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Drafty Credit Line

96.2% Representative

Will lend between: £50 - £3,000

Over: 1 - 60 Months

Representative example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4%.
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Drafty Credit Line customer reviews.

10315 reviews

4.6 out of 5 stars

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Our review of Drafty Credit Line

Drafty is a line of credit and is an alternative to a typical loan. If approved for Drafty you will be granted a credit limit, ranging from £50 to £3000. The amount you will be offered will be dependent on your credit file and details submitted in your application. The key benefit of a credit line versus a loan is flexibility and with Drafty you are free to use as little or as much of your credit limit as you like. If you keep your account in a healthy state you can also reuse it - what I mean by healthy is making your minimum repayments and not constantly maxing out your account. You can also save on interest by repaying more than the minimum payments.

In terms of cost, the more you borrow and the longer you take to repay, the more it costs. Drafty works best if you borrow a small amount when you need it, and then repay it as quickly as you can. 

Your Drafty account is all on the Drafty app, which makes managing Drafty really convenient. You can use the app to check the status of your credit line, how much you've borrowed, and when your minimum payments are due. From checking Trustpilot, Drafty is scored excellent, showing their customers rate the product. In terms of repayments if you are late you will not be charged a fee, however, it may impact your credit file and your limit may be reduced or even removed. Bear in mind you may have to pay more interest if paying only the minimum monthly payments. 

In summary, if you find yourself regularly relying on small loans near the end of the month, Drafty may a cheaper and more convenient alternative. 

 

 

Written by: Mark
Highlights
  • Revolving credit limit up to £3000
  • Use as much or as little of your credit limit as you like
  • Only pay interest on what you use
  • Borrow up to your credit limit as often as you want
  • Flexible repayments
  • No late payment fees
  • Maximum APR of 89.7%
Minimum criteria
  • You must be a UK resident
  • You need to be aged at least 18
  • You must be in regular employment
  • You will need to have a monthly income of at least £1250
  • You must have a bank account with a valid debit card
Fees
  • Maximum APR 89.7%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

About Drafty Credit Line

Drafty is owned by GAIN Credit LLC, who also own the short term lender, Lending Stream. 

To qualify for Drafty you must be at least 18 years old, be in employment earning over £1250 a month and live in the UK with an active bank account and debit card. The application is carried out all online and as part of the process, you will subject to credit and affordability checks. If approved you will be offered a credit limit of up to £3000 which can be reused. The minimum monthly repayment will be dependent on your limit and will be outlined in your initial agreement, however you can log into your app at any time to check required repayment details. 

The cost of using Drafty is 0.18% per day, meaning the more you borrow and the longer you take to repay, the more expensive it becomes. Drafty do not charge late or early repayment fees. 

 

 

Company information

Registration number: 4124111

www.gaincredit.com

02036958072 (Call charges apply)

251 Little Falls Drive, Wilmington, Delaware De 19808, United States

FCA registration

Reference No: 689378

Trading names: Lending Stream, Drafty

Place of business:251 Little Falls Drive, Wilmington, DE 19808, USA

Data protection registration

Registration No: Z2752028

Data controller: GAIN Credit LLC

Address: 251 Little Falls Drive, Wilmington, DE 19808, USA

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Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk