Direct Lender Loans
A credit line could be just what you need.
Looking for a direct lender loan? Try Drafty
Looking for a quick and easy financial boost? You might consider a direct lender loan. However, we believe we offer something better – a Drafty credit line. Never heard of a credit line? Get ready to see why we’re at the top of our game.
Here’s what you get from our credit line:
- Speed - We offer a swift direct lender loan alternative. You could get cash into your bank in under 90 seconds, if approved
- Borrow what you need – Unlike some direct lender loans, you’re always in control. You can apply for up to £3,000 and borrow what you need from your approved credit line
- Reuse - Think of Drafty as a pot of money you can keep using and repaying as much as you like without reapplying. Yes, we like to keep things simple
- No fees – The best bit? There are no fees! Oh, and you only ever 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 only offer our credit line to those we think can afford it. We always aim to do the best job for our customers, and it pays off. Take a look at why we’re rated ‘Great’ on Trustpilot.
Need some more information? Check out our ‘Compare Loans’ page. It shows you the benefits of our direct lender loan alternative compared to some of our competitors. If that's not enough, it's easy to find out more Drafty.
Apply in minutes to see why a Drafty line of credit is worth a nosey.
Representative 96.2% APR (variable)
Can I get a direct lender loan?
There are plenty of loan companies that offer direct lender loans, but ultimately it comes down to your eligibility for one.
Taking out a direct lender loan with bad credit could result in sky-high interest rates and repayments you struggle to keep up with. This is where a Drafty line of credit comes in.
As a responsible lender, we must take all the expected details from you. However, we understand people are more than just a number, so we aim to make the process as painless as possible.
What is a Drafty line of credit?
If you’re looking for a direct lender loan in the UK, give Drafty a try. We're an alternative to an overdraft or a credit card but, in our opinion, much better.
You’ll only ever pay interest on the cash you withdraw. If you don’t use the funds, you don’t pay – it's as simple as that. If you do use the funds, it’s much cheaper than a loan from a direct lender.
We know time is precious, so we aim to send the cash to your bank in under 90 seconds if you’re approved.
Getting Drafty, a direct lender loan alternative
We aim to make your life as straightforward as possible.
Unlike a direct lender loan, a Drafty line of credit comes with an unintrusive application process. We’ll ask you questions about your employment details and monthly expenses, but there are no nasty surprises.
Next, we’ll ensure you pass our financial checks – we never offer anyone our direct lender loan alternative unless we’re sure they can pay it back. Once you’ve been accepted and we’ve agreed on the terms and conditions – all is well!
Apply for a Drafty line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use a direct lender loan for?
Direct lender loan companies typically offer money for those unexpected costs we all encounter. For example, if you’ve got urgent house repairs, a direct lender loan will help ease the financial pressure.
A Drafty line of credit works similarly but without the added complications. You can use our quick and easy service the same way you’d use a direct lender loan, so you get safe, secure and quick financial relief.
How do I apply for a direct lender loan alternative?
- Apply – We just need a few personal details to help us get to know the real you
- Get 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 want, and pay interest only on what you use
- Flexible payment – You repay a minimum amount every month and there’s no charge for repaying early – it’s easy to do so on our app
- Fast Cash transfer – Use Drafty whenever you need to. We’ll send the money to your bank in under 90 seconds, if approved
Disadvantages of direct lender loans
There are a few reasons we believe a Drafty line of credit is better than what a direct lender loan company can offer:
High interest rates - If you’re looking for a direct lender loan, you might find lenders bump up the interest rates if you borrow over a short period.
Borrowing cycle – As direct lender loan companies often have higher interest rates for bad credit, your repayments could quickly mount up and affect your financial stability in the long term.
Benefits of direct lender loans for people with bad credit
Needing a financial boost isn’t usually a choice. Therefore, there aren’t many advantages to discuss. However, types of direct lender loans can vary and be available quickly, as they’re usually online.
As long as you meet your repayments, taking out a direct lender loan could improve your credit score. Using a Drafty credit line responsibly will also have the same effect, though.
Am I eligible for a Drafty line of credit?
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 the lowdown, we can check your affordability and then agree on a credit limit with you if you pass. You can then borrow from this line of credit whenever you need and we'll send the cash to your bank within 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
It’s not the end of the world if your application gets rejected – it could be an easy fix.
While we can’t tell you why your application was refused, we’ll provide you with the name of the credit reference agency by email if you applied online. You can then check your file.
If your file is issue-free and your circumstances change for the better or your score goes up, nothing is stopping you from applying again.
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#
Direct lender loan FAQs
What’s the difference between loan companies and brokers?
Simply put, a direct lender loan company offers funds directly to the applicant, while a broker might use your details to find the credit you requested.
Many people look for a loan lender and not a broker as they’d prefer a straightforward process. While some companies offer a loan for bad credit with no broker, we know a company that makes your life even easier. Yes, you guessed it – Drafty.
Is it hard to get a direct lender loan?
The truth is each direct lender loan company works differently. However, we can tell you that Drafty aims to make the application process easy. We avoid intrusive questions and get straight to the point.
What is the easiest loan to get approved for?
Strictly speaking, it depends on your eligibility and the type of loan you’re applying for. Loan companies for bad credit tend to take longer to assess your application as they need to know you’re able to pay the money back. However, certain companies assess your financial situation while providing a fast and painless process – like we do!
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.