No refusal payday loans
Looking for no refusal payday loans? A responsible lender will never guarantee a loan. At Drafty, we offer loans ranging from £1,000 to £3,000. Our loans are for emergency expenses and unexpected bills. While no refusal payday loans may sound appealing, they could be a scam or an unauthorised lender. Drafty is an FCA authorised direct lender in the UK.
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 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 no refusal payday loans?
No refusal payday loans may not be from a regulated lender. These loans, known as guaranteed payday loans, claim to provide guaranteed approval. No regulated lender can guarantee approval for loans. Payday lenders, including direct payday lenders, must perform affordability checks. These checks protect borrowers from financial strain. A payday lender offering no refusal payday loans should be avoided.
Does Drafty offer no refusal payday loans?
Drafty does not offer a no refusal payday loan. As a responsible direct lender, we assess each application. This includes creditworthiness and affordability. We want to ensure that any loan we provide is affordable for you.
At Drafty we prioritise responsible lending. We believe there is more to someone than their credit score. This means you can apply if you have bad credit.
Who can apply for a loan with Drafty?
You can apply online with Drafty if you are:
- Aged 18 or over and employed.
- Have a monthly income of £1,250.
- A UK resident with an active UK bank account and debit card.
Provide your details, and we’ll complete credit and affordability checks. If approved, we’ll send cash to your bank within 90 seconds. Transfer times may vary depending on your bank’s processing times.
Credit checks are an essential part of responsible lending. The credit check helps us ensure you can afford the loan.
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.
Representative 79.9%APR
Are no refusal loans from UK direct lenders real?
Some lenders might claim to offer no refusal loans. No FCA-authorised lender can guarantee loan approval. UK lenders must adhere to responsible lending practices. These practices include checks to ensure borrowers can repay the loan. This usually includes a credit check.
How are Drafty loans different?
Drafty is a direct lender of loans. They’re designed with your financial well-being in mind. Unlike a no refusal loan, we do not promise guaranteed approval. As a responsible lender, we perform credit checks. This is to review your financial history. We will make sure the loan is right for you, and you can afford the loan.
With Drafty, your loan agreement includes clear terms and no hidden fees.
With Drafty you get clear terms and you repay in fixed monthly instalments. All with the reassurance of borrowing from a regulated lender.
I’ve been refused for a payday loan before. What now?
If you’re refused a loan, it’s important not to panic. There are a few steps you can take to understand the situation.
- Obtain a copy of your credit report from a credit reference agency. Payday lenders assess applications using credit checks. Review it to ensure that all the information is accurate and current. Any error in your credit report can lead to loan rejections. You can dispute errors with the credit reference agency.
- If your credit score is low, take steps to improve it. This may include paying off existing debts and making timely payments. Try to reduce your credit usage. Improving a poor credit score can increase your chances of getting a loan.
- Seek advice from a financial advisor or a debt counselling service. Try Moneyhelper.org.uk they can provide guidance on managing your finances and provide support.
Do lenders accept everyone without refusal?
No, this is not true. Direct lenders in the UK do not accept everyone. While payday loans may seem more accessible, lenders have to check if you can afford the loan. You should only borrow money from regulated direct lenders.
Lenders may need you to: Have an income, be over 18 with a UK bank account. Direct lenders may conduct a credit check to assess the borrower.
FAQs – No refusal payday loans
Are no refusal loans bad?
No refusal loans don’t exist. If a lender claims to offer this type of loan, they may be trying to scam you or be an unauthorised lender. It’s good to research and explore other options before applying for any loan.
Why have I been refused for a loan?
There could be several reasons why you may be getting refused for a loan. Having a low credit score or not meeting income requirements. You may have a history of late or missed payments. Having an outstanding loan can also be a reason. Check your credit file and work on your credit history and credit score.
What are the risks of applying for a no refusal payday loan?
A no refusal payday loan could be unregulated. They may offer unfair loan terms, making it harder to repay the loan. Beware of guaranteed payday loan and lenders who promise no credit check. Choose a regulated lender for your financial wellbeing.
Why does Drafty need to do credit checks?
Credit checks help us make responsible lending decisions. We use them to verify your financial situation. We want to ensure you can manage repayments. We do consider applications from people with less-than-perfect credit. We must conduct checks to lend responsibly and comply with FCA regulations.
Is Drafty regulated by the Financial Conduct Authority (FCA)?
Yes, Drafty is authorised and regulated by the Financial Conduct Authority (FCA). This means we adhere to strict lending standards and consumer protection guidelines.
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.