Getting Started
What is Updraft and how does it work?
Updraft is a financial wellness app designed to help you get on top of your borrowings, like credit cards and overdrafts. We provide smart, tailored loans to help you pay off expensive debt, along with tools like a free credit report and spend tracking to help you build better financial habits. The app uses Open Banking to get a clear picture of your finances, allowing us to offer you a fair and personalised rate.
How do I apply for an Updraft loan?
Applying is simple and can be done online or in our app.
Start your application on our website or by downloading the Updraft app from the Apple App Store or Google Play Store.
Connect your bank accounts securely via Open Banking.
Complete the short application form. We'll then assess your eligibility and provide you with a decision.
If approved, you’ll receive your loan documents to review. Please note that while you can apply on our website, you will need the Updraft app to manage your loan and access all your account features.
What are the eligibility requirements?
To be eligible for an Updraft loan, you generally need to:
Be a UK resident.
Be at least 18 years old.
Have a UK bank account.
Have a regular source of income.
Eligibility is also subject to our credit and affordability checks.
Will checking my eligibility affect my credit score?
No. When you check your eligibility for a loan with us, we perform a soft credit check. This type of check is not visible to other lenders and has no impact on your credit score. We only perform a hard credit check if you accept a loan offer and proceed with the loan.
How long does the application process take?
The initial application is super quick and usually takes less than 5 minutes. Once you've submitted your application, we aim to give you a decision as quickly as possible, often within the same day.
There are times we might need additional information from you, but we’ll always aim to as clear and quick as possible.
Account & Login Issues
I can't log in. What should I do?
Don't worry, this usually has a simple fix! We recommend trying these steps in order:
Check your internet connection: Ensure you have a stable Wi-Fi or mobile data connection.
Update the app: Go to your app store and check if there's a new version of Updraft available.
Restart the app: Fully close the Updraft app so it’s not running in the background, then reopen it and try again.
Reset your password: If you've forgotten your password, use the "Forgot Password?" link on the login screen to reset it.
Reinstall the app: If it's still not working, try deleting the app from your device and then reinstalling it from the app store. This ensures you have the cleanest, most up-to-date version. Your account information will be safe.
Contact us: If you've tried all the steps above and are still stuck, please get in touch with our support team.
How do I reset my password?
On the app's login screen, tap the "Forgot Password?" or "Reset Password" link. You'll be prompted to enter the email address associated with your account, and we'll send you an email with instructions on how to set a new password.
How can I update my personal details?
You can easily update your email address, mobile number, and home address at any time within the app. Just go to the 'Profile' section to make changes.
For security reasons, some core details like your legal name or date of birth cannot be changed in the app. If you need to update these, please contact our support team through the in-app chat, and they'll be happy to assist you.
Your Updraft Loan
How do I view my loan balance and statements?
You can view your loan details at any time within the app. To find them, go to the Borrowing view and select Updraft Credit. From this screen, you can see your current loan balance, payment schedule, loan documents, and payment history, as well as the account details needed to make direct payments to us.
The loan balance shown in the app is the amount left to pay on your loan - the remaining balance under your original credit agreement. This figure updates automatically to reflect any payments made or missed. Please note that this is not a settlement figure.
If you’d like to repay your loan in full before the end of your term, please contact our support team through the in-app chat. They’ll provide you with an exact settlement amount so you don’t pay any additional interest.
How are my repayments calculated?
Your monthly repayment amount is calculated based on the total loan amount, the interest rate (APR), and the loan term you selected. This creates a fixed monthly payment so you always know exactly how much you need to pay.
Can I make extra payments or pay off my loan early?
Absolutely! We encourage positive financial habits, and there are no fees for paying off your loan early. To make an extra payment or settle your loan ahead of schedule, please contact our support team through the in-app chat.
What happens if I miss a payment?
We understand that circumstances can change. If you think you're going to miss a payment, it's crucial to contact us as soon as possible. We can discuss your situation and explore the available options. Missing a payment may result in additional interest charges (arrears) and could negatively impact your credit score.
I'm confused about the interest charged on my arrears. Can you explain?
If a payment is missed, interest may be charged on the overdue amount. This is known as arrears interest. It's calculated based on your loan's standard interest rate and is added to your outstanding balance. We are always transparent about any charges. You can see a full breakdown in your loan agreement, and if you have any questions, our support team is ready to clarify.
Using the App
My bank account won't connect. What's the problem?
Connection issues can sometimes happen. Here are a few things to try:
Check your bank's app/website: Sometimes the issue is with your bank's online service. Check if it's running normally.
Re-authenticate: The Open Banking connection needs to be re-authorised every 90 days for security. The app should prompt you to do this, but you can also try re-linking your account manually.
Check for app updates: Ensure both your Updraft app and your banking app are fully updated.
The app is crashing or freezing. How can I fix this?
A quick reinstall often solves this!
Delete the Updraft app from your device.
Restart your phone.
Reinstall the app from the Apple App Store or Google Play Store.
This ensures you have the latest, bug-free version of the app. Your account information will be safe and will reappear once you log back in.
My account balance or credit score isn't updating.
Your bank account data typically refreshes every time you open the app, but sometimes there can be a slight delay. Try pulling down on the screen to manually refresh the data.
Your credit score is updated on a monthly basis after we receive the latest information from the credit reference agencies. Check the "Last Updated" date in the credit score section of the app.
Security & Privacy
How does Updraft protect my data?
Your security is our top priority. We use bank-level security measures, including 256-bit TLS encryption, to protect your personal and financial information. We will never share your data without your explicit consent.
Is connecting my bank account via Open Banking safe?
Yes. Open Banking is a secure, UK-regulated technology used by all major banks. It’s designed to give you more control over your financial data.
When you connect your bank account in the Updraft app, the connection is securely powered by TrueLayer, an FCA-authorised Open Banking provider. TrueLayer provides the regulated Account Information Service that allows Updraft to access your transaction data safely.
This connection is read-only - we can’t move money, make payments, or change anything on your account.
Contact Us
I've tried everything and still need help! How can I contact support?
If your question isn't answered here, our friendly UK-based support team is here to help. The best way to reach us is through the secure in-app chat. Just head to the "Profile" or "Help" section of the app to start a conversation. We're here to help you on your journey to financial wellness!