Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk Loanski is an authorised credit broker not a lender

    Drafty Loans Alternative

    Loans from £100 to £10,000

    • 3 months to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

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

    Choose Loan Amount

    Credit score not affected*

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    Rates from 45.3% APR to 1575% APR Minimum Loan Term is 3 months - Maximum Loan Term is 60 months. Representative Example: Borrow £1000 for 24 months. Annual interest rate 70% (fixed). 24 equal instalments of £77.48. Total amount to repay £1,859.52. Representative 97% APR (variable).
    *Subject to application being approved by the lender. Not all lenders are able to provide up to £10,000

    Choose Loan Amount

    Credit score not affected*

    Loading

    Rates from 45.3% APR to 1575% APR Minimum Loan Term is 3 months - Maximum Loan Term is 60 months. Representative Example: Borrow £1000 for 24 months. Annual interest rate 70% (fixed). 24 equal instalments of £77.48. Total amount to repay £1,859.52. Representative 97% APR (variable).
    *Subject to application being approved by the lender. Not all lenders are able to provide up to £10,000

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

    Loans from £100 to £10,000

    • 3 months to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid out in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    REPRESENTATIVE 97% APR

    Loanski offers competitive interest rates compared to some lenders across the market.

    Installment Options

    Customize your loan term from 1 month to 60 months putting you in control of your payment plan.

    Fast Payouts

    You can expect fast payouts sometimes within 10 minutes^

    Company Number: 

    4124111

    Company Name:

    Drafty is a trading name of GAIN CREDIT LLC

    Date firm started up business:

    1 October 2014

    Type of Business: 
    Compliance And Regulatory Requirements Of The UK Lending Business

    Drafty offers the following:

    £50 to  £3000 

     

    Loan term length:

    As long as you want

    Previous Business Names:

    LENDING STREAM LLC

    08 Oct 2014 – 04 Dec 2017

    Head Office Address:

    Wisteria Grange Barn Pikes End,
    Pinner,
    Hillingdon,
    England
    HA5 2EX

    FCA Status: Authorised

    GAIN CREDIT LLC is regulated and authorized by the Financial Conduct Authority (FCA)

    Payout Time:

    Once you are approved you can withdraw the cash to your bank account within 90 seconds.

    Drafty Review 

    Drafty was created in 2016 by Gain Credit LLC who have been operating their financial business here in the United Kingdom since 2014. The company were originally based in Deleware, United States.

    If you are looking for a payday loan then look no further than Drafty, their services are slightly different from a typical short term payday loan company but has greater benefits and is so much cheaper!

    What Drafty offers customers is what is known as a ‘line of credit’.  You can apply for a line of credit like a loan. The entire process is very similar but once you have been accepted, you can continue to use your line of credit for as long as you want.

    As long as you pay the minimum amount monthly, you can pay over whatever period you choose. Of course, the longer period you pay over, the more interest you will gain on the amount borrowed. However, this is still so much cheaper than a payday loan.

    In fact, Drafty is a lot cheaper than most loan companies whether they are payday or longer-term loans.

    Having a line of credit is very similar to having a credit card, except you can withdraw the cash directly to your bank, you do not need to have a card.

    You can close your line of credit at any time once it has been paid back in full, you do not need to keep it open if you no longer require it. However, if you keep it open then it is always there for you to use when you need it, you do not need to reapply or anything.

    How the company works:

    Applying for a line of credit with Drafty is very simple. You can apply online by filling out their online application form and answering all of the relevant questions.

    Normally, you won’t need to supply any evidence as Drafty are able to make decisions about your application using online technology and running credit checks.

    If you do need to supply them with any additional information then this can be done securely using their online system.

    The decision about your application should only take a few minutes. If you are accepted then you are able to withdraw your line of credit directly to your bank account, which will take no more than 90 seconds.

     

    Repayment method:

    Monthly payments are made automatically by using CPA (Continous Payment Authority) CPA is where the payment is taken directly from your debit card. You will enter these details during your online application form.

     

    This is a great way to pay because it means you will never miss a payment, you can set it if you wish to always take the monthly minimum payment and then if you want to pay more, you can do this using your online account.

    If you do not wish to pay using CPA then you do have the option to cancel this, however, you must remember to make your monthly payments through your online Drafty account.

    Do I need a bank account?

    Yes, you will need a bank account along with a debit card which is linked to that account to be able to apply.

     

    To be eligible to apply for a loan you must fit the following criteria:

    Age

    The minimum age to be eligible to apply for a line of credit with Draftyis 18 years old.

     

    Address information

    Only applicants who are resident of the United Kingdom are able to apply. You will be asked to provide your address history over the previous 3 years during your application.

     

    ID and Income

    You must be employed and earning over £1,250 per month to be accepted for a line of credit with Drafty.

    You will need to supply details of your employment as well as details of all your monthly outgoings, including things like food shopping costs, credit cards, vehicle costs, rent and house bills plus mobile phone costs.

    This is to give Drafty an idea of how much you are left with each month so they can ensure that by accepting you, they won’t be outing you into any financial difficulty.

    Penalties

    There are no late payment fees to pay at all, none what so ever with Drafty. There are also no application fees, early repayment fees or admin fees. The only cost you will ever pay is the interest on the amount you will borrow which is 0.18% per day.

     

    Reviews

     

    Drafty have very well-rated reviews on Trust Pilot, their total star rating is 4.5 stars over 5 which is very good going. 94% of their reviews are rated as excellent and good with only 3% being rated as bad.

    The majority of Drafty’s customers were extremely happy with the service they received from the company and how fast they were able to access their line of credit.

    Of the 3% are bad reviews – some customers complain that they filled out the application form and send in the extra evidence, only to be rejected. This, however, is due to Drafty being a responsible lender and not wanting to put any of their customers into financial difficulty if they can’t afford the repayments.

    Few other customers complain that the monthly interest to too much but compared to payday loans, Drafty’s interest fees are a lot cheaper and once you have paid back the ammount, you still have access to the credit if need be.