Welcome to Updraft
If you're looking for a smarter way to manage your money and reduce expensive borrowing, you've come to the right place. This guide explains our purpose and how our app works to help you build a healthier financial future.
What is Updraft?
Updraft is a UK-based financial wellness app designed to help you break free from the expensive cycle of credit card and overdraft debt.
Think of us as part loan provider and part credit report tool. We don't just offer loans; we provide a complete system to help you understand your finances, reduce your borrowing costs, and build better habits for the long term.
Updraft is authorised and regulated by the Financial Conduct Authority (FCA),which means we follow strict rules on fairness, transparency, and data security.
How Does it Work?
Our process is designed to be simple, transparent, and empowering. In four main steps:
1. It Starts with a Clear View
First, you securely connect your bank accounts and credit cards to the Updraft app using Open Banking. This is a secure, FCA-regulated technology that gives us read-only access to your transaction data. We never see or store your banking login credentials. This connection allows us to get a holistic view of your finances in one place. The app then provides you with your free credit report and score.
2. We Identify Ways to Save You Money
The app analyses your connected account information and highlights where you may be paying high interest or relying heavily on credit. This helps you understand your financial position more clearly.
3. Apply for an Updraft loan (optional)
If suitable, you can start a loan application directly within the app. An Updraft credit loan aims to be a a simple, low-interest loan designed specifically to pay off your more expensive debts.
Check Eligibility with No Impact: You can check if you’re eligible for an Updraft loan without affecting your credit score. We only use a soft credit check for this.
A Simple Application: If you are eligible and choose to proceed, the application is quick and completed entirely within the app. A hard credit check is only performed if you accept a loan offer.
Pay Off Expensive Debt: Once your loan is approved, the funds are usually sent to your nominated current account. In some cases, we may be able to pay your existing creditors directly - for example, your credit card or overdraft provider - if that option is available and accepted by them.
4. You Build a Better Financial Future
With your expensive debts consolidated, you can focus on making one simple monthly payment through the app. Updraft continues to support you by helping you monitor your credit score and guiding you on your journey to becoming debt free.
Key Features at a Glance
Tailored Loans: We offer personalised loan rates based on your real financial situation, not just a standard credit score.
Free Credit Report: Get your Equifax credit score and a detailed report for free, updated every month within the app.
No Early Repayment Fees: We encourage positive financial behaviour. You can make extra payments or pay off your loan in full at any time without any penalties.
Who is Updraft for?
Updraft is for anyone in the UK who regularly uses credit cards or overdrafts and is looking for a