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

Who are Drafty?

Drafty is a credit provider that works in a different way to most traditional lenders. They offer a line of ongoing credit instead of a fixed-term loan. This type of product has some similarities to a credit card. Their offering is designed to be fast and affordable, giving applicants more choice and flexibility with how they use the money.


How much credit is available with Drafty?

Drafty allow you to apply for anywhere between £50 and £3,000.

What are the repayment terms?

As Drafty is a line of credit instead of a specific amount of money, there is no minimum or maximum repayment period. Instead, you must agree to meet a minimum repayment each month.

Their representative APR is set at 89.70%, charging 0.18% interest each day.

Can you increase your line of credit?

If you meet Drafy’s affordability requirements and maintain the minimum monthly payments, your line of credit can be increased anywhere up to £5,000.

The offer will be sent via SMS, email or the app and can either be accepted or rejected.

How is the minimum monthly payment calculated?

Drafty say the monthly minimum payment is determined by whichever is larger between:

  • A payment of £10.
  • The total amount of interest earned by the monthly statement date, along with 2% of the outstanding principle balance.

If your current outstanding balance is lower than £10, the minimum payment required will only be the amount left to pay.

What are Drafty’s eligibility requirements?

In order to apply for a Drafty account you must be:

  • At least 18 years old
  • Receiving an income of at least £1,250 each month
  • A current UK resident with an active bank account and debit card

As long as you meet the above criteria you can apply by completing their online application form. They will then perform credit checks and if successful make you a credit line offer of anywhere up to £3,000.

Can you repay your Draft loan early?

Yes, because there is no fixed repayment schedule, only a minimum monthly payment to meet.

How can you close your line of credit?

If you have repaid the amount of money you have used, you have the option to close your account. Once the outstanding balance is repaid keeping a Drafty account open won’t cost anything. But should you to close it you can contact customer services (details below).

How quickly do Drafty send you the money?

Once your line of credit application is approved, Drafty could transfer the money into your account in under 90 seconds - although it may take longer and will depend upon your bank’s policies and procedures.

How do you contact Drafty customer services?

Whether a new or existing customer you can call 0203 695 8072.

Drafty customer services are open from Monday to Friday, 9am to 6pm and 9am to 1pm on Saturdays.

Do Drafty have any social media channels?

Twitter: @getdrafty

Facebook: Home page

Do Drafty have an app?

Drafty do have an app available on both Google Play and the iTunes app store.

What about an online account?

If successful with your credit application, you will also be able to set up an online account. Here you can update details, check your balance and more.

What sort of reviews do customers give Drafty?

Drafty have positive feedback of 4.3/5 on Trust Pilot as of July 2022, based on over 9,800 reviews. This gives them a rating of ‘Excellent’.

Do the Financial Conduct Authority (FCA) regulate and authorise Drafty?

Drafty are fully authorised and regulated by the FCA and have been so since 22/7/16. They have been trading under the name Gain Credit LLC since 5/2/18. You can read more about the company status on the FCA register.

Drafty summary

Drafty offer a line of credit instead of conventional fixed loans, which can range anywhere between £50 and £3,000. This can be increased up to £5,000 if you maintain payments and meet Drafty’s eligibility requirements.

There are no fixed repayment terms, so you can continue to access the credit as long as you meet the minimum repayment amount each month. Drafty’s advertised representative APR is 89.70% and they charge a daily interest rate of 0.18%.

In order to apply for a Drafty loan you must be:

  • 18-years-old or over
  • Receiving a salary of £1,250 a month
  • The owner of an active bank account and debit
  • A current UK resident

Drafty are fully regulated and authorised by the FCA and have positive customer feedback of 4.3/5 on Trust Pilot based on over 9,800 reviews, as of July 2022.

Customers will be given their own online account and have the option to use the app.

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CashLady Representative 79.5% APR

CashLady Representative 79.5% APR

Representative Example

Amount of credit:
£1000 for 12 months
at £123.40 per month
Total amount repayable of £1,480.77
Interest: £480.77
Interest rate: 79.5% pa (fixed)
79.5% APR Representative

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


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How much do you want to borrow? Representative 79.5% APR

CashLady Representative 79.5% APR