Is Draughty Loan App Legit or Scam? Reviews, Contact Details, Interest Rate, Eligibility

Do you need to get cash fast online in order to get out of a jam? You may have observed that there are numerous lenders offering similar services.

Draughty Loans claims to be different from the competition and to provide you with something better. But is this true?

We look at everything that makes the lender tick in this complete study. Before you sign up for a loan with them, take the time to learn everything you can about the platform so you can make an informed decision.

What exactly are Draughty Loans?

Draughty Loans is a direct lending firm founded by a group of finance professionals. They believed that when they were in financial difficulty and had to borrow from traditional lenders, the needs of the majority of people were overlooked.

They try to meet these needs while also distinguishing themselves from the competitors.

Draughty is a trademark of GAIN Credit LLC and a subsidiary of Lending Stream LLC, one of the leading payday lending service providers in the United States. It is a regulated entity in the United Kingdom, governed by the Financial Conduct Authority.

The company, which was founded in 2015, positions itself as a flexible and innovative alternative to short-term loans and unarranged overdrafts.

Draughty Loans wants to distinguish itself from other lenders by providing competitive rates and a one-of-a-kind lending product. It has excellent customer service and does not charge any fees for its services. Its approval and funding are also quick, making it an excellent solution for those with urgent financial requirements.

Loan Pros and Cons of Draughty Loans


  • There are no fees associated with using the service.
    It is a governed entity.
    It enables borrowers to conduct a quick check without damaging their credit score.
    Borrowers can use credit again and again without having to reapply.
    Repayments are deducted automatically utilising a CPA.

Cons: Provides a competitive lending rate

Before loan acceptance, a hard credit check must be performed, which will have an impact on your credit score.
Because the credit line is continuously open, it may encourage bad financial habits.

What is the process of getting a Draughty Loans loan?

Draughty Loans, as previously said, aims to alleviate borrowers’ pain points by personalising their solution to user requirements. With this in mind, it does not provide payday loans or overdraft loans, instead focusing on credit lines.

It compares this to a pot of money into which you can dip as many times as you need to save money over time. It explores the concepts underlying these popular sorts of loans to demonstrate its distinctiveness.

Payday loans are short-term, high-interest loans that are typically repaid in one month. Drafty’s credit line claims to be significantly less expensive. At the same time, it emphasises the fact that you do not need to apply for another loan.

An overdraft, on the other hand, is a type of finance that allows you to borrow more money than you have in your bank account. It also claims to offer lower rates than overdrafts. It also emphasises that it is not linked to your bank account.

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Draughty, like a credit line, requires you to apply simply once to gain access to a perpetual loan ranging from £200 to £3,000. Unlike traditional loan choices, you do not receive a single payment and then repay it over time. Rather, once you’ve qualified for and opened a line of credit, you can use it again and again.

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Terms of loan qualification
There are simply two requirements. To begin, you must stay within the restrictions of your credit line and not exceed them. Second, you must pay the needed monthly minimum. When you withdraw money from the pot, it is transferred to your account in around 90 seconds.

And, best of all, there are no fees associated with using the service. Rather, it has an 89.7% representative APR and a maximum APR of 91.2%. There is no time limit on how long you can borrow the money.

Because there are no prepayment penalties, you can repay your loan early to save money on interest. Another benefit is that you can repay whatever amount that your budget allows at your own pace, as long as it is equal to or greater than the statutory minimum.

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Checks on credit

The platform employs a sophisticated credit rating algorithm to calculate the amount for which you qualify. The lender will also assess your affordability to discover whether you can make consistent repayments.

Furthermore, as a responsible lender, they ensure that you can conveniently make repayments. Notably, you do not need to have a flawless credit score to qualify because they analyse several variables in addition to the score.

If your application is granted and you maintain good repayment habits, you may be eligible for an increase in your credit limit. For first-time applicants, once the application procedure is completed and authorised, you should be able to acquire the loan within an hour.

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The most notable feature of this form of loan is its flexibility, since you only need to borrow the amount you need, when you need it. Unless you close it, it is always accessible, and you may choose your own payback schedule.

But therein lays its main disadvantage: this form of loan might keep you in debt indefinitely. You can also be tempted to borrow when you don’t need to just because you can.

Rate of interest and repayment

Another benefit is that your outstanding loan amount will be subject to daily interest. It implies you only have to pay interest on cash in your possession, as opposed to a monthly interest rate.

However, late payments are discouraged, as they always are. Even though there are no penalties, they will have to pay a higher interest rate for the extra days. Furthermore, poor repayment practises will inevitably harm your credit score.

Furthermore, because the lender will evaluate your performance, you may not be eligible for larger limits if you have a history of late payments.

As a responsible lender, the provider conducts hard credit checks on all applicants as part of the affordability assessment. Fortunately, you will not be exposed to any further hard credit checks for the duration of the account.

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They will, however, regularly monitor your credit score without affecting it. As a result, if your financial condition changes drastically, they will be aware of it.

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The lender uses a continuous payment authority (CPA) to collect the agreed-upon amount immediately from your bank account for repayments.

Account Creation and Borrowing Process for Draughty Loans

Creating an account and borrowing from Draughty are both basic and straightforward processes.

1. To get started, use the fastcheck on the main page ( to see whether you’ll get accepted.
Select the loan limit you wish to obtain and then submit further information in this section. Your entire name, date of birth, and email address are among them.

2. You will also need to input your residential information, such as your postcode, house number, time at home, and type of occupation.

3. The final set of information you must provide includes your employment, income, and spending.
Select your employment status and monthly income and spending from the drop-down menus.

4. When you’re through with the details, read the privacy statement, accept the terms, and then click “Check my eligibility.” Following this procedure will ensure that your credit does not suffer as a result of a hard check and that you are approved.

5. Following the fastcheck, you can now move on to the application procedure.

You will not be required to resubmit the information you have already submitted.

However, you may need to double-check some of the information. If this is the case, you will be contacted by email, fax, or phone to supply the necessary documentation.

Draughty makes an immediate decision, and if you are accepted, you will have rapid access to your account on the platform and via an app.

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They will tell you how much money you can borrow. So, all you have to do is choose the amount you want, and it will be in your account in 90 seconds. Take note that your initial withdrawal must be for a minimum of £50, and subsequent withdrawals must be for a minimum of £20.

Loan Eligibility Criteria for Draughty Loans
To qualify for a loan from the platform, you must meet a number of conditions. They are as follows:

  • You must be at least 18 years old.
  • You must be a UK resident.
  • Be currently employed
  • Earn a minimum of £750 per month.
  • You must have a UK bank account and a valid debit card.
  • Have a functioning phone number in the United Kingdom
  • Borrowers Must Provide Information to Obtain Draughty Loans

You must give some mandatory information during the application process. These are some examples:

  • Your employment information
  • Information about you
  • Specifics about your home
  • Information on earnings
  • Details on monthly expenses
  • Phone number and email address
  • Bank account details

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What are the loan borrowing fees for Draughty Loans?

Draughty provides competitive borrowing rates. Examine it out.

  • APR Representative 89.7% APR Maximum APR 91.2%
  • There are no application fees.
  • There are no late payment penalties.
  • There are no prepayment penalties.
  • Draughty Loans Customer Service
  • Draughty Loans has received positive feedback from previous and current consumers on a variety of web channels. The majority of these praise its customer service, describing it as first-rate.
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Is borrowing from Draughty Loans risky?

Draughty Loans is a Financial Conduct Authority (FCA)-approved and regulated lender. Furthermore, it is a direct lender and does not share your information with any third parties.

It has a strong Trustpilot rating, with 85% of consumers giving it an outstanding rating. To protect user data, the website employs high-level security technologies.

Overall, there appear to be no safety concerns. However, like with any online service, there is always the possibility of malevolent conduct and data breaches. Take the necessary precautions to keep your data safe.

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Draughty Loans’ main objective was to alleviate borrowers’ pain concerns by differentiating their service from that of traditional lenders. And they have done an outstanding job in this area. You can qualify for an endless stream of cash with a single application and just pay for what you use when you use it.

Its rates are quite competitive, and there are no service costs. The customer service team is outstanding, and the platform has received top ratings on numerous sites.

Although they must conduct a rigorous credit check, which affects your score, they only do it once because you do not need to reapply. Furthermore, you can use their fast check option, which does not involve a rigorous credit check, to determine your odds of approval.

Overall, it is an excellent platform for providing short-term financial solutions.


How is my credit limit determined by Draughty?

Draughty Loans evaluates your credit score, monthly income, and spending to calculate your affordability and borrowing limit.

When I need money, how will I access it from my line of credit?

You will have access to their smartphone app once you have been accepted for the line of credit. You can request funds through the app or through your online account.

What distinguishes a line of credit from other types of loans?

Unlike other loans, you just need to apply once to gain access to a pool of funds. You can access the funds at any time and make flexible repayments as long as the minimum necessary is met.

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How can I increase my credit limit?

You can qualify for up to £5,000 if you practise good repayment practises. You will receive notification of this via email, text message, or app.

How can I find out what my outstanding balance is?

To check your balance, log in to your account on the internet or use the smartphone app.

Draughty Loans provides which loan products?

Draughty Loans only provides one type of loan: a line of credit.

What additional services does Draughty Loans provide?

Other store services are not provided by the lender.

Which nations are eligible for Draughty Loans loans?

Draughty Loans provides services throughout the United Kingdom.

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About Samuel 637 Articles
Samuel is an SEO technician and Content developer with over 5 years of work experience. He is known for his love and passion for helping others achieve their financial goals and dreams. This lead to the birth of Finwealthonline. His love for many has to lead him to help thousands of students seeking financial loan advices, app reviews with the right information. Samuel being the CEO and founder of Finwealthonline will continue his good work on helping people with the right information that will lead to achieving their financial dreams and goals.

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