Drafty isn't a loan, or an overdraft or a credit card. But it takes some of the best bits from all of them.
Drafty is a line of credit. If you know what that is, great. If you don't… well, that's also great, because we think you'll like it.
A credit line is like a pot of cash that we make available to you. Once you repay it, it's still there to use! You don't have to pay subscription fees or anything like that. You just pay interest on the cash you use until you repay it.
It costs 0.18% interest a day. That works out to around £5 per £100 for 28 days. No, that's not a typo. (Find out more)
If you want to use Drafty, just apply using our quick form. You'll be asked some questions about yourself and your employment (and don't worry – we won't tell your employer that you're using us). We'll give you a quick decision.
If it's a ‘yes', you'll immediately have access to your brand new, shiny Drafty account either on our website or via our app.
Once you're in, we'll tell you how much you have available to borrow. Just choose how much you want and we'll send the money to bank in under 90 seconds!
Want to borrow cash again? Or borrow more? You can use as much as you want within the agreed limit. After receiving your consent, we do revise those limits every now and then, so you may be able to use more in the future, depending on your account behaviour and affordability checks.
An overdraft is run by a bank and part of your bank account. A Drafty credit line isn't, so it's not an overdraft.
Drafty's not part of your bank account, so it's not an overdraft. But if you're short of cash and you need a little more to get by, you might find it's cheaper than some overdrafts. If you've got an overdraft and you're going over your limit, you definitely might find Drafty a cheaper alternative to an unarranged overdraft.
Nope! Loans have to be paid back within an agreed period, and then it's over.
With Drafty, if you pay the cash you borrow back, it's still there for you to use again!
Drafty, a trading name of GAIN Credit LLC
Company Registration No. 4124111
Authorised and Regulated by the Financial Conduct Authority.
Registration Number 689378.
Authorisation can be checked on the Financial Services Register
Data Protection Registration No. Z2752028
Registered under the laws of Delaware, USA
Registered address: 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA
Lender Details: GAIN Credit LLC, Contact Address: Wisteria Grange Barn, Pikes End, Pinner, London, United Kingdom, HA5 2EX