Instalment loans
Getting a credit line might be just what you really need.
Looking for an instalment loan? Try Drafty
Need to boost your finances? You might look for an instalment loan. However, we believe we offer something even better – a Drafty credit line. Don't know what that is? Read on to see why we’re the cream of the crop.
Here’s what you get from our line of credit:
- Speed - We offer a swift instalment loan alternative, meaning you could get cash into your bank in under 90 seconds, if approved
- Borrow what you need – Unlike an instalment loan, you’re always in control. You can apply for up to £3,000 and withdraw what you need from your approved credit line
- Reuse - Think of Drafty as a handy money bag you can keep dipping into until you have a credit limit available and repaying as much as you like without reapplying. Yes, it really is that simple
- No fees – The best bit? There are no fees. What’s more, you only 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 make sure our credit line is only offered to those we think can afford it. Our customers are our top priority, which is why we’re rated ‘Great’ on Trustpilot.
If you need some more information, take a look at our ‘Compare Loans’ page. We’ll show you the benefits a credit line has compared to an instalment loan from one of our competitors. If that's not enough, it's easy to find out more Drafty.
Apply in minutes to see why our line of credit is worth your time.
Representative 96.2% APR (variable)
Can I get an instalment loan?
There are lots of instalment loan lenders out there, but it all comes down to your eligibility.
Getting an instalment 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.
We understand people are more than numbers on a page. Of course, we have to gather all the expected details (we’re just doing our duties as a responsible lender), but we aim to make the process as painless as possible.
What is a Drafty line of credit?
If you’re looking for an instalment loan, try Drafty instead. We offer a credit line that's a bit like a credit card but, in our opinion, far superior to the instalment loans.
The best bit? You only ever pay interest on the cash you withdraw and if you don’t touch the funds, you don’t pay – simple. If you do use the funds, it’s far cheaper than going to an instalment loan direct lender.
Time is money – literally in this case! – so we aim to send the cash to your bank in under 90 seconds if you’re approved.
Getting Drafty, an instalment loan alternative
Here at Drafty, we live for the easy life.
Our line of credit uses an unintrusive and straightforward application process, unlike an instalment loan from a direct lender. We’ll ask you all the expected questions, such as the amount you wish to borrow, your employment details and monthly expenses, but nothing to catch you out.
You'll then have to pass our financial checks – we never offer anyone our instalment loan alternative unless we're confident they can pay it back. As soon as those checks are cleared, we'll send over some terms and conditions and you’re ready to go!
Apply for a Drafty line of credit
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use an instalment loan for?
Instalment loans are typically used for unexpected financial outgoings. For example, you could have urgent, unexpected house repairs and need some extra cash to help cover the costs throughout the year.
A Drafty line of credit works similarly. You can use our quick and easy service the same way you’d use an instalment loan, just with a more flexible approach. With us, you get rapid financial support safely and securely.
How do I apply for Drafty, an instalment loan alternative?
- Apply – We just need a few personal details to get to know you better and begin the application process. Representative 96.2% APR (variable)
- Set 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, paying interest only on what you use
- Flexible payment – You repay a minimum amount every month. Want to repay early? That’s ace! It’s easy to make payments on our app
- Fast Cash transfer – Use Drafty whenever you need and we’ll send the money to your bank in under 90 seconds, if approved
Disadvantages of an instalment loan
There are a few reasons we believe a Drafty line of credit is better than an instalment loan:
Set repayment dates – Instalment loans will often have a structured repayment plan in place, meaning you can’t be flexible about how much you pay back and when.
High interest rates - If you’re looking to borrow money over a short period, lenders might pile on the interest to make it worth their while.
Borrowing cycle – As instalment loans for bad credit often have higher interest rates, the repayments soon stack up. This could really affect your financial stability in the long term.
Benefits of instalment loans for people with bad credit
We can’t praise instalment loans, as most people don’t choose to need extra cash. However, it's handy that most tend to be short term and available fast online.
It’s important to note an instalment loan can improve your credit file if you meet your minimum repayments. That’s not exclusive, though. Using a Drafty credit line responsibly will have the same effect and make you appear as a more reliable borrower.
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 all the details, we can check your affordability and agree on a credit limit with you if you pass. You will then have quick access to your cash.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What if my credit line application gets rejected?
Don’t worry if your first application gets rejected – it doesn’t mean you’ll never get accepted.
Unfortunately, we’re unable to disclose why your application got rejected. However, if you applied online, we’ll email you with the name of the credit reference agency if you want to check your file.
If there’s no issue and your circumstances change for the better or your score goes up, nothing is stopping you from applying again in the future.
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#
Instalment loan FAQs
Are instalment loans worth it?
If you’re looking for an instalment loan for bad credit from a direct lender, there are pros and cons.
On the one hand, a bad credit instalment loan with no guarantor could damage your credit score further if you can’t meet the required repayments. However, it could boost your credit score if you meet all your monthly repayments – just like when you use Drafty responsibly.
Where can I get an instalment loan with bad credit and no guarantor?
Each lender works differently. Some lenders insist you have a guarantor to ensure you can pay back the instalment loan, others don’t.
We aim to make life as simple as we can. You don’t need a guarantor to apply for a Drafty line of credit and we try to consider your personal situation to make things fair.
What is the easiest type of loan to get with bad credit?
The truth is each instalment loan for bad credit is different. Each application has its obstacles.
However, we try to make life as straightforward as possible. When applying for a Drafty line of credit, we cut the intrusive questions and get straight to the point.
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.