Our ‘Drafty’ credit line has just been named the winner of the first ever ‘Innovation of the Year’ award at the 2017 Consumer Credit Awards! Thousands of our customers took part in voting before the judges announced the winners.
We created Drafty with the intention of treating customers in ‘the financial middle’ fairly. That’s why our flexible credit line product is completely fee-free, allowing more people access to the cash they need at a rate considerably lower than payday loans or unauthorised overdraft fees. Interest rates are just £5 per £100 per 30 days, compared to up to £24 for a payday loan and up to £180 for an unarranged overdraft (for more about these prices, see https://press.which.co.uk/whichpressreleases/overdraft-charges-could-cost-156-more-than-payday-loans/).
Chris DeBoer, CEO of Global Analytics, the parent company of the provider of Drafty said: “What we’ve been seeing in the market in recent years is a change in how people are accessing and using credit. People are looking for affordable, flexible credit to suit their recurring financial needs. More than ever before, people want a credit product that lets them instantly access the cash they need, as and when they need it. We researched our customer base and developed Drafty – a product that is flexible, innovative, fair and offers consumers as good a deal as possible. For the industry, we also wanted to prove that it is possible to do this and still be commercially viable.”
The consumer credit awards are run by Smart Money People, a leading provider of reviews and customer insights for credit providers. The awards receive thousands of votes each year. Previous winners of awards have included the Money Advice Service, Sainsbury’s and Tesco.