Doorstep loans
Or, how about Drafty's line of credit instead?
Thinking of getting a doorstep loan? Drafty could offer you something better
If you've got unexpected bills or payments to make, you might be thinking about doorstep loans. But Drafty's credit line could offer you almost the same benefits, plus more besides.
- Speedy credit - We send the cash to your bank within 90 seconds of approval. So, if speed's your thing, our line of credit could be perfect for you
- Borrow up to £3,000 - Use what you need from your approved credit limit and pay no interest on the rest. It couldn't be simpler
- Reuse when you need to - We're sure not many doorstep payday loans can say that. But with a line of credit, you could borrow up to your approved credit limit again (as long as your account is in good standing with us)
- Absolutely no fees – We've saved the best until last. There are no nasty surprises with Drafty. Which means no early repayment fees, and no fees for withdrawals. Also, we don't have any late repayment fees, although we don't encourage late repayments, we know that unexpected situations can happen
We're proud to offer only the highest standards of customer service, as shown by our highly rated Trustpilot reviews.
Plus, we're fully regulated by the Financial Conduct Authority (FCA).
We are committed to protecting our customers. We also know that taking out credit is a huge decision, and, for that reason, we are open with our customers.
So, our Compare Loans page lets you do exactly that – compare our line of credit with other lenders before you commit. You can't say much fairer than that.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What exactly are doorstep loans?
Doorstep loans, also known as home credit or doorstop payday loans, are a form of short-term borrowing, provided by a lending agent who comes to your home. The agent usually then visits on a regular basis to collect the repayments. Just like other types of short term loans, doorstep loans are designed to be used for emergency expenses and are often marketed as a quick and convenient way to borrow cash.
Doorstep loans for bad credit are sometimes seen as an ideal way to borrow if someone doesn't have the best credit history. That's because there's often no need to have a bank account – the cash can be handed over in person and repayments collected in cash. Although in some cases, you can also apply online.
At Drafty, we keep things simple. You can apply for our line of credit online and get the funds sent to your bank once you're approved. With no need to wait for someone to visit you and hand over the cash. Which you might say is quicker and more convenient.
What does Drafty's line of credit offer?
Our credit line is like a pot of cash (but without the actual pot or physical cash). It's there to help when you need a bit extra to manage those immediate and unavoidable situations, such as a bill or car repair. Our alternative to a same day doorstep loan can offer these benefits:
- No fees - No hidden charges, not even for late payments. Whilst we don't encourage late payments, we understand things can happen, so we won't penalise you. Just be aware that this might affect your credit report
- Quick access to cash - With doorstep loans, you might have to wait for someone to come and hand over your cash. Which is not ideal in an emergency financial situation. With Drafty, once you're approved for our credit line, you could have the cash sent to your bank in under two minutes
- Borrow up to £3,000 - Some short term doorstep loan providers might only offer up to £1,000 loans. But we offer a credit limit of up to £3,000. What’s more, with Drafty, you'll only pay interest on what you use from your credit limit. So, if you find you don't need it all, you won't pay for it all! Look at our Pricing page for more details on what a credit line could cost you
- Flexibility - Don't want to get fixed into a long repayment term? No worries! With Drafty's line of credit you have the flexibility to choose your own repayment plan, as long as you keep up with the minimum monthly repayments. You can also repay early with no extra charges
- Borrow up to your credit limit - If you need to borrow again, it's easy with Drafty. As long as your account is in good nick, you can reuse whenever you need to, with no extra checks or applications. Plus, the funds will be sent to your bank in under two minutes. We're sure that's a better option than applying for doorstep loans
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I get a Drafty line of credit?
- Earning at least £1,250 a month
- 18 or over and employed
- A UK resident with an active bank account and debit card
- Apply – It takes minutes to find out if you've been approved for our line of credit.
- Use your credit limit – Once approved, we set a credit limit with you of between £50 and £3,000. Then it's up to you what you use from it
- Flexible repayments – You'll repay a minimum amount each month and you're then free to set your own payment schedule. With no charges for early repayment if that's what you want to do
- Quick cash transfer – Borrow up to your credit limit again and we'll send the cash to your bank within 90 seconds
Are there any downsides to doorstep loans?
If you're considering doorstep loans, there are aspects to be aware of:
- Finding a reputable lender - No matter what type of credit you're borrowing, it's important to find a responsible lender who's regulated by the FCA. As some local doorstep loans offer cash loans, rather than credit being sent to your bank, it's crucial to verify the agent's identity before agreeing to a doorstep loan.
- High interest rates - Doorstep loan companies could offer credit to those with a poor credit history, but they're more likely to come with higher rates, even if the loan amount is small. This means you could end up paying more overall
- Letting your finances get out of control - High interest rates, coupled with the need to repay on a weekly or fortnightly basis, could result in a cycle of borrowing that's tricky to get out of
At Drafty, we think you should feel in control of your finances. That's why we only lend our line of credit to customers that we know can afford it. And don't panic, you can find out whether you're likely to be approved before applying in full, without it leaving a mark on your credit report. So, instead of looking for doorstep loans for bad credit, see if our simpler line of credit could suit you better.
Contact 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#
Doorstep Loans FAQs
Can I get a doorstep loan?
Whilst we can’t tell you whether you'll be able to take out a doorstep loan, there are lenders who will offer these types of lending. Some providers will offer doorstep loans for bad credit and, since a few lenders deal in cash, rather than via a bank account, it might be considered a more viable option for those with a poor credit history.
However, there's always a risk with these types of loans that you could end up having to pay high interest rates, plus it's more difficult to find an approved and reputable lender.
Are doorstep loans regulated?
Some doorstep loans are regulated by the FCA, but there are a few lenders offering doorstep loans who aren't. These companies are less likely to be genuine. And you could find yourself in a difficult financial situation if you deal with these lenders in cash, with no record of repayments.
If you take out a line of credit with Drafty, we'll always check your affordability before offering our credit line.
Is there such a thing as an instant doorstep loan?
Some doorstep loan companies might offer credit quickly, especially if they provide lending online. However, traditionally, taking out a doorstep loan involves an agent coming to your home to set up the loan, hand over the cash, and continue to visit to collect the repayments. This process is likely to extend the time it takes to get access to your cash.
With Drafty's line of credit, you could get the funds sent to your bank in under two minutes, once approved.
Will I need a credit check for a doorstep loan?
All UK lenders are required to carry out a credit check before offering a loan, and doorstep loan providers are no different. If you find a lender that doesn't require a credit check, it's unlikely to be regulated and could be a riskier option for you.
Here at Drafty, we pride ourselves on being a responsible lender, so we'll always carry out a credit check before approving you for our credit line. But no need to panic, we look at more than the numbers on a screen when making our decision.
How much is a doorstep payday loan likely to cost me?
This depends on what you borrow and the lender's terms. But you could pay a high interest rate and be tied into a lengthy repayment term. Plus, many doorstep loan providers will charge you an early repayment fee if you decide you want to pay back before your term is up.
At Drafty, we'll never charge you any fees and, as long as you stick to your minimum monthly repayments, you're free to create a payment schedule that works for you.
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.