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 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 and 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?

As no money is being sent to your bank account, as soon as you are approved, the line of agreed credit becomes available to you.

How do you contact Drafty customer services?

Whether a new or existing customer you can call 0203 365 0135.

Drafty customer services are open from Monday to Sunday, 7am to 7pm.

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 4.6/5 on Trust Pilot as of March 2020, based on over 9,600 reviews. This gives them a rating of ‘Excellent’.

Do the 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 4.6/5 on Trust Pilot based on over 9,600 reviews, as of March 2020.

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

Representative 49.9% APR

Representative Example

Amount borrowed: £1200 for 18 months
Number of repayments: 18
Interest rate p/a: 49.9% (variable)
Each repayment amount: £90.46
Total amount repayable: £1628.28

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


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