Global Analytics: Drafty and Lending Stream
History and Ownership
Global Analytics Holdings Inc was established by Krishna Gopinathan in the year 2003. This operation is based in San Diego and they have some offices spread across India. There is merely a virtual London office here in the UK. This is surprising in light of each of their active brands trading locally. Global Analytics present some stats on their site that are correct as of April 2016. We are well into 2017 now, but the numbers help to shed some insight into the business. The listed tally of customers sits at 370,000+ and this base has delivered 1.3 million loans. There is a headed 16.5% approval rate for new customers.
The core brand is Lending Stream that has been in operation since 2008. The newcomer is Drafty that piloted throughout 2015 under LS in a proof of concept run, but it then received its full launch at www.drafty.co.uk in July 2016. Each service is structured differently that is important to see, since many owners just tend to launch sister brands that are matched in every area. Global did have a previous project called Zebit. This was launched as a prepaid card whereby the funds could alternatively be sent to your bank account. Zebit was closed down, but the name still exists having being spun off and going in a different direction. GAIN Credit Llc is now used as the local subsidiary for each site.
Info: Drafty Loans
www.drafty.co.uk (Alexa UK Rank: #55,235)
Drafty’s service is a credit line (aka line of credit) that works similar to a bank overdraft. You’ll firstly need to get approved on a set limit. From this kitty you’ll be able to request sums 24/7. There is no fixed repayment and so you could borrow for as long as you desire, paying fixed interest during that time at 0.18% per day. This rate compares very well to the overdraft deals from the major banks today. Limits are set between £50 and £3000 for new customers (£5000 in time). The minimum first draw is £50, but on the next draw you can go as small as £20.
Early settlements can be made through the Drafty login where funding can be requested 24/7. This facility will always be there for you assuming that there are no late account payments. The actual customer support times run as 7am-10pm (7/7). This is certainly an efficient product offering, but we have to go back to that pricing that really stands out. At 0.18% on £100 over 7 days you’d pay just £1.26. Over the period of a full month the cost would be £5.40. Of course, with such competitive pricing you’ll need to have clean credit. They are pretty vague on this subject, just noting regular employment at £1250 monthly.
Info: Lending Stream Loans
www.lendingstream.co.uk (Alexa UK Rank: #14,790)
Lending Stream is one of the most recognisable subprime brands on the market today. High profile advertising has really made the difference. The recent push in this area has been the Tight Spot TV ads by Uber that feature Lenny (played by Christopher Tembey). Heavy promotional over the years has helped to craft a major lender status as seen with QuickQuid, Sunny, Wonga etc. It was always important for the brand to stand out and they managed to do just this by targeting the 6 month loans niche. They were the first provider to do this at a time when payday lending was the in thing.
First time qualifying amounts are £50 to £800 whilst the reloan cap jumps to £1500. The 6 month loan charge per £300 borrowed is £275.52. This has been increased from a previous £202.82. Through the Lending Stream login early payments can be made, but there have been historic settlement issues shared on forums. The call centre times are listed as 8am-8pm (7/7) that differ a little to Drafty’s (7am-10pm). This is a good spread of times, but there was a time when LS was open 24/7, but this was unfortunately cut-back. One such benefit over the newer brand is that bad credit is accepted. The minimum wage asked for is £400 (compared to £1250). We have now added the updated logo from their newly revamped site that looks the part.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
The Lending Stream reviews online score incredibly well. The ballpark feedback runs as Review Centre (92% from 3700+), Reviews.co.uk (96% from 11,500+) and Trustpilot (94% from 2700+). There is no Feefo listing. We would personally dispute the authenticity of the level of feedback here. When checking through the pages there was lots of 1 post wonders and in comparison the market leader (Wonga) only receives a few hundred bits of feedback max on said sites. We aren’t implying that these are all fake reviews, but there certainly appears to be a lot of incentivising going on there. Drafty’s score for reference is 90% on Trustpilot (700+).
There are just a few credit line loans like Drafty that includes MyKredit and SafetyNet. The difference is that each of these are willing to consider lower scored applicants. SafetyNet is by far the most popular lender of this small bunch. There are various other similar alternatives where you can benefit from instant funding such as MyJar and Wonga. Non mentioned can compete with Drafty’s competitive rates. When borrowing over an extended term you can however get a cheaper loan at Fair Finance. For instalment loans like Lending Stream you’d have to consider the other big 3 sector players as seen on TV (Pounds to Pocket, Satsuma Loans and Sunny).
The Plus Points
The main firm has the experience, the profile and the backing that affirms them as one of the top subprime lenders in the UK today. Their product isn’t that flexible, but with bad credit you can qualify for sizeable sums that are sent quickly once approved. Drafty’s potential is very promising through low interest and lots of flexibility, but we haven’t seen any notable ad spends just yet. It’s just a shame that prime audiences are targeted that hands the edge to SafetyNet in that niche. The idea of incorporating tiered interest heading back to 0.8% would be an interesting idea, but they may prefer to keep the default risk low and take on the banks.
Last Updated: January 5th, 2018.