Credit Limit & Line Suspensions
How do I increase my line of credit?
We'll keep an eye on your account, and if we’re happy that you can afford it, we may offer you an increase to your line of credit (up to a maximum of £5,000).
If we can increase your line of credit, we’ll let you know by email, SMS and through our app. You can accept the change at any time during the following 30 days. If you don't, your limit won't be changed.
We won’t be able to update your credit limit on request if you contact us and ask us to increase it.
How do I know how much of my credit limit I’ve used?
If you want to check how much of your line of credit you’ve used just log into your account. You can do this via our app or on the website.
To give an example, if you have a credit limit of £800, and you've already drawn £200, you still have £600 available.
Remember, you only pay interest on the money that you borrow, so you won't be charged for having money available that you haven't used.
Why has my line of credit been suspended?
From time to time, we may have to make the decision to stop you using your line of credit. When we do this, we generally tell you why we’ve made the decision and what you need to do about it.
Here are some of the reasons why we may need to suspend your account:
- We haven’t received your monthly repayment.
- Your debit card has expired so we won’t be able to collect future payments from you
- We've conducted an affordability assessment and believe that the line of credit may no longer be affordable
If you’d like more information about what to do next, log into your account and chat to us, email us at info@drafty.co.uk or call us on 0203 695 8072#.
Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.