Emergency Loans?
A Drafty line of credit could offer you more
Thinking about getting an emergency loan? Find out how Drafty could give you more
If you’re thinking about taking out an emergency cash loan, you might be better with a Drafty line of credit instead. Take a look at what a credit line could offer you:
- Quick Cash – Once you’ve been approved, we’ll send the cash to your bank within 90 seconds? Now we think that’s pretty speedy
- Borrow up to £3,000 – And use just what you need from your credit limit, without paying interest on anything you don’t use
- Reuse – Want to use it again? No problem! Redraw up to your credit limit over and over without the need to reapply
- No fees – That’s right. None. You won’t pay any fees and you’ll only ever pay interest on the amount you use from your credit limit
We’re fully regulated by the Financial Conduct Authority (FCA). And because we're a responsible lender, we'll only offer our credit line to those who can afford the repayments.
If you’re ready to see why a Drafty line of credit is a superior alternative to emergency loans, then go ahead and apply!
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What exactly is an emergency loan?
People often search for emergency loans when they need access to cash quickly. This could be for many reasons including paying an unexpected house or car repair bill or replacing a vital appliance that has broken down. These types of loans are also sometimes called payday loans, quick loans or instant loans as they typically provide a way of getting access to cash quickly, once approved. They’re usually paid back over a short-term period, unlike some other longer-term personal loans.
In some situations, borrowers might struggle to take out other forms of credit so emergency loans for bad credit offer a way of relieving the financial burden quickly and helping get their lives back on track.
However, a line of credit could offer a better alternative to an emergency loan. Perhaps you’re looking for a £500 emergency loan to tide you over and pay that unplanned expense or maybe you need a £1,000 loan for a major car repair. Whatever the reason for looking at taking out an emergency loan, a Drafty line of credit could suit you better.
Why is Drafty a better alternative to an emergency loan?
Chomping at the bit to know how a line of credit could be a better option than a bad credit emergency loan? Let’s get to the details!
- We get the cash to you quickly – With Drafty’s alternative to an emergency payday loan, you’ll get fast access to your cash once you’re approved. In fact, we send the cash to your bank within 90 seconds (if approved)
- Borrow between £50 - £3,000 – Depending on your circumstances, you could borrow up to £3,000. If you find you don’t need all of your credit, you won’t pay interest on what you don’t use. If you do use it, that’s fine too!
- We’re flexible – As long as you make your minimum monthly repayments, your payment schedule is up to you, meaning you’re in control. Plus, if you want to borrow up to your credit limit again, you can do. Some emergency loan direct lenders might ask you to reapply or go through further credit checks to do this, but we don’t, because we like to keep things simple. Although, we do run other checks to ensure your line of credit remains affordable for you to use
- We don’t charge fees – With Drafty’s line of credit, you won’t pay any fees. There are no late fees, no early repayment charges and no costs for withdrawing your cash, unlike with some emergency loans. All you’ll pay for your credit line is the interest on what you borrow. Head to our pricing page to find out more
- We treat you as an individual – Instead of just looking at the numbers like some emergency loans direct lenders, we assess the whole picture to see if we think you can afford to borrow. So, if you’re looking for an emergency payday loan for bad credit, Drafty could be a wiser option
- We’re a fair lender – Because we lend responsibly, we think you should have all the information to be able to make an informed decision before borrowing any credit. That’s why our compare loans page explains how our line of credit compares to other lenders. Why not take a look? Or discover more about us
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do I apply for a line of credit?
Some emergency loan direct lenders might make things complicated, but here at Drafty, we like to do things differently. It’s easy to check whether you’d be eligible to apply. You’ll just need to be:
- A UK resident with an active bank account and debit card.
- 18 or over and employed.
- Earning at least £1,250 a month.
You can find out if you’re likely to be accepted for a line of credit without it affecting your credit score. Your report will only be affected once you take the next step.
Just like other lenders, we’ll then need to ask for a few details so we can properly assess your affordability. This will be the usual stuff such as employment details, income etc but nothing too intrusive. Then, once you’re approved, we can agree a credit limit with you and you’ll have quick access to your cash.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Could I take out an emergency loan?
There are many emergency loans direct lenders out there so there’s every chance you could get an emergency loan, depending on your circumstances and the lender’s criteria. However, if you’re looking for an emergency loan for bad credit, you’ll need to be aware that these might come with high interest rates and fixed repayment terms, potentially leading to a lack of control over your borrowing.
That’s why we provide a fair application process and only give a line of credit to those who can afford the repayments. It’s also why we think you should have flexibility over your borrowing, so, as long as you meet your monthly repayments, you can create a payment schedule that suits you. And, if you want to repay early, unlike many other lenders, you won’t be charged a penny with Drafty!
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#
Emergency loan FAQs
How much can I borrow with an emergency loan?
The exact amount you could borrow will depend on the lender and your circumstances. Typically, direct lender emergency loans such as payday loans and same day loans are designed to let you borrow a smaller amount than other types of loans and are there to help with unexpected and immediate expenses.
Drafty’s line of credit is similar and, depending on your individual circumstances, you could borrow up to £3,000. Once you’re approved, you can decide how much of your credit limit you use. So, if you need an emergency £100 loan but have a credit limit of £1,000 and don’t use the remaining £900, you’ll only pay interest on £100.
Can I get an emergency loan for bad credit?
We don’t doubt there are lenders out there who will let you take out a bad credit emergency loan. However, it’s important to ensure you can afford the repayments, so you don’t get caught in a constant cycle of borrowing due to high interest rates and fixed repayment terms.
That’s why when you apply for a Drafty line of credit, we’ll assess your application carefully to make sure you can afford it before agreeing to any credit limit. We wouldn’t be a responsible lender if we didn’t.
How quickly can I get the cash if I take out an emergency loan?
As emergency loans are designed to provide a quick fix for those tricky, unexpected financial situations, many lenders will aim to get the cash to you the same day, once approved.
Here at Drafty, if approved, we’ll send the money to your bank within 90 seconds. Now, we don’t like to brag but we’re pretty sure not many other lenders can say that.
When would I need to pay back an emergency loan?
The depends on the terms of your loan but they’re generally created to be short-term options. This means you’ll usually pay them back over a period of weeks or months, as opposed to other borrowing options such as 12 month loans which come with longer repayment terms.
Our line of credit alternative to emergency loans gives you the flexibility to decide on your payment schedule, as long as you meet your minimum monthly repayments. We think you’d prefer to feel in control of your financial situation.
How much will an emergency loan cost me?
How much you’ll pay for your loan will be based on the amount you borrow and the length of time you pay it back over. Borrowing more over a longer period of time will likely cost you more with these types of loans as they’re designed to be short-term solutions.
With Drafty, you’ll only pay interest on what you use from your line of credit, plus, you can decide on your repayment schedule, as long as you pay the minimum amount each month. As an example, if you draw £100 against your line of credit at 96.2% APR (variable) and were to pay only the minimum due, it would be paid off in 3 months for a total of £109.20. To take a look in more detail at what a line of credit could cost you, check out our pricing page.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
How do I increase the limit on an emergency loan?
This will likely depend on the lender and how well you’ve managed your account. Some emergency loans direct lenders might not allow you to increase your credit limit, or you might have to wait a period of time before you can borrow more.
At Drafty, because we keep things simple, you can borrow up to your credit limit again, whenever you wish, as long as you’ve kept your account in good shape!
What can I use an emergency loan for?
Most people take out emergency loans for those unfortunate and unexpected situations such as to repair a boiler or car. Our line of credit can be used in the same way and, if you’d like to keep using it you can when you need it!
Will taking out an emergency loan affect my credit score?
As long as you keep up with your repayments and manage your account well, taking out an emergency loan such as a quick loan or payday loan could actually help improve your credit score. If, however, you fail to make your payments on time, this could negatively affect your credit report.
The same applies to our line of credit. Use it sensibly and you could have a better chance of borrowing in the future.
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 your borrowing from. Continuing to use a series of emergency loans over a long period of time could become unsustainable.
We’re a fair and responsible lender and we always ensure we assess your affordability and individual circumstances before offering our line of credit. In addition, we check-in with you during your time with us to make sure the information we hold is accurate and the line of credit we give you is affordable.
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.