At Updraft, our mission is to help you break free from expensive credit cards and overdrafts and build better financial habits. Central to this mission is our unwavering commitment to responsible lending. We believe borrowing should give you clarity and control, not create stress or uncertainty.
This page explains what responsible lending means to us and how it is built into the Updraft experience from the ground up.
Our Core Principles
Our approach to lending is guided by our goal to empower you financially.
Beyond Just a Loan: We’re more than a lender - we’re a financial wellness partner. The Updraft app helps you understand your full financial picture, track your spending and monitor your credit profile. Our goal is to provide a loan that genuinely supports long-term financial progress, not just a short-term fix.
Affordability at our Core: We will only offer an Updraft loan if we are confident you can comfortably afford the repayments. Using secure technology, we assess your regular income and outgoings through Open Banking, alongside your credit history, to form a fair, evidence-based view of your finances.
Total Transparency: We use clear, straightforward language - no jargon or hidden costs. Your personalised interest rate (APR), repayment schedule, and key terms are shown in full before you commit. Updraft never charges hidden fees or early-repayment penalties. Ever.
Human Support When You Need It: Circumstances can change, and we understand that. If you’re struggling, our UK-based team is here to help - confidentially, respectfully, and without judgment. Contact us through the in-app chat, and we’ll work with you to find a manageable solution.
Frequently Asked Questions (FAQs)
Q: What does 'responsible lending' mean to Updraft?
A: To us, responsible lending means empowering our users with a loan that is truly affordable, beneficial, and designed to improve their financial situation. It’s about providing a path away from costly debt, not creating more of it. As a company authorised and regulated by the Financial Conduct Authority (FCA), we take our duty to act in your best interests very seriously.
Q: How does Updraft check if I can afford a loan?
A: We use a combination of smart technology and traditional checks to build a complete and fair picture of your finances. This involves:
The information you provide in your application.
Securely analysing your income and spending patterns using open banking technology.
Reviewing your credit report to understand your existing financial commitments and repayment history. This holistic approach ensures our decision is based on your real-life financial situation.
Application of data models and industry benchmarks (such as Office for National Statistics spending data) to help us understand typical household expenditure and assess affordability in context.
Q: What happens if my circumstances change and I’m worried about repayments?
A: The first and most important step is to let us know as soon as you can. You can contact our friendly support team directly through the secure chat in your Updraft app. We will listen to your situation without judgment and explore the options available to help you get back on track.
Q: Are there any hidden fees with an Updraft loan?
A: Absolutely not. All the figures are laid out clearly in your loan agreement; this includes the interest rate you’ll be paying, the total cost of your credit, and any loan or origination fee. This information is presented in full before you decide to proceed, so you’ll always know your new commitments before any loan is set up. We also don’t charge any fees or penalties if you choose to pay off your loan early.
Q: Where can I get free, independent debt advice?
A: If you are concerned about your finances, speaking to an independent advisor can be incredibly helpful. The following organisations offer free, confidential, and impartial debt advice:
StepChange Debt Charity: A leading debt charity offering expert advice and fee-free debt management.
National Debtline: A helpline providing free debt advice over the phone and online.
Citizens Advice: Offers free, confidential advice on a wide range of subjects, including debt and money.
Our commitment is to you, our user. If you have any questions about our lending practices or your application, please don't hesitate to get in touch with our team.