Thinking of getting a doorstep loan? Drafty could offer you an alternative
Thinking of taking out a doorstep loan? Waiting for a lender to visit your home can take time. Drafty offers a convenient alternative. Our personal loans have a simple online application available 24 hours a day, 7 days a week with instant decisions. If approved, the cash is sent to your bank within 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 consider Drafty as an alternative to doorstep 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 doorstep loans?
Doorstep loans, also known as home credit or home collected loan, are a type of short term loan. They are often provided by an agent who comes to your home. The agent may then visit on a regular basis to collect the loan repayments. Like other types of short term loans, doorstep loans are designed for emergency expenses.
At Drafty, you can apply for a loan from £1,000 to £3,000 online from the comfort of your home. Our easy online application offers an instant decision. You can choose between 12, 18 or 24 months to repay.
Are there doorstep loans for bad credit?
Doorstep loans are generally aimed at people who have difficulty accessing mainstream loans. Instead of going to the bank or applying online, doorstep lenders often send agents directly to your home.
At Drafty, we know that bad credit happens. That’s why we consider applications from people with poor credit history. Instead of focusing only on your credit history, we look at your overall ability to afford a loan.
How do doorstep loans work?
Doorstep loans typically involve an agent visiting your home or contacting you by phone to discuss the loan terms and assess whether you can afford the loan. The agent will help complete the loan paperwork, and if approved, they will either deliver the loan amount in cash or transfer it directly to your bank account.
Repayments for doorstep loans are usually made on a weekly basis, though some lenders may offer monthly repayment options. The agent may return to your home to collect payments.
At Drafty, we offer a more convenient approach. Instead of waiting for an agent to visit, you can apply online by completing a simple form with your personal and financial details.
Once your application is submitted, we’ll quickly review it and provide an instant decision. If you’re approved, the funds will be sent to your bank within 90 seconds. It may take longer to reach your account, depending on your bank’s processes. We also consider applications from people with less-than-perfect credit histories.
Eligibility criteria for a Drafty loan
To apply for a loan with Drafty, you need to meet the following criteria:
- Age: You must be at least 18 years old.
- Residency: You must be a UK resident.
- Income: Earn at least £1,250 a month.
- 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 details as well as employment and banking information. 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. It may take longer to reach your account, depending on your bank’s processes.
Alternatively, visit our homepage to apply for Drafty Flex, a personal line of credit (maximum £3,000). 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 quickly can I get approved for urgent doorstep loans?
The approval process for urgent doorstep loans usually depends on the lender. It’ll also depend on your individual circumstances. UK doorstep loans are generally pretty quick in terms of decision times. You’ll probably get a fast decision once you’ve completed the paperwork. It may take a few days to actually get the money though.
If you are applying for a loan online with Drafty, you won’t need to wait. We’ll review your application immediately, and you’ll get an instant decision. If you agree to a loan offer from us, we’ll transfer the funds to your bank within 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
How to find doorstep loans near me?
There are still some doorstep loan providers in business, so you may be able to find doorstep loans near your location. You might need to search online to find out if there are lenders who offer doorstep loans in your area or near you. It might also be worth looking at local business directories for information about doorstep lenders.
FAQs – Doorstep loans
Can I get a doorstep loan?
Whilst we can’t tell you whether you’ll be able to take out a doorstep loan, there are lenders who will offer these types of lending. Some providers will offer doorstep loans for bad credit and, since a few lenders deal in cash, rather than via a bank account, it might be considered a more viable option for those with a poor credit history. However, there’s always a risk with these types of loans that you could end up having to pay high interest rates, plus it’s more difficult to find an approved and reputable lender.
Are doorstep loans legal?
Yes. Doorstep loans are legal in the UK, but only if the lender is authorised. Doorstep lenders must be authorised by the Financial Conduct Authority (FCA). Only then are they allowed to provide credit.
Will I need a credit check for a doorstep loan?
All regulated UK lenders are required to carry out affordability assessments before offering a loan. Depending on the lender, this may include a credit check. Doorstep loan providers are no different. If a lender does not conduct such checks, it’s unlikely to be regulated and may be unsafe.
How much does a doorstep loan cost?
The cost of a doorstep loan varies depending on the amount borrowed, the lender’s terms, interest rates, repayment terms, and potential fees. Some lenders may charge hidden fees, including early repayment charges, which can increase the total amount you pay. It’s essential to review the terms carefully and ensure transparency before agreeing to a loan.
Can I get a doorstep loan if I am on benefits?
You might be able to get a doorstep loan, if you are on benefits. But you will probably be asked to show proof you can afford the repayments. You may not be getting all the benefits you are entitled to. You can find out more by using the BenefitsGlance tool at afforda.co.uk.
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.