Drafty Loans Review [Read Our Expert Opinion]

Jane Wardle

Written by Jane Wardle on April 16, 2018

Updated April 16, 2018


Overall Rated: 4.6 / 5


One of the most innovative lenders, Drafty offers a unique solution to those who require funds at short notice. They do not provide payday loans or short-term loans, but a unique credit line they define as an on-going account a customer maintains with Drafty where you get access to a cash pot of no more than £3,000. You can then dip in and out to request the funds you need, which are then transferred to your UK bank account in less than 15 minutes. The financial safety net ensures you always have a backup money plan, but you do not have to utilise it until you need to. Their short-term loan rates are very customer-friendly where a 28-day £100 loan costs £5.04 only.

To access a Drafty credit line, you only need to apply online, and an instant decision will be made once you have qualified. You can then set your own credit limit not more than £3,000 that you can use anytime you need fast cash for unexpected bills and emergencies. If you do not use your credit line, you will not be charged any fee. Repayments are flexible and repaying early or more in any month does not attract charges.

Drafty offers a fresh safety net approach for those who may not have a bad credit history per se or the best and ignored by high street lenders and payday lenders. Since 2016, the lender has been offering up to a total of £3,000 for a person to dip into anytime a pressing need comes up. Drafty does not offer short-term loans, overdrafts, payday loans or bad credit loans but a unique safety net credit line product with up to £3,000 of available funds you can access within 15 minutes whenever you need to.


Trust & Reputation

Rated 4.6/5

One of the most common ways of accessing quick cash in case of an emergency or unforeseen bill is usually rushing to a payday lender, bank overdraft or any lender as long as you get the funds fast to offset the financial problem. Drafty realised there is a gap in the market between the high-end bank solutions and payday lenders. Some people fall somewhere in-between or are left out of options. That is where the credit line facility came up, where once your application is approved and you have set your limit (up to £3,000) you can then access the funds anytime an emergency or unexpected financial need comes up within 15 minutes.

Drafty is a responsible lender and credit line applications are usually subjected to affordability, creditworthiness checks, terms and conditions and status before approval. Drafty is also regulated and authorised by the Financial Conduct Authority and is a BCCA member.

Drafty is also the ‘2017 Innovation of the Year’ Consumer Credit Award winner.

Expertise & knowledge

Rated 4.3/5

Drafty claims to have been created by an innovative team of really smart financial nerds. Their product is revolutionary and seeks to fill an existing gap. They try to be different from payday lenders, financial sharks and banks through their credit line product. Launched only in 2016, Drafty saw immediate success and served over 9,000 happy customers in less than a year. Their easy ad affordable credit line services hardly compare with typical payday lenders, bank overdrafts and credit cards.

It is evident the innovation, expertise and knowledge behind Drafty and the online technology they use to ensure services are seamless, including a mobile app, is a testament to how smart and knowledgeable they are.

Customer Service

Rated 4.8/5

One of the prominent things about Drafty is that their model is a bit different from the common payday and bank overdraft quick financial solutions out there. Their innovation and customer-oriented facilities mean loan costs are very affordable, and money is always available whenever you need it, which you also don’t have to use unless you must. They are responsible lenders and encourage responsible take up of their service.

Drafty has a Trustpilot ‘Excellent’ five-star rating out of five from over 2680 reviews and a TrustScore of 9.2 out of 10. On Readies, Drafty has a 4.8-star rating out of 5 and appraised as an ‘A’ lender in the UK with high satisfaction in customer service, ease of use, value for money and flexibility. Drafty also has a 4.81 overall rating out of 136 reviews on Smart Money People.