With the free-spirited look of the website and approachable tone, Drafty present a good case for credit line style lending. Unlike traditional loans, credit lines give all control to the customer. Once you know how much you’re approved for, you can take out as much or as little as you need and only when it’s required. This fluid and flexible approach works in a similar way to an overdraft and seems like an alluring option for customers who don’t want to be tied into the rigidity of a more conventional loan.
With a quick online application, they have streamlined their process on the understanding that some customers may need funds sporadically. Once approval has been granted, they say that they can begin the transfer of the money within four minutes. However, this doesn’t mean that in under five minutes you can be flush with cash as you will need to take into account your bank’s procedures which could lengthen the time it takes for the funds to show in your account.
Finding reviews online for Drafty is as they are the new boys in town however their OPTIOSCORE shows a positive level of customer sentiment and their customer focussed website boosts confidence levels. Their FAQ section provides a lot of information about credit lines and will put customers who are unsure of this type of lending at ease.
Overall verdict: If you want to borrow money that you can dip into and pay back without the restrictions of a traditional loan set up, then Drafty could be a solid option. Just make sure you don’t fall into the trap of requesting a limit much more than you need as temptation may get the better of you entering you into a cycle of repayments that end up becoming expensive.
Top choice for
- Flexible borrowing and repayment
- Credit line form of borrowing
- Online access 24 hours a day, 7 days a week
- Option to pay back higher amounts each monthly
- Quotes don’t show on your credit report
Watch out for
- You must have a minimum income of £1250 per month
- You must be employed
- You must be a UK resident
- You must have a valid debit card and bank account
Fees & charges
- Maximum APR
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment penalties: £0