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Drafty Loans | www.drafty.co.uk Reviews
Drafty’s flexible service was developed by Global Analytics who have proven industry credentials through Lending Stream that has been active since 2008. This fresh project was put forward to bring something new to the table. This was well achieved through this excellent overdraft alternative that provides greater flexibility than Stream that itself is fixed at 6 month borrowing. Pricing is also much more competitive and so the targeting here is more aligned with fairer credit scores than the usual bad credit audience. This company was initially tested throughout 2015 and the full launch followed in July 2016. Growth to date has been steady, but we have yet to see TV ads as the owner’s core brand receives.
Company: Gain Credit Llc (subsidiary of Global Analytics Holdings Inc).
Founder: Krishna Gopinathan.
Offers: Credit line, instalment, payday, personal, short term (flexible).
Opening Hours: Monday to Sunday (7am-10pm).
Other Projects: Lending Stream.
Address: Wisteria Grange Barn, Pikes End, Pinner, London, HA5 2EX.
Phone: 0203 365 0135.
Alexa Rank (Local): #64,099.
Facebook Page: 200+.
£1.26 /£100 (7d).
£5.40 /£100 (30d).
£48.60 /£300 (3m).
£97.20 /£300 (6m).
£657 /£1000 (12m).
Amounts: £50 to £3000 (new applicants).
Amounts: £5000 max | Advances from £20 (when reloaning).
Amount Selections: £50 increments | Draws: £10 (unconfirmed).
Late Payment Fee: £0.
Terms: 1 day to 12 months+.
*Amounts raise in £50 blocks at application stage. The £10 draws when advancing is unconfirmed, but this is the level at the other related company. The initial draw must be £50+, but subsequent borrowing enables £20+ draws.
Flexibility and low pricing are standout qualities here. As a line of credit, you can borrow funds up to your limit 24/7. There is no fixed repayment, no late fees are taken and low interest is charged on a daily basis at 0.18%. Sizeable loan sums are available initially at £3000 that rises to £5000 once trust has been established. 24/7 payouts are processed whilst the support team itself is available every day of the week. This is across matched extended times of 7am to 10pm (differing to Stream’s 8am-8pm times). Whilst this service hasn’t been around for too long, they have already built up a good score of 92% at Trustpilot from over 2100 reviews.
The product specs in most areas are very good. Not everyone will however meet the grade for eligibility. A good track record with repaying debts would be expected. They also require applicants to be earning at least £1250 from their work. In contrast, just £400 onwards is requested with Lending Stream. It may be the case that they push declined applicants on to that side. The costs are highly competitive compared to most subprime developed products. This wouldn’t quite be the case when compared against leading overdraft deals. With the rate being fixed, short term borrowing is affordable, but as the months go on the charges do soon start to mount up.
Similar Lenders Like Drafty…
Personal credit lines are popular in the United States, but this niche is a new local concept. SafetyNet was the first lender to develop a service in this form. An extra plus side from them is overdraft protection where payments are sent across once alerted. An issue on that side is that no more than £500 can be approved. Fortunately in 2017 their owner (Indigo Michael Ltd) released Tappily that extends to £2500. The interest rate charged there is 0.34% daily, but this is capped at 75 days and so the value greatly improves the longer that you borrow for. There are various competitively priced alternatives for longer term borrowing needs such as AvantCredit and Likely Loans.
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