Overdraft Alternative
Looking for an overdraft? Consider a flexible line of credit instead. Drafty Flex is a personal line of credit with a maximum limit of £3,000. If approved, money from the line of credit can be sent to your bank in just 90 seconds*. We consider people with bad credit too.
Representative 96.2%APR (variable)
Representative Example: Assumed credit limit: £1,200. Representative 96.2%APR (variable). Annual interest rate 69.4% (variable).
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty Flex over an Overdraft?
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.
Flexible repayment
As long as you repay the monthly payment, how long you borrow for is up to you. No early repayment fees.
Trusted
Rated excellent on Trustpilot with over 10,000 reviews.
Convenient
Secure online application available 24/7. An instant decision.
What is an Overdraft?
An overdraft is a type of short-term credit that lets you spend more money than you have in your current account, up to an agreed limit. It is offered by banks and can help cover unexpected costs or bills before your next payday.
There are two types: arranged (pre-agreed with your bank) and unarranged (not agreed in advance). Overdrafts can come with interest or fees, so it’s important to understand the terms before using one.
Can I get an overdraft?
There are plenty of banks that offer overdrafts. However, adding an overdraft to your current account could come with high overdraft fees and repayments, which you might struggle to keep up with. But, if you aren’t able to get an overdraft, a Drafty line of credit could help. With us, you only pay interest on what you use and not on your entire approved credit limit.
You can apply for a line of credit with Drafty Flex. If approved, we’ll give you a credit limit of maximum £3000. You can use your line of credit whenever you want (within your approved credit limit) , and we’ll send the money to your bank within 90 seconds*. You only pay interest on what you use.
Eligibility criteria for Drafty Flex, an overdraft alternative
If you are looking to get a line of credit with Drafty Flex, you need to meet the following requirements:
- Be at least 18 years old
- Be a UK resident with an active UK bank account and debit card
- Have a monthly income of least £1,250
After you’ve provided the required details, we’ll run affordability and credit checks. If approved, we’ll agree on a credit limit. Once you withdraw funds, we’ll send the money to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 96.2%APR (variable)
How to apply for Drafty Flex, an overdraft alternative
Here’s how you can apply for a Drafty line of credit:
Apply
Click on the apply now button below and complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment, and banking details. It takes around 15 minutes to complete (application completion time varies).
We set a credit limit
If approved, you’ll be given a credit limit (maximum limit £3000).
Flexible payment
As long as you repay the monthly payment, how long you borrow for is up to you. There are no early repayment fees. Also, it’s easy to make payments. With continuous payment authority, automatic payments are easy to manage. You can also pay with debit card or Google/Apple Pay in the Drafty app.
Fast cash transfer
Use Drafty Flex whenever you want, and we’ll send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 96.2%APR (variable)
What can I use an overdraft for?
You can use an overdraft for handling unexpected financial emergencies or expenses. Here are some common uses:
- Car Repairs: Fix an unexpected breakdown without delay.
- Unexpected Bills: Cover urgent bills or other unexpected expenses.
- Dental Costs: Pay for dental treatments or urgent dental care needs at private clinics.
- Emergency Expenses: Handle any unexpected financial emergency situation quickly.
With Drafty, you can borrow from a line of credit for any of these needs. Unlike an overdraft, Drafty offers flexibility. You only pay interest on what you borrow, and there are no early repayment fees.
Can I get an overdraft with bad credit?
Yes, you may get an overdraft with bad credit, but it may be more difficult. Some UK banks and lenders offer overdrafts to people with poor credit, though limits may be lower, and fees could be higher. You may need to show regular income or a stable account history.
At Drafty, we understand not everyone has a perfect credit history. This is why we look beyond your credit rating. There is a chance you could be approved for our credit line even with a bad credit score or poor credit history. If approved for our line of credit, we’ll send the money to your bank within 90 seconds*.
FAQs – Overdraft Alternative
Do overdraft fees hurt your credit score?
If your overdraft fees mount up and you struggle to pay them back each month, this could negatively impact your credit score. However, if you keep up with your overdraft fee payments, this may improve your credit score.
How can I avoid overdraft fees?
Avoiding overdraft fees can be tricky, but a few simple steps may help. Try to stay on top of your monthly payments and check your account regularly to spot any low balances. If you notice you’re about to go overdrawn, transfer money quickly to cover the shortfall and avoid unnecessary charges.
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.