Quick Loans
Are you looking for a quick loan? Drafty could help. Apply for a loan between £1,000 and £3,000 today. 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
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 for quick 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 quick loans?
Quick loans are typically small loans designed for short-term use. They are often called fast loans because the application process is simple, and the funds can sometimes be transferred on the same day. Many quick loans come from direct lenders who specialise in short term loans, payday loans, or even instant decision loans.
You might see loan amounts ranging from a few hundred to a few thousand pounds. However, it’s always important to compare interest rate options carefully, since some payday lenders may charge higher rates.
What can I use a quick loan for?
Fast loans can help with various financial needs, such as:
Relocate or move
Make home improvements
Cover unexpected expenses
Fix your car and other vehicle repairs
If you are considering a quick loan, look at the interest rate and repayment terms. Ensuring you can comfortably repay the loan is the key to avoiding financial difficulties.
Eligibility criteria for a Drafty loan
Eligibility requirements can vary between lenders. However, if you are looking to apply for a quick loan with Drafty, you need to meet the following:
- Age: You must be at least 18 years old.
- Residency: You must be a UK resident.
- Income: Be in regular employment with a net monthly income (after tax) of at least £1,250.
- Bank account: A valid UK bank account and debit card is required.
Once you apply, we’ll run credit and affordability checks. We do this to make sure that you can afford the monthly repayments.
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, employment and banking details. 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
Can I get a quick loan with poor credit?
Yes, it is possible to get a quick loan with poor credit. Many lenders offering quick loans will consider applicants with a poor credit history. Before borrowing money, look for reputable lenders, read their loan agreement terms carefully, and ensure that you can afford the loan repayments.
If you apply for a loan from Drafty, we will consider your individual circumstances, including your credit file and affordability, to see if our loans may suit your situation. Even if you’ve had bad credit in the past, you might still be eligible to apply.
How do the loan repayments work on Drafty?
Repayments with Drafty are simple. You can log into your online account to check your payment status and history. Payments can also be made through a Continuous Payment Authority (CPA). Alternatively, we also accept payments from debit cards, Google Pay, Apple Pay, and bank transfers.
To pay online, choose the amount, select a payment method, and complete the transaction. Bank transfers require using your Drafty account number as a reference. You can repay your loan early to save on interest without any early repayment fees.
What if my loan application is rejected?
We never guarantee your application will be approved. While we do check many different factors when you apply for a Drafty loan, we don’t accept everyone. If your application is declined, it may be due to not meeting our eligibility requirements or concerns about your current financial situation or affordability.
If the information we receive from any of the credit reference agencies is a factor in us denying your line of credit application, then we’ll let you know the name of the credit reference agency by email. You can then check your credit report with them if you want to.
FAQs – Quick loans
How quickly can I get a loan with Drafty?
If your application process is approved, we will transfer the funds to your bank within 90 seconds. Processing times depend on your bank, but most applicants receive their funds on the same day.
Can I get a quick loan with no credit check?
All FCA-regulated direct lenders are required to perform creditworthiness checks which may include a credit check. This ensures responsible lending practices and a thorough assessment of each application. You should avoid lenders offering quick loans with no checks, as they may have hidden fees or unclear terms that may worsen your financial situation.
Are personal loans similar to quick loans?
Personal loans can share some features with fast loans, but they typically have longer repayment periods and often a lower interest rate, depending on your credit history. Quick loans tend to be for more urgent needs like unexpected bills and have shorter loan terms.
Is Drafty a quick loans direct lender?
Yes. If you are approved for a Drafty loan, 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.
What is the interest rate for our loans?
Our Representative APR is 79.9%. This rate may change based on your individual circumstances and credit rating, but we always aim to be transparent about costs without hidden fees.
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.