Drafty Loans – Overview And Alternatives
Little Loans is a credit broker, and if you’re eligible, we’re happy to help you search for a suitable loan based on your financial situation. The Little Loans free loan eligibility checker allows you to see if you are likely to be considered for a loan before you apply.
Little Loans is proud to work with a panel of over 30 direct lenders, including Drafty; we’d love to tell you a little more about them.
Who is Drafty?
Drafty is a direct lender offering Drafty Flex, which is a personal line of credit, and Drafty Loan, which is a short-term, personal loan.
Is Drafty a legitimate company?
Yes, Drafty has been established for several years and is authorised and regulated by the Financial Conduct Authority (FCA). Drafty is a trading name of Gain Credit LLC, who can be found on the FCA register here.
As of May 2025, Drafty is rated 'excellent' on Trustpilot.
How much can you borrow with Drafty?
With Drafty Flex, you can initially apply to borrow between £50 and £3,000.
Drafty also provides loans from £1,000 to £3,000.
Who can apply with Drafty?
To apply for either Drafty Flex or a Drafty Loan, you must be a UK resident aged 18 or over and in regular full or part-time employment and have a net monthly income (after tax) of at least £1000. You also need to have a bank account and a debit card.
How does a Drafty personal line of credit work?
If you’re approved for Drafty Flex, you’ll be set a credit limit. The credit limit you could be offered will depend on your circumstances and the result of Drafty’s creditworthiness assessment.
Once your credit line has been approved, you can draw on the available money through the website or mobile app if and when you need it. On their website, Drafty states that your funds could be sent in 90 seconds. Please note that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
With a line of credit, if your account is in good standing, you’re able to use the money again once it’s been repaid and you won’t need to reapply.
How does a Drafty loan work?
If your application for a Drafty Loan is accepted, the money will be sent to your bank account. You can use the money to cover an emergency cost; many people apply for a personal loan to help them pay for urgent home improvements, car repairs, or an unexpected bill.
You’ll need to repay your Drafty loan in monthly instalments across a repayment term of either 12, 18, or 24 months. Please be aware that your monthly repayments will include interest.
Remember, making a late repayment or missing one altogether could harm your credit score.
How are repayments made on a Drafty Flex line of credit?
There is no set schedule to repay a Drafty Flex line of credit.
A Drafty Flex line of credit works more like a credit card; you’ll need to make at least a minimum repayment amount each month, which will include interest.
The minimum monthly repayments on your Drafty Flex will be either:
- 6% of the amount of money you’ve borrowed, plus 0.19% (variable) daily interest; or
- £50 of your outstanding balance, whichever is the greatest.
You won’t pay interest if your balance is cleared in full.
What Representative Example does Drafty advertise?
We’ve included Drafty’s advertised representative examples below.
Drafty FlexRepresentative Example: Assumed credit limit: £1,200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Drafty LoanRepresentative Example: Given a Representative APR of 79.9%, if you borrow £1,000 over 18 months at 59.9% p.a. (fixed), you would owe 18 equal repayments of £85.56. You will repay £1,540.08 in total.
Drafty advertises a Representative APR of 96.2% (variable) on a personal line of credit, and 79.9% on personal loans.
How can I manage my Drafty Flex/ Drafty Loan account?
You can manage Drafty Flex or a Drafty Loan on their website or on the Drafty app. You can log in to your account here.
How can I contact Drafty?
- By phone: 0203 695 8072*
- By email, through the contact box on their website
- Through the live chat feature in your customer account.
* Call charges apply. Standard charges from landlines, mobiles, and other providers may vary.
What should I do if I can no longer afford to repay the money I’ve borrowed?
If you’re having trouble repaying your line of credit or loan, please contact Drafty as soon as you can. Drafty will work with you to find the most suitable option for your situation.
I’m struggling with money; what should I do?
Free, confidential money and debt management advice can be accessed through the following charities and organisations: StepChange, MoneyHelper, Citizens Advice, and National Debtline.
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Representative example: Amount of credit: £1000 for 12 months at £123.40 per month. Total amount repayable of £1,480.77 Interest: £480.77. Interest rate: 79.5% pa (fixed). 79.5% APR Representative. We’re a fully regulated and authorised credit broker and not a lender