Cash Loans
Are you looking for a cash loan? Drafty could help. Apply for a personal loan between £1,000 and £3,000 today. 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
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.
Why choose Drafty for cash 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.
What are cash loans?
Cash loans are short term loans that can help manage unexpected expenses or temporary cash flow gaps. These unsecured loans typically offer smaller loan amounts, usually between £50 and £1,000. The loan amount available varies between lenders based on your eligibility and their criteria. Most approved lenders offer a straightforward application process for loans.
To qualify to borrow money, you’ll typically need proof of regular income and a valid UK bank account. When you apply, loan providers will request a valid ID, address
verification, and financial information through an application form. They will then conduct credit checks and affordability checks to ensure you can afford the repayment amount without facing serious money problems.
How do cash loans work?
A cash loan (commonly called a short term loan) gives borrowers quick access to money for unexpected expenses, car repairs, or financial emergencies. With a cash loan, you borrow a specific amount from a direct lender and then pay it back with interest in monthly instalments according to a set repayment date.
When considering a loan, it’s crucial to borrow responsibly. Make sure you understand the interest rate and total cost. Confirm that you can afford to repay both the loan amount and any associated interest. Short term loans and payday loans often have stricter repayment dates than other options.
What can I use a cash loan for?
Cash loans serve various purposes when you need money immediately. For example:
- Make home improvements
- Cover unexpected expenses
- Fix your car and other vehicle repairs
If you are considering a cash loan, look at the interest rate and repayment terms. Ensuring you can comfortably repay the loan is the key to avoiding financial difficulties.
Eligibility criteria for a Drafty loan
Eligibility requirements can vary between lenders. However, if you are looking to apply for a cash loan with Drafty, you need to meet the following:
- 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.
Once you apply, we’ll run credit and affordability checks. We do this to make sure that you can afford the monthly repayments.
Representative 79.9%APR
How to apply for a loan online with Drafty
Once you have checked our eligibility criteria, you can apply:
Apply
Click on the apply now button and complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment and banking details. It usually takes 15 minutes or so, but application completion time may vary.
Checks & approval
Once we receive your application, we’ll run affordability and credit checks. We do this 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. Depending on your bank’s processes, it may take longer to reach your account.
Representative 79.9%APR
How much can I borrow with a cash loan?
The amount you can borrow with a cash loan depends on the loan provider’s criteria, your income, and your credit score. Drafty offers loans between £1,000 and £3,000 (subject to approval). Our process is simple, and we focus on affordability instead of just your credit report. Plus, if you pay early, we don’t charge extra for it. Our flexible loans can help with emergency cash needs while providing more structured repayment terms than typical short term loans from other direct lenders.
How quickly can I get a decision on a cash loan?
Decision times for cash loans vary by lender and their application process. After loan application approval, lenders may send money to your bank within minutes, hours, or the same day, depending on their processes.
When you apply for a loan with Drafty, if your application is approved, we aim to transfer the funds to your bank within 90 seconds. However, processing times vary depending on your bank.
How do the loan repayments work on Drafty?
Repayments with Drafty are simple. You can log into your online account to check your payment status and history. Payments can also be made through a Continuous Payment Authority (CPA). Alternatively, we also accept payments from debit cards, Google Pay, Apple Pay, and bank transfers.
To pay online, choose the amount, select a payment method, and complete the transaction. Bank transfers require using your Drafty account number as a reference. You can repay your loan early to save on interest without any early repayment fees.
Can I get a cash loan with a poor credit history or lower income?
Yes, lenders offering cash loans will consider people with a poor credit score. However, 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 loan providers specialise in loans for borrowers with bad credit. These lenders often consider other factors beyond your credit file, such as employment history and income. Bad credit cash loans may have higher interest rates but can provide funds when traditional lenders decline you unfairly based on credit history.
Secured loans
If you own assets like a car or property, you might qualify for a secured loan where the asset serves as collateral. These typically offer a lower interest rate than unsecured loans but you risk losing your collateral if you can’t make repayments.
Payday loans
You might qualify for a payday loan if you have bad credit. While these loans are often more accessible, they typically charge a higher interest rate and fees, making them potentially more expensive. Bad credit cash loans from payday lenders usually have much shorter repayment dates than other options, often tied to your next payday and may cause you serious money problems if not managed properly.
FAQs – Cash Loans
What is the quickest cash loan to access?
Some short-term loans can offer fast access to funds, often through an online application process. However, approval and payout times vary by lender and depend on eligibility checks. Always consider the total cost of borrowing and ensure you can afford repayments before applying.
Can I get a cash loan on the same day?
Some lenders may offer same-day cash loans, subject to approval and verification checks. The time to receive funds depends on the lender’s process, your bank, and when you apply. Always check the loan terms and repayment conditions before proceeding.
Can I get a cash loan with no credit check?
Regulated lenders must conduct affordability checks before offering a loan. Be cautious of lenders that claim to provide loans without checks, as they may not be FCA-regulated. Responsible lending ensures you can afford repayments without financial hardship.
How do I choose a cash loan provider in the UK?
Choose a loan provider that is regulated by the Financial Conduct Authority (FCA) and clearly explains loan terms, interest rates, and repayment conditions. Compare options, check customer reviews, and ensure you understand the total repayment cost before borrowing.
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.