You can apply for a loan if you:
We’ll then do some checks which include looking at your current finances, eligibility and credit history before we make any lending decisions. Affordability checks are also undertaken to work out how much we can lend to you.
You can ask us for a Loan for anything amount between £1000 to £3000. We can’t guarantee that you can borrow the amount you applied for. We might offer you a lower amount based on our assessment of your ability to repay.
We can’t guarantee approval until we’ve seen and assessed your application. Even if you’ve had a Drafty loan before and paid it back, we’ll use the latest information available about you to make our decision. We do this to make sure we’re always using the most up-to-date information available and to avoid giving you a loan that might be difficult for you to repay.
We know that it can be disappointing and frustrating when a loan application is declined. We work hard to make sure we make the best lending decisions based on your personal circumstances. If the information we collected from you, along with other information we look at, tells us that you don’t meet our lending criteria, we won’t be able to give you a loan at this time.
Our credit assessment process is confidential, so we won’t be able to tell you about the basis of our decision, even if you ask us.
Once approved, the loan will be sent to your bank in under 90 seconds in most cases. However, the time it takes for the cash to appear in your account may vary due to your bank’s policies. If it’s taking too long, check with your bank first. If they can’t help, contact us online or through chat by logging into your account, and we’ll check the transfer status for you.
We check your credit file as part of the application process. However, it’s not the only factor which we use to make our decision. We make our initial decision using a soft search which is only visible to you. If you accept the loan and the money is transferred to your account, we will register a full credit search on your record and this will be seen by other lenders. Too many full checks with different lenders over a short period of time can affect your credit score. This may reduce your ability to get credit in the future.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.