96.2% Representative
Will lend between: £50 - £3,000
Over: 1 - 60 Months
If you work at Drafty Credit Line
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Drafty is a line of credit and is an alternative to a typical loan. If approved for Drafty you will be granted a credit limit, ranging from £50 to £3000. The amount you will be offered will be dependent on your credit file and details submitted in your application. The key benefit of a credit line versus a loan is flexibility and with Drafty you are free to use as little or as much of your credit limit as you like. If you keep your account in a healthy state you can also reuse it - what I mean by healthy is making your minimum repayments and not constantly maxing out your account. You can also save on interest by repaying more than the minimum payments.
In terms of cost, the more you borrow and the longer you take to repay, the more it costs. Drafty works best if you borrow a small amount when you need it, and then repay it as quickly as you can.
Your Drafty account is all on the Drafty app, which makes managing Drafty really convenient. You can use the app to check the status of your credit line, how much you've borrowed, and when your minimum payments are due. From checking Trustpilot, Drafty is scored excellent, showing their customers rate the product. In terms of repayments if you are late you will not be charged a fee, however, it may impact your credit file and your limit may be reduced or even removed. Bear in mind you may have to pay more interest if paying only the minimum monthly payments.
In summary, if you find yourself regularly relying on small loans near the end of the month, Drafty may a cheaper and more convenient alternative.
Drafty is owned by GAIN Credit LLC, who also own the short term lender, Lending Stream.
To qualify for Drafty you must be at least 18 years old, be in employment earning over £1250 a month and live in the UK with an active bank account and debit card. The application is carried out all online and as part of the process, you will subject to credit and affordability checks. If approved you will be offered a credit limit of up to £3000 which can be reused. The minimum monthly repayment will be dependent on your limit and will be outlined in your initial agreement, however you can log into your app at any time to check required repayment details.
The cost of using Drafty is 0.18% per day, meaning the more you borrow and the longer you take to repay, the more expensive it becomes. Drafty do not charge late or early repayment fees.
Registration number: 4124111
02036958072 (Call charges apply)
251 Little Falls Drive, Wilmington, Delaware De 19808, United States
Reference No: 689378
Trading names: Lending Stream, Drafty
Place of business:251 Little Falls Drive, Wilmington, DE 19808, USA
Registration No: Z2752028
Data controller: GAIN Credit LLC
Address: 251 Little Falls Drive, Wilmington, DE 19808, USA
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