Quick Loans
A Drafty line of credit might be better.
Looking for a quick loan? Try Drafty's line of credit
If you’re looking to apply for a quick loan, we could offer you something even better (at least in our opinion!).
Here's how a Drafty credit line could help:
- 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 needed
- 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. It doesn't cost you a penny if you don’t use any of your credit
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 quick loans?
Quick loans, also known as fast loans, are usually small, unsecured loans that are typically repaid within a short period of time, depending on the lender. These loans are designed to provide quick access to cash for individuals who need funds quickly to cover unexpected expenses or emergencies.
Quick loans are usually for small amounts, ranging from a few hundred to a few thousand pounds, and the repayment terms vary between lenders. The application process for quick loans is usually straightforward. Borrowers are required to provide proof of income and a valid UK bank account. Lenders will usually ask for a valid proof of ID, address and financial information to support the application.
What can I use a fast loan for?
Fast loans can be used for various purposes, including:
- Emergency expenses: Fast loans can be helpful in covering unexpected expenses. For example, medical expenses, home repairs, legal fees, or unexpected travel due to family emergencies
- Rent or utility payments: If you're short on cash and need to pay unexpected bills, a quick loan can help bridge the gap
- Home improvements: If you need to make urgent repairs or renovations to your home, these instant decision loans can help you cover the costs
- Repairs: If your vehicle breaks down or you need to buy spare parts quickly
- Bridge financial gaps: Sometimes, there might be a temporary gap between expenses and income, and a quick loan can help you manage until you receive your next pay day
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty an alternative to quick loans?
- Credit and affordability checks: We will consider your creditworthiness and affordability before approving your credit line. This ensures that you are not taking on more debt than you can handle, promoting responsible borrowing
- Flexible credit line: A line of credit allows you to borrow funds up to your approved credit limit as needed. This means you have the flexibility to borrow smaller or larger amounts depending on your specific financial needs, rather than being limited to a fixed loan amount
- Flexible repayment terms: Drafty offers a flexible repayment period, giving you the option to make minimum payments or pay off the balance in full, depending on what works best for your financial situation. This flexibility allows you to manage your repayments in a way that suits your budget and cash flow
- Quick access to funds: If you need to borrow money on the same day, Drafty may be able to help. Once approved, you could get your line of credit sent to your bank within 90 seconds
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Can I get quick loans if I have bad credit?
Yes, it is possible to get a quick loan with bad credit. Many lenders offering quick loans are willing to consider applicants with a poor credit history. Before borrowing money, look for reputable lenders, read their loan agreement terms carefully, and ensure that you can afford the loan repayments.
If you're looking for an alternative to traditional loans, Drafty could help. We will consider your current affordability fairly and will not be solely based on your current credit rating.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Is Drafty a quick loans direct lender?
No, Drafty is not a quick loans direct lender. We offer credit lines up to £3,000 (subject to approval). You can reuse up to your credit limit and set your own repayment schedule to suit you (as long as you keep up with your minimum monthly repayments).
How much can I borrow with Drafty?
Drafty offers credit lines from £50 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. Want to repay early? No fees. Late repayment? No fees, although we don’t encourage late repayments.
How do I check my eligibility for a line of credit 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 an affordability assessment and credit 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 poor credit history or bad credit score.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How to apply for Drafty, a quick loan online alternative?
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.^
Are quick loans more expensive than lines of credit?
Yes, quick loans are usually more expensive than lines of credit. Quick loans, payday loans or short term loans, often come with high interest rates and fees due to their short repayment periods and quick access to funds. However, it's important to note that pricing can vary between lenders and specific products.
It's important to carefully compare the terms, interest rates, and fees associated with paying your loan early before making a borrowing decision. This will help you choose the option that best suits your financial needs and minimises the overall cost of borrowing.
Do I have to repay my quick loan on my next payday?
With a quick payday loan, you repay your loan in one single payment on your next payday. However, the repayment terms for quick loans can vary depending on the lender and the specific loan agreement. While some quick loans may require repayment on your next payday, it is not always the case.
With Drafty, there is no set minimum or maximum repayment term so long as the minimum monthly repayment sum is met. However, you can repay your line of credit early without fees and save on interest.
What are the advantages of quick loans?
- Quick access to funds: As the name suggests, quick loans provide rapid access to money, making them ideal for urgent financial needs like unexpected expenses or emergencies
- Simple application process: The application process for quick personal loans is usually straightforward, making it convenient and timesaving
- Flexible use: Borrowers can use a quick personal loan for a variety of purposes, from covering bills and medical expenses to addressing car repairs and other immediate financial requirements
What are the disadvantages of quick loans?
- High-interest rates: They often carry significantly higher interest rates, making them more expensive to repay
- Limited loan amounts: These loans usually provide small amounts, which may not fully cover larger or ongoing financial needs
- Risk of impulse borrowing: The ease of obtaining quick loans might lead to impulse borrowing and other money problems
What if my quick loan application is rejected?
If you’ve been turned down for credit, it’s important to find out why, as you might be able to make some changes.
- Reach out to the lender to discuss the reasons for the rejection. While they don’t have to give you a reason, they may be able to tell you which credit reference agency they used to assess your application.
- Obtain a copy of your credit report to review your credit history. Look for any inaccuracies or negative factors affecting your credit score.
- 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 - quick loans
What is a fast loan?
A fast loan is a type of borrowing that is designed to address urgent financial needs by providing quick access to funds. These loans are characterised by a streamlined application process and speedy decision, allowing borrowers to obtain the necessary funds promptly.
How can I get loan instantly?
There is no such thing as an instant loan. The speed of loan approval depends on the lender's processes and requirements. Prioritise researching various lenders and their terms, and verify their authenticity by confirming their authorisation with the Financial Conduct Authority (FCA).
Can I get quick loans on the same day?
Yes, it's possible to get a quick loan on the same day. Once your application is approved, the funds are usually transferred directly to your bank account. However, the speed of fund disbursement can depend on the lender's policies and the time of application.
Can I get quick loans with no credit check?
All regulated lenders have to do a credit check, as they have to be sure if you can comfortably afford repayments on the loan. Be very wary of any lender offering a loan without a credit check. This is a huge red flag, and they will almost certainly not be a reputable lender or safe.
What documents do I need to apply for a quick loan?
Typically, to apply for a quick loan, you'll need to provide proof of identity, proof of income, and proof of address. However, the exact requirements can vary depending on the lender's policies. It's always best to check with the specific lender for their document requirements.
What are the easiest loans to get quickly?
The ease and speed of getting a loan usually depends on the lender's policies, the type of loan, and the checks they perform. Personal loans are often processed quickly, but the exact timeline can vary. It's important to check with the specific lender about their process and requirements. Also, it's essential to approach borrowing responsibly and be aware of associated costs.
What are the interest rates for quick loans?
Interest rates for quick loans can vary widely based on the lender, the type of loan, and the borrower's credit profile. It's important to understand that while some loans may have lower interest rates, they may also have other fees or charges. Always ensure you understand the full cost of the loan before proceeding.
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.