What is Updraft and how does it work?

This guide explains what Updraft is and how the app works.

Updraft helps people pay off credit card debt. Think of us as part loan provider and part credit report tool. The app shows you what your borrowing really costs, and where it makes sense, replaces expensive card and overdraft balances with a single Updraft loan.

Connect your bank accounts and credit cards to the app using Open Banking. This gives us read-only access to your transaction data. We never see or store your banking login details. You also get your free Equifax credit report and score, updated monthly.

The app analyses your connected accounts and highlights where you're paying high interest or leaning on credit, so you can see your position clearly.

If it suits your circumstances, you can apply directly in the app. Checking your eligibility uses a soft search, so it won't affect your credit score. A hard search only happens if you accept an offer. Once approved, funds usually go to your current account. In some cases we can pay your card or overdraft provider directly, where they accept that.

With your borrowing in one place, you make one monthly payment through the app and track your credit score as you go. You can make extra payments or pay off your loan in full at any time, with no early repayment fees.

Anyone in the UK who regularly uses credit cards or overdrafts and wants to sort them out for good. Fairscore Ltd, trading as Updraft, is authorised and regulated by the Financial Conduct Authority. Our credit report and money insights tools are not regulated products.