£100 Loan
Looking for a £100 loan? Try a line of credit instead. Drafty offers a flexible line of credit, with a maximum credit limit of £3,000. As a trusted direct lender, we offer quick financial help when you need extra cash to cover unexpected expenses. Our simple online application process makes it easy to apply. We consider people with bad credit too.
Representative 96.2%APR (variable)
Representative Example: Assumed credit limit: £1,200. Representative 96.2%APR (variable). Annual interest rate 69.4% (variable).
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty for a £100 line of credit?
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
Flexible repayment
As long as you repay the monthly payment, how long you borrow for is up to you. No early repayment fees.
Trusted
Rated excellent on Trustpilot with over 10,000 reviews.
Convenient
Secure online application available 24/7. An instant decision.
Eligibility criteria for a credit line with Drafty Flex
To apply online for a line of credit with Drafty Flex, you need to meet the following requirements:
- Be at least 18 years old
- Be a UK resident with an active UK bank account and debit card
- Earn at least £1,250 a month
After you’ve provided the required details, we’ll run affordability and credit checks. If approved, we’ll set a credit limit and send the cash you request to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 96.2%APR (variable)
How to apply for Drafty Flex, a loan alternative?
Here’s how you can apply for a Drafty line of credit:
Apply
Click on the apply now button below and complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment, and banking details. It takes around 15 minutes to complete (application completion time varies).
Set a credit limit
If approved, you’ll be offered a credit limit.
Flexible payment
As long as you repay the monthly payment, how long you borrow for is up to you. There are no early repayment fees. Also, it’s easy to make payments through our app.
Fast cash transfer
Use Drafty whenever you want, and we’ll send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 96.2%APR (variable)
How quickly can I get 100 pounds in my bank account?
With Drafty Flex, you can access a £100 from your line of credit quickly. Our simple online application gives you an instant decision, and if approved, funds are transferred to your bank within 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
What can I use my £100 loan for?
A £100 loan, or any small loan, can be used for various short-term financial needs.
Here are some common uses:
Cover an unexpected financial emergency or expense.
Making home improvements.
Fix your car or other vehicle repairs.
Bridging a financial gap temporarily.
With Drafty Flex, you can apply to borrow a line of credit for any of these needs. Unlike some traditional loan providers, Drafty offers flexible borrowing, where you only pay interest on the amount you withdraw. There are no hidden fees, and you have control over repayments, making it a convenient option for managing short-term financial needs. Always ensure borrowing is affordable for your situation.
Representative 96.2%APR (variable)
Why borrow a £100 loan from a direct lender?
Borrowing £100 from a direct lender can be quicker and more transparent than using brokers or intermediaries, as the lender handles your application directly. This can help avoid delays or unexpected fees.
With Drafty Flex, you get access to a line of credit, which offers flexibility similar to a short term loan. If approved, the funds you request are sent directly to your bank, and you only pay interest on what you borrow. You can also repay early with no extra charges, giving you more control over your finances. Always ensure borrowing is affordable for your situation.
Can I get a £100 loan with bad credit?
Yes, it is possible to get a £100 loan even with bad credit. Some FCA-authorised lenders take a broader view of your financial situation, considering factors like your income and ability to repay, rather than relying solely on your credit score.
At Drafty, we look beyond your credit history which means you may still be eligible for our line of credit, with a low credit score. If approved, funds are sent directly to your bank, typically within 90 seconds, though processing times may vary depending on your bank. Always ensure you can afford to repay the loan before applying.
Can I repay my £100 loan on my next payday?
Yes, repaying a £100 loan on your next payday is often possible with many direct lenders. It’s a good option for those who want to clear their balance quickly and avoid paying unnecessary interest. Most lenders allow you to repay early without extra charges, helping you save money.
With Drafty, you can repay your line of credit on your next payday. We allow you to repay early without any fees, giving you full control over your repayments. You will only pay interest on the amount you have borrowed, making it a more flexible option.
What should I do if my application for a line of credit is rejected?
We never guarantee your application will be approved. While we do check many different factors when you apply for Drafty Flex, we don’t accept everyone. If your application is declined, it may be due to not meeting our eligibility requirements or concerns about your current financial situation or affordability.
If you’re struggling financially, it might be worth checking that you’re getting all the benefits you’re entitled to. You can check this over at afforda.co.uk, with our BenefitGlance tool.
If the information we receive from any of the credit reference agencies is a factor in us denying your line of credit application, then we’ll let you know the name of the agency by email. You can then check your credit report with them if you want to.
FAQs – £100 Loan
What is the minimum amount I can withdraw?
The minimum amount for your first Drafty Flex withdrawal is £50. After that, you can withdraw from £100 onwards, subject to your approved credit limit.
Does Drafty run a hard credit check?
Drafty runs a soft credit check during the initial application process. This allows us to assess your eligibility for a line of credit without affecting your credit score. If your application is approved and you decide to borrow, a hard credit check will be performed.
Can I get a £100 loan with no credit check?
FCA-regulated lenders are required to conduct credit worthiness checks which may include a credit check. This ensures responsible lending and helps assess whether the loan is affordable for you. Be cautious of lenders offering loans without credit checks, as they may not be regulated and could have high costs or unfair terms.
Can I get a £100 payday loan from a direct lender?
Yes, you can get a £100 payday loan from a direct lender. It’s important to understand the terms, repayment period, interest rates, and any additional fees. Payday loans usually have high interest rates, so make sure you are confident in your ability to pay back the loan on time to avoid further financial strain. Always compare lenders and consider alternative borrowing options if possible.
Can a line of credit improve my credit rating?
Yes, a line of credit may help improve your credit rating when managed responsibly. By making timely monthly repayments and avoiding late payments, you show lenders and credit reference agencies that you are a reliable borrower. Over time, this builds a positive credit history and can boost your credit score, improving your chances of being approved for loans in the future.
Can I borrow more than 100 pounds from Drafty?
Yes! Drafty Flex offers a maximum credit limit of £3,000. Plus, you can reuse up to your credit limit with no extra credit checks and set your own repayment schedule to suit you (as long as you keep up with your minimum monthly repayments).
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.