Looking for unsecured loans?
How about a Drafty line of credit instead
Thinking about getting an unsecured loan? See what Drafty could offer instead
Looking for an unsecured loan but with fewer hoops to jump through and a simpler process? Or maybe you’re searching for unsecured loans for bad credit without interest rates that are through the roof. Drafty’s line of credit could be just the ticket. And here’s why:
- Fast cash - Once you’re approved, we’ll send the cash to your bank within 90 seconds. We’re pretty sure there aren’t many lenders that can do that
- Borrow just what you need - We could give you a credit limit of up to £3,000 and you’ll only pay interest on what you use
- Reuse - Borrow again without reapplying. With Drafty’s line of credit, you can reuse up to your credit limit whenever you want time and time again, as long as the repayments are up to date. We said it was simple
- Zero fees - Absolutely none. All it costs is the interest on whatever you use from your credit limit. And that’s it
Our high standard of customer service is shown by our ‘Great’ Trustpilot reviews – why not take a look for yourself?
Discover a better alternative to an unsecured personal loan.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What is an unsecured personal loan?
Unsecured loans are a type of credit that is not backed up by any collateral such as a home or a guarantor. They’re a popular type of loan and include payday loans as well as credit cards. Lenders let you borrow credit, based on your credit history and your ability to pay it back.
As there’s nothing to back up your unsecured personal loan, you might find that you can’t borrow as much as you can with a secured loan. This is because you’re seen as more of a risk to lenders. You also might have higher interest rates on these types of loans, as well as fees or other hidden costs.
Drafty offers a line of credit that’s also unsecured, so you won’t need to put up any assets or get a guarantor when borrowing from us either. But we have a more streamlined process than many unsecured loan direct lenders and you could get a credit limit of up to £3,000. And the best bit? We don’t charge any fees. Plus, if you don’t use all your credit, you won’t pay interest on what you don’t touch.
Can I get an unsecured personal loan?
The unsecured loan you could be offered will depend on your circumstances. If you want an unsecured personal loan for bad credit, you’ll likely get a lower credit amount and a higher interest rate.
Many people look for an unsecured personal loan to help them out of an emergency financial situation. This could be for household or car repairs, or to pay an unexpected bill.
Drafty offer the same financial relief that you’d get from an unsecured loan. And we look past just the numbers when assessing your application, making the process as simple as possible. So, if you want a £3,000 loan to get your car back on the road or a £1,000 loan to get your boiler back up and running, give Drafty’s line of credit a try instead.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can a Drafty line of credit offer?
- We’re flexible - With many unsecured personal loans, you could end up being tied into a fixed repayment term with interest to pay on the whole amount. With Drafty, you can use just what you need from your line of credit without worrying about having to pay interest on the rest
- Get a credit limit of up to £3,000 - With Drafty, you can borrow up to £3,000 of unsecured credit, depending on your circumstances. While there might be lenders who can lend you unsecured personal loans cheaply, but they might tie you in a fixed repayment term or charge you early repayment fees. But that is not the case with Drafty
- You’re in control - As long as you make the minimum monthly repayments, the rest of your payment schedule is up to you. You’ll also be pleased to know there are no fees for repaying early if that’s what you want to do
- We’re quick - Unlike some unsecured personal loan lenders, you could have the cash sent to your bank within 90 seconds, if approved
- We don’t charge fees - None. No late payment fees (although we don’t encourage late repayments), no early repayment fees, and no fees for withdrawing your cash. We thought you might like this one, so that’s why we saved it until last
How do I get a Drafty line of credit?
Some unsecured personal loan lenders have a complicated set of criteria. At Drafty, we like to make the application process easy. You can apply if you’re:
- A UK resident with an active bank account and debit card
- 18 or over and employed
- Earning at least £1,250 a month
What’s more, your credit score will only be affected once you take out a line of credit. So, why wait? Apply with Drafty today.
Contact 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#
Unsecured loan FAQs
What is the difference between secured and unsecured personal loans?
Secured loans are those that are backed up by an asset, such as your home, or by a guarantor who will agree to pay your loan repayments if you fail to do so. Unsecured personal loans don’t need any form of collateral and are offered based on your circumstances and affordability. Drafty’s line of credit is unsecured, so we won’t ask you to provide a guarantor or use your home to secure funds.
Are there unsecured personal loans for bad credit?
There are probably lenders out there who will offer unsecured personal loans for poor credit, but these could come with higher interest rates, and you might be offered a lower credit limit. At Drafty, we assess each application individually and offer credit only to those we think can afford the repayments. You could be offered a credit limit of up to £3,000 and you’ll only pay interest on the amount you use.
Will taking out an unsecured payday loan affect my credit score?
As long as you keep up with your loan repayments, taking out an unsecured loan could help with your credit score. You’ll also get the same benefit with Drafty’s line of credit. Keep your account in good shape and you could increase your credit rating, leading to better opportunities with lenders in the future.
What are the typical rates for unsecured loans?
Rates will vary depending on the lender and your circumstances. Some lenders will offer more favourable rates if you take your loan out over a longer term. The interest rate on a Drafty line of credit is 0.19%, which means you’ll pay just £5.70 if you borrow £100 over one month. Look at our pricing page for more information on our costs. Plus, because we’re flexible, you can pay back early and not be charged.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
How much can I borrow with an unsecured personal loan?
Again, this will depend on your circumstances and the lender. Some lenders will let you borrow more over a longer term, but you’ll usually be fixed into a set repayment period. At Drafty, you can borrow up to £3,000 in the way you would with other unsecured payday loans. But you can also reuse up to your credit limit again and again without the need to reapply provided you keep up with your repayments. Doesn’t that sound like a much simpler option?
How long will I get to pay back an unsecured loan?
Many lenders offer payment terms of between one and five years, depending on how much you borrow. Here at Drafty, we think you’d prefer a more flexible approach. So, as long as you meet your minimum monthly repayments, you can decide on a payment schedule that suits you. And if you want to repay early, that’s absolutely fine with us! We won’t charge you any fees for doing so either. But we should tell you that the more time you take to repay the more interest will be charged as we charge interest on a per day basis.
What can I use an unsecured personal loan for?
People usually take out unsecured personal loans for reasons such as emergency expenses, unexpected bills or urgent house repairs. Drafty’s line of credit offers the same relief in those situations. So, if your washing machine breaks down and you need a bit of financial help to get your life (and clothes) in order again, give Drafty a try.
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.