Drafty Loan Review: All You Need To Know About Drafty Loan
Access up to £3,000 from Drafty credit line when you need it.
While short term-loan attract high interest rates, Drafty offers line of credit account where you will only pay interest for the exact credit you use.
Drafty is one of the popular US-based lenders that is authorized and regulated by the Financial Conduct Authority (FCA).
To take a loan from Drafty, you must meet some certain eligibility criteria and be ready to abide by their terms and conditions.
The good side of it is that the application process is pretty simple and cash disbursement is quite fast.
Drafty Credit Line Requirements
Before applying for the Drafty credit line, it is vital to check their eligibility criteria to ensure that you’re qualified to fasten the loan approval.
The requirements are outlined below:
1. Age: The intending applicant must be at least 18 years old.
2. Resident: The applicant must be resident in the United Kingdom.
3. Income: A stable and steady monthly minimum income of £1,250 is required.
4. Bank Account: A functional bank account with a debit card is also needed.
Drafty Credit Line Available Amount
The available amount that an applicant can apply for from Drafty credit line is between the range of £50 – £3,000. This means that the available maximum amount that customers can opt for is £3,000.
Drafty Credit Line Representative APR
The Drafty credit line representative Annual Percentage Rate is 96.2%.
Drafty Credit Line Term
The loan term for the Drafty credit is ‘’Open-ended’’.
This means that Drafty doesn’t have a fixed repayment plan for their credit line. This means that the credit line can be with you for a very long period of time so long as you continue paying the minimum monthly repayment.
It may also interest you to know that Drafty doesn’t charge late or prepayment fees on their credit line.
Drafty Line Of Credit Application Process
Applying for a Drafty line of credit is straightforward and quite simple.
To apply, follow the simple steps below:
- Download and install the Drafty app from official app stores or login via their website.
- Register with the required details to get started.
- Fill in the online application by answering the relevant questions.
- Verify your details or submit relevant documents if prompted.
- Your online application will be reviewed. If approved, your Drafty account will be accessible via the website or Drafty app.
- Choose the loan product that is suitable for you.
- Finally, the loan amount will be disbursed to your account by Drafty.
N/B:
Your first minimum withdrawal from your Drafty account must be £50 while the minimum subsequent withdrawals is pegged at £100.
Pros & Cons Of Drafty Credit Line
Pros
- Fast in fund disbursement.
- Competitive interest rate.
- There’s no hidden charges.
Cons
- It is a bit more difficult to access funds than some other lending platforms.
- There is minimum repayment which will definitely increase the interest rate.
Drafty Credit Line Customer Service
If you have any inquiry or question to ask about the services of Drafty credit line or you need assistance, don’t hesitate to reach out to their customer unit for support. Your can contact them via the follow means
Email: info@drafty.co.uk
Call: 0203 695 8072( call charges applicable)
Drafty Loan Review
Users of Drafty platform have diverse views about their lending services.
Some users expressed satisfaction with the excellent financial services when it comes to hassle-free application process and swiftness in loan disbursement but some users expressed displeasure on their Annual Percentage Rates(APR’s).
According to Trustpilot, Drafty platform has 4.1 stars ratings out 5 from over 10k reviews which is actually good for a platform of its kind
Reviews from Trustpilot;
From Mr Mark Matthewman: ‘’Really quick and available when you need quick cash for that emergency’’.
Another user, Godfrey Acquah has this to say: ‘’Cash is always available when I need it. Better than a bank’’.
Honey W has this to say: ‘’Not impressed – not sure how they assume a customer can’t meet payments when none are missed.
Strange how Drafty only replies to positive reviews – wonder why this is?’’.
