Here, BV(RI)c broad band photometry and intermediate resolution spectroscopy in Halpha region are presented for two rapidly rotating late-type stars: EY Dra and V374 Peg. For a third rapid rotator, GSC 02038-00293, intermediate resolution Halpha spectroscopy and low resolution spectroscopy are used for spectral classification and stellar parameter investigation of this poorly known object. The low resolution spectrum of GSC 02038-00293 clearly indicates that it is a K-type star. Its intermediate resolution spectrum can be best fitted with a model with Teff=4750K and vsini=90km/s, indicating a very rapidly rotating mid-K star. The Halpha line strength is variable, indicating changing chromospheric emission on GSC 02038-00293. In the case of EY Dra and V374 Peg, the stellar activity in the photosphere is investigated from the photometric observations, and in the chromosphere from the Halpha line. The enhanced chromospheric emission in EY Dra correlates well with the location of the photospheric active regions, indicating that these features are spatially collocated. Hints of this behaviour are also seen in V374 Peg, but it cannot be confirmed from the current data. The photospheric activity patterns in EY Dra are stable during one observing run lasting several nights, whereas in V374 Peg large night-to-night variations are seen. Two large flares, one in the Halpha observations and one from the broadband photometry, and twelve smaller ones were detected in V374 Peg during the observations spanning nine nights. The energy of the photometrically detected largest flare is estimated to be 4.25x10^31 - 4.3x10^32 ergs, depending on the waveband. Comparing the activity patterns in these two stars, which are just below and above the mass limit of full convection, is crucial for understanding dynamo operation in stars with different internal structures.