No credit check loans?
Drafty could offer you a more reliable option i.e., a line of credit and being a responsible lender, we always perform credit checks.
Want a loan with no credit check? How about a Drafty line of credit instead?
Our line of credit could offer a safer and more responsible alternative to short term loans with no credit check. Here's a sneak preview:
- Speedy cash - You could get your cash sent to your bank within 90 seconds, once you’re approved. It really is that quick
- Borrow up to £3,000 - And use just what you need from your approved credit limit. It's a bit like a pot of cash into which you can dip whenever you need it
- Reuse - You could redraw up to your credit limit again without the need to reapply
- Never any fees - With Drafty's line of credit, you won’t pay any fees ever. That's right. None. Zero. What’s more, you’ll only ever pay interest on what you use. So, no withdrawal means no cost
If you still need convincing, check out our highly rated Trustpilot reviews and find out why we're considered 'Great' by our customers.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What are no credit check loans?
Put simply, these are types of loans that don't require any credit checks in order to be approved. However, as they're not exactly a responsible way of lending, they're not provided by most lenders. Therefore, you'll struggle to find no credit check loans in the UK.
Most loans, including short-term lending such as payday loans and other types of personal loans, require a credit check so that the lender can properly assess the borrower's affordability. This helps to ensure that the borrower doesn't get into a tricky financial situation where they can't afford to make their repayments, and also protects the lender.
Here at Drafty, we pride ourselves on being a responsible lender and we're fully regulated by the Financial Conduct Authority (FCA), so we don't offer line of credit with no credit check. However, there's no impact on your credit score to find out if you're likely to be approved first before applying.
Why choose a loan with no credit check?
Though a no credit check loan might seem like the perfect, quickest solution to an unexpected financial situation, especially if you have a poor credit rating, it's likely to be risky. That's because it's standard practice for lenders to carry out such checks so choosing a bad credit loan with no credit check could land you in hot water if you’re unable to keep up with the terms or repayments.
If you discover one of these types of loans and think that it sounds too good to be true, then it probably is.
At Drafty, we know that you like things to be quick and easy. That’s why we've made our credit line application process as simple as possible and, once approved, you could get your funds sent to your bank within 90 seconds.
Why is Drafty a better alternative?
- Absolutely no fees - What you see is what you get. Unlike with some other lenders, there are no fees for withdrawing your cash, no fees for repaying early and no fees for late payments. That's right. Even if you're late with one of your repayments, you won’t be charged. Though it’s important to know it could go down on your credit report and you will be charged interest
- Speedy transfer - We know that you probably want your cash as soon as possible. That's why we aim to send it to your bank within 90 seconds once you've been approved
- You stay in control - It's up to you what you use from your credit limit and, for anything you don’t use, you won’t be charged interest. Take a look at our Pricing page for more information. Not only that, but we also make it easy for you to set your own repayment period. As long as you pay back the minimum each month, the rest is up to you! You can even repay early if you like, safe in the knowledge that there are no penalties for doing so
- Borrow between £50-£3,000 and reuse - With our credit line, you can borrow up to £3,000, depending on your circumstances. Plus, if you keep on top of your repayments, you can use up to your credit limit again, with no further credit checks or the need to reapply. So, if you're looking for a £1,000, £2,000 or £3,000 loan, try Drafty instead
- We treat each application individually - While we don't offer no credit check loans, we make sure to look past just the numbers, unlike some other lenders, and assess each application on an individual basis. And we only give our credit line to those whom we know can afford it
- We want you to make an informed choice - We think we're awesome but, in case you're still not sure, we've put together some information so that you can compare our line of credit with products from other lenders. Just head to our Compare Loans page
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I get a Drafty line of credit?
- A UK resident with an active bank account and debit card
- 18 or over and employed
- Earning at least £1,250 a month
After that, we'll ask you for the usual details to check your affordability. We did tell you that it's easy to apply with Drafty at a Representative 96.2% APR (variable).
- Apply - It takes just minutes! What's more, you’ll get a quick decision
- Check your credit limit - If you’re approved, you’ll be given a credit limit up to £3,000. Use just what you need and you’ll only pay interest on what you use
- Flexible repayments - You’ll repay a minimum amount every month. And there's no fees for repaying early. It's also super-easy to pay using our app
- Quick cash transfer - Use Drafty whenever you need to. We aim to send the cash to your bank in under 90 seconds, once approved
Get in touch with 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#
No credit check loans FAQs
Can I get a loan with no credit check?
You'll struggle to find no credit check loans in the UK as, by law, lenders have to carry out checks before approving you. If you do come across any providers offering loans with no credit check, they’re unlikely to be regulated by the Financial Conduct Authority (FCA) and that could leave you, or themselves, unprotected.
Here at Drafty, we're fully regulated by the FCA and will need to carry out credit checks before approving you. But don't worry; it's easy to find out if you're likely to be approved for a line of credit first without it affecting your credit score.
Why do lenders have to carry out credit checks?
Credit checks are carried out so that lenders can be sure that you can afford the repayments on your borrowing, to protect both themselves and you, the customer. If you did manage to take out a loan with no credit check, it could be easy to get into financial difficulties, especially if high interest rates and increased borrowing lead to a continuous cycle that's hard to escape.
That's why, at Drafty, we do what every responsible lender should do and always make sure that you can afford to repay your credit line before approving you.
What if my loan application is rejected?
You might worry that having to go through a credit check for a loan could risk you being rejected. Whilst it's possible to get turned down if you have poor credit, there's usually a good reason for it.
We make sure to look past just the numbers when assessing each application and take into account your individual circumstances. If you do get rejected, don't panic. There are steps that you can take to try and improve your credit score and there's no reason why you can't apply again in the future.
How can I improve my credit score?
Rather than looking for bad-credit loans with no credit check, there are ways in which you can try to increase your credit score. You can focus on paying off outstanding debt, or at least keep below your maximum credit limit, keep up with monthly repayments, limit the number of loan applications and join the electoral register.
Will taking out a loan affect my credit score?
Borrowing could negatively affect your credit score if you fail to keep up with repayments. However, using a loan wisely and making monthly payments on time could actually have a positive impact on your credit file.
A Drafty line of credit works the same way. Keep your account in good shape and it could help to secure future borrowing as lenders will see that you’re a responsible customer.
What happens if I miss a payment on my loan?
Missing payments will likely have an impact on your credit score. Not only that, though; it could mean that you're charged a fee each time that you pay late.
At Drafty, whilst we don't offer no credit check loans, we won't charge you for making a late payment. We understand that things sometimes don't go to plan, so we won't penalise you. However, we would need to mark this on your credit file, so it could affect any future borrowing.
Are interest rates higher for those with a poor credit history?
Some lenders charge higher interest to those customers who have a less-than-perfect credit history, depending on their circumstances. In some situations, this can lead to a cycle of increased borrowing and even higher rates.
At Drafty, we make sure that you can afford the repayments before approving you for a line of credit. If you'd like to find out more about what a credit line would cost, take a look at our Pricing page.
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.