Flex Pricing – How much does a line of credit cost?
The simple version: Drafty Flex costs £5.70 to borrow £100 for 30 days.
Representative Example: Assumed credit limit: £1,200. Representative 96.2%APR (variable). Annual interest rate 69.4% (variable).
19p per £100 per day. You only pay for your credit line when you use it. You will need to make repayments until the balance is zero.
No early repayment fees
Representative 96.2%APR (variable)
How much it costs
Your Drafty line of credit costs just 0.19% (variable) per day. This means that how much you’ll need to repay in interest is just 19p per £100 per day.
You’ll need to make minimum monthly repayments. These go towards your interest and the amount you’ve borrowed. The rest of your payment reschedule is up to you.
Just remember the longer you borrow for, the more interest you’ll pay. And the less time you borrow for, the cheaper Drafty Flex is!
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Here’s how much it would cost to borrow £100, assuming you make your minimum monthly repayments:
| £100 for | |
|---|---|
| 1 day | £0.19 |
| 1 week | £1.33 |
| 1 month | £5.70 |
Find out if you’ll be approved without affecting your credit score
Representative 96.2%APR (variable)
Making repayments
Your minimum monthly repayment is based on the amount of credit you’ve used. You can view your minimum monthly payments in the account section.
Your monthly statement will show what your exact minimum monthly payment will be (but you can repay more at any point – you’ll save on interest if you do). Read about complete details on our FAQs page.
Repay online
The easiest way to make repayments at any time is to download the Drafty app. Why? Because:
Find out if you’ll be approved without affecting your credit score
- It’s free to use.
- It’s a convenient way to check the status of your credit line, how much you’ve borrowed, and when your next minimum payments are due.
- It shows you if there are any changes to your credit limit.
- You can easily make repayments on the app using your debit card or through online banking.
Online banking
Just log in to your Drafty account online to see all the same information that’s on the app. You can also make repayments there using your debit card.
Ready to apply with Drafty Flex?
Representative 96.2%APR (variable)
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.