Easy loans
Are you looking for an easy loan but want more from your lender? Drafty personal loans might be right for you. Apply with a simple online application form and receive an instant decision. With Drafty you can borrow between £1,000 and £3,000 and choose between 12, 18 or 24 months to repay. Plus, if approved, cash is sent to your bank in under 90 seconds*.
Representative 79.9%APR
Representative Example: Given a Representative APR of 79.9%, if you borrow £1000 over 18 months at 59.9% p.a. (fixed), you would owe 18 equal repayments of £85.56. You will repay £1,540.08 in total.
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty for easy loans?
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.
Varied repayment periods
Repay in 12, 18 or 24 months.
Convenient
Secure online application available 24/7. An instant decision.
What are easy loans?
Easy loans are designed to have a simple application process and offer quick access to cash when needed. These loans are usually provided by direct lenders and are meant for situations where a quick payout is essential.
At Drafty, you can apply for a loan from £1,000 to £3,000 online from the comfort of your home. Our easy online application offers an instant decision. You can choose between 12, 18 or 24 months to repay.
Who needs an easy loan?
Easy loans are typically used by people who need quick access to cash. This is usually due to emergencies or unexpected expenses. While easy loans are convenient, it’s important to remember that they may have higher interest rates. You should always read over the loan agreement carefully before committing to any loan. It’s important to understand all the costs involved.
Eligibility criteria for a Drafty loan
To apply for a personal loan with Drafty, you need to meet the following criteria:
- Age: You must be at least 18 years old.
- Residency: You must be a UK resident.
- Income: Earn at least £1,250 a month.
- Bank account: A valid UK bank account and debit card is required.
Representative 79.9%APR
How to apply for a loan online with Drafty
Once you have checked our eligibility criteria, you can apply:
Apply
Click on the apply now button and complete our online application process. Choose how much you want to borrow. Then, fill in your personal details as well as employment and banking information. It usually takes 15 minutes or so, but application completion time may vary.
Checks & approval
Once we receive your application, we’ll run affordability and credit checks. We do this to see if you can afford the repayments on top of your existing financial responsibilities. In most cases, we’ll give you an instant decision.
Get your money
If approved, we will send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 79.9%APR
How do the loan repayments work on Drafty?
Repayments with Drafty are simple. Log into your online account to check your payment status and history. Payments can be made through a Continuous Payment Authority
(CPA). We also accept payments from debit cards, Google Pay, Apple Pay, and bank transfers.
It’s easy to pay online. Choose the amount, select a payment method, and complete the transaction. Bank transfers require using your Drafty account number as a reference. You can repay your loan early to save on interest. We do not charge any early repayment fees.
Late payments will incur late payment fees of £12 and may affect your credit score, so it’s best to contact us if you’re facing difficulties.
What if my loan application is rejected?
We do not guarantee approval for a Drafty loan. When you apply, we assess various factors. We will always check you can afford the loan by completing an affordability assessment. Not all applications will be accepted. If your application is declined, it may be due to a few different things. You may not have met our eligibility criteria. Or we may have had concerns about your current financial situation.
If you’re struggling, it’s worth checking you’re getting all the benefits you’re entitled to. You can check this over at afforda.co.uk, with our BenefitGlance tool.
If your application is declined due to information from a credit reference agency, we’ll inform you via email about the agency used. You can then review your credit file with them if needed.
FAQ – Easy loans
Are easy loans expensive?
The cost of easy loans can vary. It’ll depend on the lender, the type of loan and your personal circumstances. Generally, the shorter the loan term, the higher the interest rate and fees.
How much can I borrow with an easy loan?
The loan amount you can borrow with an easy loan depends on the lender. At Drafty, we offer loans between £1,000 and £3,000. The loan can help you cover expenses when you need it most. If approved, we will transfer funds to your bank in under 90 seconds. It may take longer to reach your account depending on your bank’s processes.
Can I get an easy loan online?
Various lenders offer easy loans online, but eligibility depends on your circumstances and the lender’s criteria. Some providers also offer easy loans for bad credit. At Drafty, our entire loan process is done online. We’re a responsible lender and consider bad credit applications.
Do I need a credit check for an easy loan?
All regulated UK lenders are required to carry out affordability assessments before offering a loan. Depending on the lender, this may include a credit check. At Drafty we want to make sure you can afford your loan so you don’t end up with money problems. When you apply, we will perform a soft credit check that does not affect your credit rating. If approved and you accept the loan, we will carry out a hard check.
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.