a valid proof of ID, address proof, and financial information to support the application. Lenders also run a credit and affordability check on your profile to see if you can afford the repayments.
If you're looking for an alternative to cash loans, consider Drafty. Drafty offers a line of credit from £50 to £3,000 (subject to approval) with a flexible repayment schedule. You can reuse up to your credit limit again without reapplying (as long as you are up to date with your payments and your account with us is in good standing).
How do cash loans work?
A cash loan is often referred to as a short term loan and provides borrowers with quick access to funds to cover unexpected expenses or financial emergencies. With cash loans, you typically borrow a small amount of money from a lender which you then need to repay, along with interest, in monthly or weekly instalments.
It's important to borrow responsibly when considering a cash loan, ensuring you understand the terms and can afford to repay the loan amount along with any associated fees and interest.
What can I use a cash loan for?
Cash loans can be used for various purposes, including:
- Emergency car repairs: Emergency cash loans can be a quick and useful solution if your vehicle breaks down or you need to buy spare parts quickly.
- Bridge financial gaps: Sometimes, there might be a temporary gap between expenses and income, and online cash loans can help you manage until you receive your next pay.
- Home improvements: Cash loans can provide the necessary funds for small urgent home repairs.
- Utility payments: If you're struggling to pay unexpected utility bills, a cash loan can help you in the short term.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Can I get a cash loan online?
Yes! Some lenders will consider you for cash loans online. When applying for a cash loan, it's essential to research and compare different lenders to find one that offers favourable terms, including competitive interest rates and flexible repayment options. Additionally, thoroughly read and understand the loan terms and conditions, including any fees or charges, before proceeding with any loan agreement.
Does Drafty offer cash loans?
No, Drafty does not offer cash loans. We offer a line of credit up to £3,000 (subject to approval). You can reuse up to your credit limit and set your own repayment schedule to suit you (as long as you keep up with your minimum monthly repayments).
How is Drafty an alternative to cash loans?
- Credit and affordability checks: We will consider your creditworthiness and affordability before approving your credit line. This ensures that you are not taking on more debt than you can handle, promoting responsible borrowing.
- Flexible credit line: A line of credit allows you to borrow funds up to your approved credit limit as needed. This means you have the flexibility to borrow smaller or larger amounts depending on your specific financial needs, rather than being limited to a fixed loan amount.
- Flexible repayment terms: Drafty offers a flexible repayment period, giving you the option to make the minimum payments or pay off the balance in full, depending on what works best for your financial situation. This flexibility allows you to manage your repayments in a way that suits your budget and cash flow.
- Quick access to funds: If you need to borrow money on the same day, Drafty may be able to help. Once approved, you could get your line of credit sent to your bank within 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do I check my eligibility for a line of credit with Drafty?
- 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
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How to apply for Drafty, a cash loan alternative?
- Apply - Visit our website and click on the apply now button. Fill out our online application form by entering 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 you require, paying interest only on what you use.
- Flexible payments - You’ll need to 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.^
How much can I borrow with a cash loan?
The amount you can borrow with a cash loan varies depending on the lender’s criteria, your income, and your credit history. Generally, cash loans are designed for smaller borrowing needs, ranging from as little as £50 up to £1,000 or more in some cases.
At Drafty, we offer a credit line from £50 to £3,000 (subject to approval) with a flexible repayment schedule. You can reuse up to your credit limit again without reapplying (as long as you are up to date with your payments and your account with us is in good standing). Want to repay early? No fees. Late repayment? No fees, although we don’t encourage late repayments.
How quickly can I get an instant decision cash loan?
The speed at which you can get an instant decision on a cash loan varies depending on the lender and their application process. However, many online lenders offering instant decision cash loans typically provide you with a decision within a few minutes. If your loan application is approved, the lender could send the cash to your bank within a few minutes, hours, or on the same day. This varies from lender to lender.
Can I get a cash loan with bad credit or low income?
Yes, lenders offering cash loans will consider individuals with bad credit or a low, but your options may be more limited, and you may face higher interest rates. If you have a bad credit score, it's important to consider alternative borrowing solutions.
Bad credit loans: Some lenders specialise in providing personal loans to borrowers with bad credit. These lenders may focus on other factors, such as your employment history and income, rather than just your credit score.
Secured loans: If you own assets like a car or property, you may qualify for a secured loan where the asset acts as collateral for the loan. Secured loans often have lower interest rates than unsecured loans but come with the risk of losing the collateral if you can't make your loan repayments.
Payday loans: You can apply for a payday loan with bad credit. While these loans may be easier to qualify for, they come with extremely high-interest rates and fees, making them a costly borrowing option.
Line of credit: A line of credit is a flexible borrowing option that allows you to access funds up to a predetermined credit limit. Unlike a traditional loan where you receive a lump sum upfront, with a line of credit, you can borrow as much or as little as you need, up to your approved limit. You only pay interest on the amount you use.
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#
FAQs - Cash Loans
What is the easiest cash loan to get?
The easiest cash loans to get in the UK are payday loans. These loans can be applied for online. If approved, these loans are usually funded to the bank very quickly. This makes them a convenient option for immediate financial needs. Although, it should be noted that these loans come at a very high interest rate. If not managed properly, these can put you in debt trap.
I need a cash loan today. Can I get it?
Getting a quick cash loan today is possible if you meet the lenders criteria and creditworthiness check, especially from lenders offering same-day funding options. However, approval and funding times will depend on the lender's process, your eligibility, and the time of application.
Can I get a cash loan with no credit check?
All regulated lenders do complete a credit check, as they have to be sure if you can comfortably afford repayments on the loan. Be very wary of any lender offering a loan without a credit check.
How do I choose a cash loan provider in the UK?
Before choosing a cash loan provider in the UK, it's important to do your research. Compare the interest rate, loan terms, and customer reviews to find the best cash loan provider that fits your needs.
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.