Looking for an emergency loan? Try Drafty
Emergency loans can provide quick financial relief during unexpected emergencies. At Drafty, we offer emergency loans between £1,000 and £3,000. Our loans can help you cover expenses when you need it most. 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?
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 is an emergency loan?
Emergency loans are generally a short-term option for unexpected financial difficulties. They’re quick access to cash for urgent expenses. They can be used for expenses like car repairs, or unexpected bills. These loans may be provided by direct online lenders. They can be online applications with fast decisions and fast pay outs.
They can be useful for people who need immediate funds. They are generally used by people that may not have savings or other resources available.
How do emergency loans work?
Emergency loans can be similar to short-term loans.
1. Apply online
Apply with an FCA-authorised direct lender. To be eligible, you must meet basic criteria. This can include being a UK resident with a valid bank account.
2. Assessment & approval
The lender will review your application. They will check your affordability. If approved, the funds will be transferred to your bank.
3. Repayment:
Repay the loan as agreed. This will avoid penalties or negative effects on your credit score.
If you apply for a personal loan with Drafty, we’ll check you can afford the loan. We consider more than just your credit rating. There’s a chance you could be approved for a loan with poor credit history.
Eligibility criteria for an emergency loan with Drafty
Eligibility requirements can vary between other lenders too. If you’re looking to apply for a bad credit loan with Drafty, you’ll need to be:
- Age: You must be at least 18 years old.
- Residency: You must be a UK resident.
- Income: Have a monthly income of at least £1,250.
- Bank account: A valid UK account and debit card.
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 an emergency loan with Drafty
Once you have checked our eligibility criteria, you can apply:
Apply:
Click on the apply button and complete our online application. Choose how much you want to borrow. Then, fill in your personal, employment and banking details. It usually takes 15 minutes, but application completion time may vary.
Checks & approval
Once we receive your application, we’ll run a credit check. We check your affordability to make sure you can make the repayments. We will
also look at your existing financial obligations. 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 an emergency loan?
At Drafty, we offer loans between £1,000 and £3,000. The loan can help you cover expenses when you need it most. If approved, we will transfer funds to your bank in under 90 seconds. It may take longer to reach your account depending on your bank’s processes.
You have the ability to repay early and save on interest. We don’t charge extra fees for early repayments. We’re committed to transparency. We make sure you understand the costs, fees, and repayment terms upfront. With us, there are no hidden fees or unexpected surprises.
If you’re thinking about borrowing, look at the interest rate and loan terms. Make sure you can comfortably repay the loan. This is the key to avoiding financial difficulties.
What can I use an emergency loan for?
Emergency loans are helpful to cover urgent financial needs. You can use them for unexpected bills. You may consider using these funds for:
- Unplanned vehicle repairs
- Urgent home repairs, such as a boiler replacement
- Covering funeral or memorial service costs
- Handling unforeseen emergencies that require immediate financial support
There are no strict restrictions on how you use an emergency loan. They’re intended for short-term emergencies rather than long-term financial needs.
How do the loan repayments work on Drafty?
Repayments with Drafty are simple. Log into your online account to check your payment status and history. Payments can also be made through a Continuous Payment Authority (CPA). We also accept payments from debit cards, Google Pay, Apple Pay, and bank transfers.
It’s easy 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. We do not charge any early repayment fees.
Late payments will incur late payment fees of £12 and may affect your credit score, so it’s best to contact us if you’re facing difficulties.
What if my loan application is rejected?
We do not guarantee approval for a Drafty loan. When you apply, we assess various factors. Not all applications will be accepted. If your application is declined, it may be due to a few different things. You may not have met our eligibility criteria. Or we may have had concerns about your current situation. We will also check you can afford the loan.
If your application is declined due to information from a credit reference agency, we’ll inform you via email about the agency used. You can then review your credit file with them if needed.
Could I take out an emergency loan with bad credit?
Yes, it’s possible to get an emergency loan with a bad credit score. We know your credit score doesn’t always reflect your current financial situation. You may qualify for a loan if you have a poor credit history. We will need to make sure you can afford the loan repayments.
FAQs – Emergency loans
How can I borrow money in an emergency?
To borrow money in an emergency, apply for a loan online with a direct lender. Provide the requested details. Lenders usually offer quick decisions. If approved, they’ll send the money to your bank within a few minutes or hours. You can use that cash for unexpected expenses. This can include such as bills, car repairs, or other financial emergencies.
How much can I borrow with a Drafty loan?
Drafty offers loans between £1,000 and £3,000. The amount we lend is based on your personal situation and affordability assessment. Our loan amounts are designed to help with emergency situations.
What documents do I need to apply for a Drafty emergency loan?
Unlike traditional loans that can require paperwork, our application process is simple. You’ll need to provide personal details and employment information. We will verify your bank details. We verify your identity electronically in most cases. This means no physical documents are typically required.
Are emergency loans also called crisis loans?
Sometimes, people refer to emergency loans as crisis loans. Both terms describe short-term financial help for urgent financial situations. Crisis Loans were provided by the government. Unfortunately, they are no longer available. You may be eligible for government assistance through a Budgeting Loan. You’ll need to have been on certain benefits for 6 months to qualify.
Will taking out an emergency loan affect my credit score?
Keeping up with repayments is important. Taking out an emergency loan, such as a quick loan or payday loan, may help improve your credit score. If you fail to make your payments on time, it can negatively affect your credit report.
How quickly can I get money if I take out an emergency loan?
If approved for a Drafty loan, we’ll send the money to your bank account within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Can I take out more than one emergency loan?
It might be possible to take out more than one emergency loan at one time. It all depends on your circumstances and the lender you are borrowing from. Using a series of emergency loans over a long period of time could cause you money problems.
How does Drafty compare to payday loans?
Drafty offers more flexibility than traditional payday loans. With loan amounts from £1,000 to £3,000. We offer repayment terms of 12, 18, or 24 months, so you have more time to repay. Payday loans typically require full repayment on your next payday.
What if my financial situation changes after taking out a loan?
If your situation changes. Or you’re struggling to meet repayments, contact us immediately. We may be able to work with you to find a solution. Ignoring payment problems can make the problem worse and could potentially impact your credit score.
Do I need to have a good credit score to get an emergency loan?
Not necessarily. Having a good credit score can improve your chances of approval. At Drafty we consider more than just your credit rating. We look at your overall finances. This includes your income and existing financial commitments. Even with a less-than-perfect credit score, you may be eligible if you meet our other criteria.
Will I need a guarantor for an emergency loan with Drafty?
No, Drafty does not require a guarantor for our emergency loans. We base our lending decisions on your own financial circumstances. We complete an affordability assessment, and credit history check. This makes the application process simpler and faster.
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.