No refusal payday loans
A credit line might be better for you.
Are you looking for no refusal payday loans? Try Drafty
FCA-authorised UK lenders or loan brokers will never guarantee you a loan. At Drafty, we follow responsible lending practices and will only offer you a line of credit if you can afford the repayments.
Here’s what a Drafty line of credit can offer:
- Speed -You'll get a fast decision. And if approved, we’ll send the cash to your bank in under 90 seconds
- Borrow what you need – Apply for up to £3,000 and withdraw up to your approved credit limit when you need it
- Reuse - Once you’ve used Drafty, you can withdraw up to your agreed limit again. No need to reapply
- No fees – We don't charge any extra fees. Also, you only pay interest on what you use. If you don’t use any of your credit, it doesn’t cost you a penny
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378. We only offer our credit line to those we think can afford it.
At Drafty, we’re proud of our customer service. See why we’re rated great on Trustpilot.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What are no refusal payday loans?
No refusal payday loans are a myth. These loans, also known as guaranteed payday loans, claim to provide guaranteed approval without any questions asked. Despite these claims, no legitimate lender can guarantee approval for a payday loan. Lenders portraying themselves as no refusal payday loans UK direct lenders should be avoided as they might be trying to scam you.
Do no refusal payday loans direct lenders exist?
Some lenders may claim to offer no refusal loans, but the reality is that no FCA authorised direct lender can guarantee loan approval. This is because lenders must adhere to responsible lending practices. These practices include affordability checks to ensure borrowers can comfortably repay the loan without financial strain.
Lenders are responsible for assessing the borrower's income and credit history to ensure they aren't lending to individuals already facing financial challenges.
How is Drafty an alternative to no refusal payday loans?
- Drafty follow responsible lending practices, considering your creditworthiness and affordability. This helps in ensuring that you are not taking on more debt than you can handle
- We provide a credit line allowing you to borrow funds up to your approved credit limit as needed. This means you can borrow smaller or larger amounts depending on your specific needs rather than being limited to a fixed loan amount
- With Drafty, you have the flexibility to repay the borrowed amount over time. You can make minimum payments or pay off the balance in full, depending on what works best for your financial situation. This can help you manage your repayments more effectively compared to traditional payday loan repayments
- Drafty offers competitive interest rates compared to some payday loan providers . This can potentially save you money on interest charges over time
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Does Drafty offer no refusal payday loans?
Drafty doesn't offer loans but a credit line. As a responsible direct lender, we carefully assess each application based on various factors, including creditworthiness and affordability. We believe there is more to someone than their credit score, meaning you can apply even if you have bad credit. If your application is approved, we'll set a credit limit, and you can withdraw up to that amount.
Advantages of using Drafty over no refusal payday loans
1. Flexible repayments
2. No annual fees (or any fees at all)
3. Reuse your credit line
4. You can apply even if you have bad credit
What is the eligibility criteria to apply with Drafty?
You can apply online with Drafty if you are:
- Aged 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active UK bank account and debit card
After you’ve provided the required details, we’ll do some credits and affordability checks. If approved, we'll agree on a credit limit and send cash to your bank within 90 seconds. We might consider you for our line of credit even if you have a bad credit history.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How to apply for a Drafty line of credit?
At Drafty, we offer you a credit line. Here's how you can apply:
- Apply – We need a few personal details to help us understand who you are
- Set a credit limit – If approved, you’ll be given a credit limit of up to £3,000. You can use it as per your requirements, paying interest only on what you use
- Flexible payment – You repay a minimum amount every month. Want to repay early? That’s fine with us! We don’t charge anything extra. Also, it’s easy to make payments through our app
- Fast Cash transfer – Use Drafty whenever you want, and we’ll send the money to your bank in under 90 seconds
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can I use Drafty for?
- Emergency expenses: A credit line can cover unexpected costs, such as car repairs, medical bills, or home repairs
- Short-term cash flow needs: If you're facing a temporary cash shortage between paychecks, Drafty can provide the funds you need to bridge the gap
- Home improvements: Whether you're planning small renovations or larger home improvement projects, Drafty's credit line can help finance the unexpected costs associated with making your home more comfortable or increasing its value
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How do I make my line of credit repayments?
You'll need to make at least a minimum monthly payment of your borrowed amount. If you've set up a continuous payment authority (CPA), we’ll collect the payment automatically each month. If you haven’t set up a CPA or want to pay more than the monthly minimum, you can pay via your online account. You can access it either on the Drafty app or the website.
What credit limit can I get with Drafty without getting refused?
At Drafty, we can't guarantee if your application will be approved. We offer credit lines up to £3,000 (subject to approval) with a flexible repayment schedule. As long as you make your minimum monthly repayments, you can use your credit line within the approved limit.
I've been refused a payday loan. What to do now?
While a loan refusal can be disheartening, it's important not to panic. There are a few steps you can take to understand the situation.
- Contact the direct payday lender and ask for the specific reason why your loan application was rejected.
- You can obtain a copy of your credit report from a credit reference agency. Review it carefully to ensure that all the information is accurate and current. Sometimes, errors or discrepancies in your credit report can lead to loan rejections. If you find any errors, you can dispute them with the credit reference agency.
- If your credit score is low, take steps to improve it. This may include paying off existing debts, making timely payments, and reducing your credit utilisation ratio. Improving your credit score can increase your chances of getting approved for loans in the future.
- Seeking advice from a financial advisor or a debt counselling service may be helpful. They can provide guidance on managing your finances, help you explore other options, and provide support during challenging times.
Contact Drafty today
- 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#
FAQs - no refusal payday loans
Are no refusal payday loans bad?
No refusal loans don't exist. If a lender claims to offer this type of loan, they may be trying to scam you. It's important to do the research and explore alternative options before applying for any loan.
Is Drafty a no refusal payday loan direct lender?
No, Drafty is not a no refusal payday loan direct lender. Instead, we offer a flexible credit line that allows customers to borrow money as needed up to their approved credit limit.
Do payday lenders accept everyone without refusal?
No, this is a myth. Payday lenders do not accept everyone without refusal. While payday loans are known for their accessibility, lenders still have certain criteria that borrowers must meet in order to qualify for a loan. These criteria may include having a steady source of income, being of legal age, and having a valid bank account. Additionally, lenders may conduct credit checks to assess the borrower's creditworthiness.
Why do I keep getting refused for payday loans?
There could be several reasons why you may be getting refused for payday loans. Some common reasons include having a low credit score, not meeting the lender's income requirements, having a history of late or missed payments, or already having multiple outstanding payday loans. Payday lenders typically assess the borrower's creditworthiness and ability to repay the loan before approving the application.
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.