Guaranteed loans?
If only it were true. All reputable lenders, like Drafty, will do checks before they lend. Will drafty's credit line better help you?
Wondering about guaranteed loans? See what Drafty's alternative can offer
We know a guaranteed loan might sound like the ideal option when you're looking to borrow, but our credit line can give you that same bit of extra financial help, in a responsible way. Here's what you could get with us:
- Quick cash - Once you're approved, there's no need to wait around twiddling your thumbs. In fact, we send the cash to your bank within 90 seconds
- Borrow what you need – Get a credit limit of up to £3,000 and use just what you need without paying interest on the rest. Don't need it all? No need to pay interest on it all!
- Reuse - Need to borrow again? It's easy. As long as you've kept up with your repayments, you could borrow up to your approved credit limit again and again
- Zero fees – We thought you might like this one. There are no fees for withdrawing your credit or for repaying early. Sounds good, right? Also, we don't have any late repayment fees, although we don't encourage late repayments, we know that unexpected situations can happen
We always aim to provide great customer service – see for yourself by checking out our ‘Great’ Trustpilot reviews.
Taking out credit can be a difficult decision, and we want you to make the right choice for your situation. That’s why you can see how our guaranteed online loans alternative measures up against our competitors on our Compare Loans page.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What are guaranteed loans?
People often look for guaranteed loans for bad credit because they want to know they'll be accepted for borrowing, despite not having an ideal credit history. But it's unlikely someone would be able to take out a guaranteed loan. That's because any responsible lender must carry out a credit check, and take basic details, to make sure that the customer can afford the repayments before being approved.
Here at Drafty, we pride ourselves on being a responsible lender. We're fully regulated by the Financial Conduct Authority (FCA). We always check to make sure any customer can afford to take out a line of credit. That's why we'd never recommend anyone to choose a guaranteed acceptance loan, even if they happen to find one.
If you've been searching for guaranteed loans for bad credit, why not give Drafty's alternative a go instead? Whilst we will need to carry out a credit check before you're approved, we look past the numbers and consider your individual circumstances.
So, what can you get with Drafty?
You're dying to find out, so here we go. We don't offer loans, and certainly not guaranteed acceptance loans. We offer a line of credit. Which is like a pot of cash, there to help with those emergency financial situations. Here are the details:
- Borrow between £50 and £3,000 – And only pay interest on what you use. Unlike some other lenders who might charge interest on your entire credit limit. Want a £1,000 loan with the option to pay for just what you need? Why not come to us instead? (Subject to affordability checks and approval)
- Redraw again – It's easy to borrow up to your credit limit again with Drafty. Keep your account in good shape and you can reuse as often as you like. You don't need to reapply, and you won't have to go through another credit check.
- Pay nothing in fees – With us, you'll find no hidden fees. None whatsoever. How many other lenders can say that?
- Fast cash – If you're looking for guaranteed online loans, chances are you want access to credit quickly. Once approved for our credit line, you could have the cash sent to your bank in under two minutes
- You stay in control – Even if you manage to find guaranteed payday loans, it's likely you'll be tied in to fixed terms and repayments. But we think you should stay in control. Set your own repayment schedule (as long as you keep up with the minimum repayments) and stay in charge of your borrowing with our line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I get a Drafty line of credit?
- A UK resident with an active bank account and debit card
- Earning at least £1,250 a month
- 18 or over and employed
- Apply – You'll find out in next to no time if you've been approved
- Use your credit limit – Once approved, we set a credit limit of up to £3,000. If you don’t use all of it, you won't pay interest on all of it. Simple
- Flexible repayment – Repay a minimum amount every month, or more if you want to. Or pay it back early. It's up to you. And it's easy to pay with our app
- Quick cash transfer – Reuse your line of credit whenever you need to, up to your credit limit. We aim to send the cash to your bank within 90 seconds
What are the benefits and disadvantages of guaranteed loans?
If you're looking for a short term loan, it's usually because you're facing a tricky financial situation that you need help with. So, a major benefit is getting your life back on track by paying for that house repair or unexpected bill.
Guaranteed loans, however (if they exist anywhere), would come with disadvantages:
- High interest rates – Guaranteed loans for bad credit would have high interest rates, due to the potential risk to the lender. With no credit checks, a lender wouldn't know the customer's reliability to pay it back, so could compensate with a higher rate
- Fees – Guaranteed loans could come with an array of hidden charges, including set-up fees, early repayment fees, late repayment fees, and withdrawal fees
- Lack of control – With high interest rates and potential fees, it could be easy to feel out of control. This could then lead to more borrowing to be able to pay back the loan
As Drafty offer responsible lending and flexibility, when you choose our line of credit, you're more likely to stay in control of your financial situation.
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#
Guaranteed loans FAQs
Can I get a guaranteed loan?
As most lenders in the UK are regulated by the Financial Conduct Authority, the chances of finding a lender that offers guaranteed loan approval are slim. Before approving a customer, a lender will need to know you can afford the loan and how reliable you're likely to be as a borrower.
At Drafty, we lend responsibly. So, before approving you, we'll carry out checks to see if you can afford our line of credit. But we also consider other aspects of your circumstances when assessing your affordability.
Why do I need a credit check to borrow money?
Lenders do credit checks, so they know how dependable you are at borrowing credit. If they didn't, it would be risky for them and irresponsible on behalf of the customer. Credit checks can prevent people borrowing money who are at high risk of getting into debt and being unable to pay it back.
That's why, when you apply for Drafty's guaranteed loans alternative, we'll also carry out a credit check. But don't worry, you can find out your chances of getting approved first, without it affecting your credit score.
I have bad credit - will I be accepted to borrow?
This depends on the lender and your circumstances. With some lenders, you might be approved but you could be charged a higher rate of interest, meaning you could end up paying more overall. Here at Drafty, we'll make sure you can afford your repayments before accepting you. And we consider more than just the numbers on a screen, so there's a chance you could still be approved for our credit line, even with less-than-perfect credit.
Why are interest rates higher for those with poor credit?
Interest rates are sometimes higher for those with poor credit as lenders might see these customers as more of a risk. So, it’s a way of loan providers protecting themselves if they think someone might not be able to manage their repayments.
What if I'm rejected for credit?
Many people look for guaranteed loans because they assume they'll be rejected if they go through a credit check. However, as there's no way of avoiding a credit check (when choosing a reputable lender), there's always a chance of not being accepted.
If you apply for our line of credit and don't get approved, don't panic. There could be a simple reason and, whilst we can't tell you exactly why, we can give you the details of the credit reference agency so you can address any issue.
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.