Drafty Loans

89.7% Representative
Loan amount:
£50 to £3000
Loan term:
Ongoing, provided repayments are made on time
Loan type:
Short Term

Drafty Loans provides borrowers with a revolving line of credit in amounts of up to £3,000, providing borrowers with an alternative to traditional bank overdrafts and the associated fees. The line of credit is designed to provide borrowers with an option that may be less costly than an unplanned overdraft or a standard emergency payday loan.

There are no fees associated with setting up the account or accessing the funds. Borrowers are only charged interest based on the amount borrowed and the time taken before repayment is complete. As the principal is repaid, it becomes immediately available for use again. Funds can be withdrawn in any amount up to the approved limit.

Potential borrowers can apply online and have funds transferred to their linked bank account in as little as four minutes once approved. Minimum payments are required on a monthly basis, though higher amounts can be paid in order to lower the overall amount of interest paid through faster repayment of the principal.

Minimum requirements must be met to be considered for a line of credit. This includes being a resident of the United Kingdom, being at least 18 years of age and having a minimum monthly income of £1,250 through a means other than self-employment. Additionally, all borrowers must have a current bank account and access to a debit card.

A potential borrower’s credit score will be examined, and affordability checks are completed. This ensures that borrowers can reasonably be expected to repay the borrowed funds without undue hardship. Each potential borrower’s situation is examined individually.

Drafty Loans Criteria

Age Requirement
Debit Card
Credit Checks
Other Requirements
Same Day Transfer Available
Loan Value Available
£50 to £3000
Representative APR
Loan Length
Ongoing, provided repayments are made on time
FCA Registration Number
Loan Example
Total amount of credit: £1200. Duration: 12 months. Annual Interest Rate: 65.7% (fixed). Representative APR: 89.7%. Total amount repayable: £1601.40. Monthly payment: £133.45.

Drafty Loans Review

Drafty Loans provides a safety net by connecting a revolving line of credit directly to a borrower’s bank account. This gives borrowers an alternative to costly fees associated with using overdraft protection, as well as provides a source of funding at a rate that can be significantly lower than certain payday loan options. Borrowers can access any amount of funds up to their approved limits, and only pays interest on the amount that is borrowed.

Borrowers can access their accounts online, and payments can be managed through the use of a continuous payment authority system attached to a selected debit card. Alternate payment options include the use of the self-service payment system associated with an online Drafty account, using a standing bank order, or through the posting of a cheque.

Additional payments can be made at any time, allowing the repayment obligations to be met more quickly and lower the total amount of interest due over the term. A payment submitted is credited to the borrowers account immediately, though it may take up to 24 hours for the full payment details to be available in the Account section of their online profile.

Independent Rating

Customer Review:

User Rating: 3.4 (23 votes)
Click on the stars to leave a rating

Company Pros...

  • Anyone looking for a revolving line of credit
  • No set up fees
  • Access to emergency funds at rates that are traditionally lower than payday loan or overdraft options

Watch out for...

  • You must have a debit card and bank account
  • Self employed not accepted

Company Details

Lending Stream Ltd,
Wisteria Grange Barn,
Pikes End, Pinner,
London, HA5 2EX

(Drafty is a trading name of Lending Stream LLC)