No credit check loans
Looking for a no credit check loan? FCA-regulated lenders are required to conduct credit worthiness checks which may include a credit check. This ensures responsible lending and helps assess whether the loan is affordable for you. At Drafty, we offer loans ranging from £1,000 to £3,000, for emergency expenses and unexpected finances.
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.
Looking for a loan with no credit check? Consider Drafty instead
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 no credit check loans?
Put simply, these are types of loans that claim not to require any credit checks for approval. These loans are rarely offered by regulated loan providers.
Most loans, including short-term loans such as payday loans and other types of personal loans, require a credit check so that lenders can properly assess your affordability. This helps ensure that you don’t end up in a difficult financial situation where you can’t afford your own loan repayments.
At Drafty, we’re committed to responsible lending and are fully authorised and regulated by the Financial Conduct Authority (FCA). We do credit and affordability checks to see if you can afford the loan repayments.
Representative 79.9%APR
Why choose a loan with no credit check?
Although a no-credit-check loan might seem like an appealing quick solution, especially if you have bad credit, these loans often come with risks. Standard practice for all regulated lenders is to conduct credit checks. Choosing a bad credit loan without a credit check could lead to serious financial difficulties if you can’t meet the repayment terms in your loan agreement.
If you discover what appears to be a “loan without a credit check” that sounds too good to be true, it probably is. Most no credit check loans available online come with serious drawbacks, such as extremely high levels of interest and no protection for the borrower.
We understand that you may want a straightforward process to get a loan. That’s why we’ve designed our loan application to be as simple as possible, and if approved, you could receive funds within 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Why is a Drafty loan a better alternative?
With a Drafty Loan, you can:
- Borrow from £1,000 to £3,000.
- Choose 12, 18, or 24 months to repay.
- Have the convenience of fixed monthly payments.
Applying online is quick and easy. We’ll give you an instant decision after applying. And, if approved, we’ll send the cash to your bank in 90 seconds. Transfer times may vary depending on your bank’s processing times.
We understand that bad credit can happen to anyone. This is why we consider applications from people with less-than-perfect credit. Our credit check loans verify your financial situation before approving a loan.
Representative 79.9%APR
What is the eligibility criteria to apply with Drafty?
You can apply online with Drafty if you are:
- Aged 18 or over and employed.
- In regular employment with an income of at least £1,250 per month.
- A UK resident with an active UK bank account and debit card.
After you’ve provided the required details, we’ll do some credit and affordability checks. If approved, we’ll send the cash to your bank within 90 seconds. Transfer times may vary depending on your bank’s processing times.
Credit checks and loan agreements are essential parts of responsible lending. The credit check helps us ensure you can afford the loan.
Representative 79.9%APR
How to apply for a Drafty loan
We’ve made it easy to apply.
Apply
Click on the apply now button below to complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment, and bank account details. The process takes around 15 minutes to complete (application completion time varies).
Checks & approval
Once you submit the application, we’ll run credit and affordability checks 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. Depending on your bank’s processes, it may take longer to reach your account.
Representative 79.9%APR
FAQs – No credit check loans
Can I get a loan with no credit check?
You’ll struggle to find no credit check loans in the UK as, by law, regulated lenders must carry out appropriate checks before approving you. If you encounter any loan providers offering loans with no credit check, they may not be regulated by the Financial Conduct Authority (FCA), which could leave both you and them unprotected.
Why do lenders have to carry out credit report checks?
Credit checks allow lenders to assess if you can afford the repayments on your borrowing. Without proper credit checks, you could end up borrowing more than you can comfortably repay, creating a debt cycle that’s difficult to escape. We follow responsible lending practices to ensure you can afford to repay your loan before approval.
What if my loan application is rejected?
We never guarantee your application will be approved. While we do check many different factors when you apply for a Drafty loan, we don’t accept everyone. If your application is declined, it may be due to not meeting our eligibility requirements or concerns about your current financial situation or affordability.
Will taking out a loan affect my credit score?
Borrowing can negatively impact your credit score if you miss repayments. However, using credit responsibly and making payments on time can actually have a positive effect on your credit file.
Are interest rates higher for those with a poor credit history?
Some lenders charge higher interest to customers with less-than-perfect credit histories, depending on their circumstances. Before approving your loan, we ensure you can afford the repayments.
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.