Browser error Your browser cannot support this website. Please consider upgrading to a more modern browser.

Cheap loans?

Have you considered a Drafty line of credit?

With a Drafty credit line, what you see is what you get.

No fees under
any circumstances

Pay interest only on
the money used

Representative 96.2% APR (variable)

Subject to status. T&Cs apply.^

Looking for a cheap loan? Try Drafty’s alternative instead

Are you looking for a quick, cheap personal loan without the complications? Then we might just have the answer. Our line of credit may offer the same benefits as a cheap loan, and much more besides.

If you’re wondering what you’ll get from a Drafty line of credit, take a look:

  • Speedy lending - Once you’re approved, we send the cash to your bank within 90 seconds. Yes, really. It leaves you free to get on with your day
  • Borrow only what you need - With our cheap short-term loan alternative you can borrow up to £3,000. It’s up to you how much or little of it you use from your approved credit line
  • Reuse - Need to borrow again but don’t fancy having to reapply? Not a problem! With Drafty’s line of credit, you can reuse up to your credit limit whenever you want without going through the application process again
  • Zero fees - What more can we say? You won’t pay any fees and you’ll only ever pay interest on what you use. If you use nothing, you’ll pay nothing

What’s more, we aim to offer only the best in customer service, which is just one of the reasons we’re rated as ‘Great’ on Trustpilot.

So apply now and see why a Drafty credit line could suit you better than a cheap loan.

Representative 96.2% APR (variable)

Subject to status. T&Cs apply.^

Why take out a cheap loan?

There are a few reasons why someone might look to take out a cheap personal loan, but it’s often because they’ve been hit with an unexpected expense or situation where they need access to cash. Some examples include car repairs, a boiler replacement or fixing a leaking roof.

While no one wants to find themselves in these kinds of circumstances, many often turn to quick and cheap payday loans to help with their outgoings.

A Drafty line of credit can help in the same way. And, in our opinion, it’s a superior alternative to a cheap, short-term loan. Whether you’re looking for £300 to get your car back on the road or you need a £1,000 loan to cover some home repairs, a Drafty line of credit could be a smarter option.

Why is Drafty a better cheap loan alternative?

We think we’re a better option for a few reasons. Let’s take a look:

  • You can borrow £50 - £3,000 - With Drafty, you can borrow up to £3,000, depending on your circumstances. As long as you make your monthly repayments, you can decide the rest of your repayments. With some cheap online loan lenders, you might find yourself tied into a fixed repayment term or face early repayment charges. Not with Drafty
  • We’re flexible - You can use what you need from your credit limit and not have to worry about paying interest on anything you don’t use. It doesn’t get much fairer than that when it comes to cheap loan alternatives. Plus, if you want to borrow again, you can! All without the need to reapply, provided, your account is in a good standing to borrow again
  • We’re quick - Did we mention we’re speedy in getting the cash to you? Once approved, we send the cash to your bank in under 90 seconds. We’re pretty sure there aren’t many other cheap loan companies who can do the same
  • We don’t charge fees - We’ve said it before, and we’ll say it again just in case you might have missed it: choose Drafty’s line of credit and you won’t pay any fees. Fee-free means exactly that. Want to repay early? No fees. Late repayment? No fees, although we don’t encourage late repayments

We want you to be able to make an informed decision, so we’ve made it easy for you to compare Drafty’s line of credit to some other cheap loan lenders. For a greater insight into Drafty, read more about us or check out our FAQs.

Representative 96.2% APR (variable)

Subject to status. T&Cs apply.^

Can I get a Drafty line of credit?

Let’s take a look! You can apply for Drafty’s cheap payday loan alternative if you're:
  1. 18 or over and employed
  2. Earning at least £1,250 a month
  3. A UK resident with an active bank account and debit card
Unlike some other lenders, we make our application process simple. And your credit score will only be affected if you take out a line of credit.

Once you’ve given us some details (nothing too intrusive, don’t worry!), we’ll assess your creditworthiness and whether you can afford the repayments. We’ll then agree to a credit limit with you if you’re approved.

It couldn’t be easier to apply.

Representative 96.2% APR (variable)

Subject to status. T&Cs apply.^

Would I be able to get a cheap loan?

This depends on the lender and their criteria, as well as your credit score. Often, what appear to be cheap loans for those with bad credit can end up costing a lot more. This is usually due to the high interest rates that can go hand-in-hand with loans for bad credit.

But because we’re a responsible lender, we won’t lend to someone who we think won’t be able to afford to repay. Still, we make sure to look beyond just the numbers and provide a fair and simple application process.

Contact Drafty

Don't hesitate to get in touch. You might also find the answers in our FAQs section or by visiting 'About Drafty'.
  • Live chat - Log in or create a new Drafty account to speak to our team through our live chat function
  • Drop us a message - If you'd like to send us an email, checkout our contact us page and drop us a line. A member of our friendly team will answer your questions as soon as possible
  • Give us a call - We're here to answer your calls on 0203 695 8072 from 9am to 6pm Monday to Friday, and 9am to 1pm every Saturday#

Cheap loan FAQs

Can I get a cheap payday loan?

While we can’t say for sure whether you’ll qualify for a cheap payday loan, there are companies out there that offer this type of borrowing. However, payment terms are often fixed, meaning a lack of flexibility and a higher chance of getting stuck in a borrowing cycle.

Drafty’s cheap short-term loan alternative gives you a more flexible option, allowing you to borrow and repay on your terms – as long as you meet the monthly minimum repayment.

Can I get a cheap loan for bad credit?

Many cheap loans online say they are for bad credit, but they often come with higher interest rates. This could make them more expensive in the long run and increase your chances of getting caught in an ongoing borrowing cycle.

That’s not what Drafty is about. We assess every application fairly and only lend to those we know can afford the repayments. And we make it easy to repay early if that’s what you want to do.

Will applying for a cheap loan affect my credit score?

Some cheap loan lenders will tell you if you’re likely to be approved first, without this showing on your credit file. Drafty does the same thing. Your credit score will only be affected once you actually take out our line of credit. And, if you use your line of credit responsibly, this could have a positive impact on your score.

How much do cheap personal loans cost?

Cheap loan rates vary depending on the lender. While many market themselves as being an inexpensive way to borrow, it’s rare to find an unsecured, cheap APR loan. You’ll usually have to pay interest on the entire amount you borrow even if you find one. That’s where Drafty is different. With us, you’ll only ever pay interest on what you use. So, for anything you don’t need, you won’t be charged.

Will I pay fees with cheap loans online?

If you take out a cheap loan online, it’s important to always check if there are any fees involved - hidden or otherwise. You could be charged for late repayments, for transactions, or even if you want to repay early. Drafty will never charge you any fees.

How much can I borrow with a cheap loan?

Again, this will depend on the lender and your circumstances. There are some cheap loan lenders out there who will give you a high credit limit but be careful - these can be difficult to pay off and mean you’re fixed into a longer repayment term. In turn, this can create an endless cycle of borrowing, which is not ideal when you just need a short-term solution.

Drafty, on the other hand, will give you a line of credit with a limit of up to £3,000. And we only lend to those who can afford to repay, meaning your monthly payments will be more manageable. Not only that, but if you keep up with your repayments, you can borrow again if you need to. In our humble opinion, this makes a lot more sense and offers much more flexibility for you.

How long will I get to pay back a cheap personal loan?

Your repayment term will depend on how much you borrow, as well as the lender. You might be able to choose your term, usually from one to five years, but you’ll normally be tied into that period. The higher the loan amount and the lower your monthly repayments, the longer it will take to pay back.

With Drafty, as long as you make your monthly minimum repayments, you can choose your schedule. So, if you want to pay your line of credit back earlier, that’s fine with us! And don’t forget, we won’t charge you to do so either and you will save on interest.

What can I use a cheap loan for?

People choose to take out cheap-rate loans for many reasons, but it’s usually to make an urgent or unexpected one-off payment such as house or car repairs. You can use a Drafty line of credit in the same way.

Responsive Image

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.

drafty club