How do I check my eligibility for an Updraft loan?
Checking your eligibility for an Updraft loan is a quick and simple process that happens as part of your application, either on our website or in the app. Most importantly, it’s designed to be completely safe for your credit score.
Here’s a guide to how it works.
Before You Check
To check your eligibility, you first need to have your Updraft profile fully set up. This happens during the first part of your application (whether you start online or in the app). This means you will need to have:
Created your account and filled in your personal details.
Securely connected your main bank account(s) using Open Banking.
This initial setup gives us the information we need to perform an accurate and fair eligibility check.
Step-by-Step Guide to Checking Your Eligibility
Once your profile is ready, the process is the same on both our website and in the app:
Navigate to the main loan dashboard or the offers section.
Tap the button that says 'Check my eligibility' or a similar prompt.
We may ask you to confirm a few key details, such as your income and monthly expenses, to ensure the information we have is up-to-date.
Once confirmed, our system will run the check, and you will receive a decision on-screen, often within minutes.
What Happens When You Check?
Transparency is key, so here’s exactly what we do behind the scenes when you ask us to check your eligibility:
We perform a soft credit search: We will conduct a soft search (also known as a quotation search) with a credit reference agency like TransUnion. This type of search will not affect your credit score and is not visible to other lenders. It simply allows us to see your credit history.
We conduct an affordability assessment: Using the secure, read-only data from your connected bank accounts, we analyse your income and expenditure. This allows us to make a responsible lending decision based on a true picture of your finances, rather than relying solely on a credit report.
What Happens Next?
If you are eligible: You will be shown a personalised loan offer, detailing the amount, interest rate (APR), and term. You can review this offer with no obligation. A hard credit search is only performed if you choose to accept the loan offer.
If you are not eligible right now: We unfortunately can't offer a loan to everyone. If you aren't eligible at this time, we encourage you to continue using Updraft's free features, like our credit score builder and spend tracking, to help improve your financial health. You are welcome to check your eligibility again in the future.