Our loan offer will clearly show you exactly how much interest you’ll repay and the amount of each repayment. We don’t charge any extra fees unless you miss a payment, in which case a late fee may apply. You’ll never be charged more than £12 in late fees over the life of your loan.
We charge interest daily. This means if you repay early, you’ll pay less interest than if you repay over the full term. Our APRs range from 69.9% to 99.9%.
Your repayments are set up on a schedule, so they’ll be the same each month. Each payment has two parts:
In the early months, more of your payment goes toward interest. Over time, more goes toward the principal.
Here’s a representative example of a 12-month loan with Drafty Loan. It’s designed to help you understand all the costs and charges of borrowing money.
| Daily Interest Rate | Rep APR | Rep Example |
|---|---|---|
| 0.14770% | 69.9% | Given a Representative APR of 69.9%, if you borrow £1000 over 12 months at an annual interest rate of 53.9% (fixed), you would make 12 equal repayments of £109.34. In total, you would repay £1312.04. |
| 0.16400% | 79.9% | Representative Example: Given a Representative APR of 79.9%, if you borrow £1500 over 18 months at 59.9% p.a. (fixed), you would owe 18 equal repayments of £128.41. You will repay £2,311.38 in total. |
| 0.19426% | 99.9% | Given a Representative APR of 99.9%, if you borrow £1000 over 12 months at an annual interest rate of 70.9% (fixed), you would make 12 equal repayments of £118.29. In total, you would repay £1419.38. |
We don’t charge fees to apply, manage your account, or if you choose to repay early. Late fees apply only if you miss a payment, and they’re capped at £12 in total over the lifetime of your loan.
To stay on top of your repayments, just log in to your account anytime & view your payment schedule.
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.