Looking For Same Day Loans?

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same day loans

A Drafty credit line is different from a same day loan, but it still provides all that you desire and even more. Here is what a Drafty credit line offers:

  • Quick Access to Funds – Once approved, you can receive your money in less than 90 seconds, thanks to our fast alternative to same day loans. You get your funds easily without any hassle. 
  • Borrow Only What’s Necessary – You can apply for as much as £3,000 and take out only what you need within your approved limit whenever necessary. Our alternative to same day loans allows you to use your approved funds in any way you choose. 
  • Ease of Use – With Drafty, you can withdraw funds up to your agreed limit again without reapplying. It is straightforward and convenient. 
  • Zero Fees – That is correct – there are no charges to apply for a credit line with us. We offer a simpler option compared to same day loans. 
  • Transparency and Regulation – We operate transparently and are regulated by the Financial Conduct Authority (FCA). We ensure that our credit line is only offered to those who can responsibly manage it.

If you are not yet persuaded, consider comparing our services on our dedicated page. We provide more insights there on why we are a better choice compared to the same day personal loans provided by others.

Should you wish to understand more about Drafty before making a decision, we are here to clarify any doubts. If it seems too favorable to be true, we will explain everything to you.

What are same day loans?

Same day loans provide cash on the same day you apply for them. They are meant for short-term needs, but they tend to be more expensive than longer-term loans.

Why are they pricier? it is a mix of factors. First, you pay for the convenience (like how a taxi costs more than a bus). Second, same day loans often target people with less-than-perfect credit, which makes them riskier. Unfortunately, this means the best interest rates are not usually available.

That is why we created Drafty. We believe credit should be affordable, even if your credit history is not perfect. With Drafty, you can find out if you are approved within minutes. We check your identity, ability to repay, and a few other things.

What is a Drafty line of credit?

If you are in need of money the same day, consider Drafty as your first option. While we do not provide traditional loans, we offer a similar financial solution. Our service provides a line of credit, which is a different form of borrowing compared to overdrafts or credit cards. Essentially, it gives you the ability to borrow a sum of money that you can spend and repay according to your needs.

Should you decide not to utilize the available credit, there will be no charges. However, if you choose to use the money, it will cost you less than a typical same-day loan. It is also more affordable than most unplanned overdrafts and can even be less expensive than some planned overdrafts.

Moreover, if you qualify, we can transfer the money to your bank account in less than 90 seconds.

Getting a same day cash loan alternative with Drafty

Seeking a loan that is available on the same day can often be a drawn-out and difficult process. However, with Drafty, this is not the case. The application has been designed to be fast and straightforward, enabling you to receive your funds quickly, which in turn leads to another content customer.

You will need to provide some essential information, including the sum you wish to borrow, along with your personal details like name, address, job details, and monthly outgoings.

After that, we will conduct financial assessments to ensure that you have the means to repay the credit, as we do not extend credit to individuals who are unable to afford it. Once you are deemed eligible, you will receive your funds in a very short time, ready for use.

What can you use a Drafty credit line for?

A Drafty credit line is similar to a same day cash loan in that it provides you with funds swiftly. If your application is successful, we transfer the money to your bank account in less than two minutes. We hold the view that everyone should have access to affordable credit, regardless of their credit history.

Should your application be approved, which you will know shortly, you can borrow from a pool of funds up to £3,000. You have the freedom to withdraw the amount you require whenever necessary.

Whether you are trying to manage your finances until your next paycheck or need some extra support for a special event, our alternative to a same day loan is here to assist you.

How do you apply for a line of credit from Drafty?

Drafty aims to simplify the process of getting a loan. We understand that financial stress can be overwhelming, so we keep things straightforward.

Here are the four steps to using a Drafty credit line:

  • Apply: It takes just minutes, and you will receive a quick decision.
  • Set a Credit Limit: If approved, you will have a credit limit of up to £3,000. Use as much or as little as you need, and pay interest only on what you use.
  • Flexible Repayments: You will make a minimum monthly payment. Plus, there is no charge for early repayment, and our app makes it easy.
  • Fast Cash Transfer: Whenever you need funds, we will send them to your bank in under 90 seconds

How much do same day loans cost?

The total expense of obtaining a fast loan that you receive on the same day can vary based on several elements, including how much money you take out, how quickly you repay it, and the interest rates set by your loan provider. This variability makes it challenging for us to give a direct response, which is not our preference since we like to maintain simplicity.

We recognize the urgency that comes with same day loans, often sought in urgent situations. However, we believe you should not have to pay excessive costs for quick service. Therefore, we present an alternative that is equally fast.

We apply an interest rate of 0.19% per day, which means if you borrow £100, it will cost you approximately £5.7 each month. If you choose not to utilize the borrowed funds, there is no charge. Moreover, we impose no additional fees whatsoever.

For instance, if you are given a credit limit of £1200, the representative APR is 96.2% on a variable basis, with an annual interest rate of 69.4%, also variable.

What are the advantages of a same day loan?

Let us talk about same day loans. They do have some advantages. You can get money fast, and you are expected to pay it back promptly as well. Over time, they have become less expensive due to better regulations since 2014.

So, if you’re in urgent need of cash, same day loans can be helpful. However, we believe our alternative is even better.

What are the disadvantages of a same day loan?

We believe that a Drafty line of credit offers advantages over a same day cash loan for short-term financial needs. While same day loans allow quick borrowing and repayment, there are important considerations to keep in mind:

  • Higher Interest Rates: Same day loans from direct lenders often come with higher interest rates compared to long-term cash loans or alternatives like Drafty credit lines.
  • Borrowing Cycle: The combination of high interest rates and tight repayment schedules can lead to a cycle where you need more cash just to pay back the loan. This cycle can negatively impact your overall financial situation.

Some FAQs

What Are Same-Day Loans? 

Same-day loans are financial solutions designed to provide quick cash in emergencies. They are accessible, often without a credit history check, and are typically disbursed on the same day you apply. These loans help you address urgent financial needs promptly. Examples of same-day loans include:

  • Payday Loans: These cover emergency expenses until your next paycheck arrives.
  • Pawn Shop Loans: Borrowers use valuable items (like jewelry or electronics) as collateral.
  • Title Loans: Car titles serve as collateral for this type of loan.

How Do Same-Day Loans Work?

  • These loans are short-term, usually with a repayment period of 14 days to one month.
  • Borrowing limits vary, set either by the state or the lender.
  • Same-day loans come with higher interest rates (up to 400%) due to the risk taken by lenders.
  • To apply, you will need to be at least 18 years old, provide proof of income, and valid identification.

 

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