Drafty Review | www.drafty.co.uk
Address: Wisteria Grange Barn, Pikes End, Pinner, London, HA5 2EX.
Branding: Drafty. AKA: Drafty Loans.
FCA Licence: 689378.
From: Lending Stream Llc (part of Global Analytics Holdings Inc).
Related: Lending Stream.
Bad Credit Drafty Loans Available?: Fair-to-good score required.
Manage: Drafty login provided via www.drafty.co.uk.
Offers: Short term, payday, instalment and personal loans.
Opening Hours: Monday to Sunday (7am/10pm).
Secure (SSL): Yes.
Sums: £200 to £3000 (new) | £5000 max (returning).
Terms: 1 day onwards.
£1.26 /£100 (7) <0.18%>
£5.40 /£100 (30) <0.18%>
£48.60 /£300 (3) <0.18%>
£97.20 /£300 (6) <0.18%>
£657 /£1000 (12) <0.18%>
Notes: There is no fixed repayment. This product essentially works as an overdraft with daily interest of 0.18% that is applied during the time that you access funds only. Whilst the credit limit starts from £200 you can initially draw out £50 and then on subsequent borrowings just £20. There is no specific information in regards to subprime coverage, but based on the low interest rate it wouldn’t be likely that bad credit would be considered. They do ask for a minimum wage of £1250 (compared to Stream’s £400).
– Amounts: £3000 is an impressive high sum, with existing customers seeing as much as £5000. Also of note is that after the initial draw, small £20 boosts can be received. It is rare for more manageable sums like this to be accessible. Wonga did start from just £1, but this jumped up to £50.
– Flexibility: Alike an overdraft facility there is no determined repayment. You only pay interest when you use any such qualified funds. There is simply a small minimum payment that is taken each month, but the option is there to make full or partial payments at any time.
– Operations: Customer support is live 7 days a week between 7am and 10pm. It isn’t likely that existing customers would need to get hold of their support team, as there is no such requirement to re-apply. More funds can be accessed around the clock.
– Ownership: Whilst San Diego’s Global Analytics Holdings isn’t one of the major American groups involved in the payday space such as DFC Global or Enova, there has certainly been a big investment on the Lending Stream brand that is continually advertised online and on the TV. Will this be replicated with Drafty? It is still early days, but we’d expect this project to be much more successful than Zebit.
– Pricing: This lender now offers the cheapest short term, payday and 3 month loans in the UK. This product is also a cheaper option than using a bank overdraft. For long term borrowing (such as 1 year) it would however be advised to use a lender like Likely Loans who charges £228.32 per £1000 rather than the £657 here. Likely also considers low scores.