Updraft

Updraft: loans to consolidate credit card debt in the UK

Updraft is a UK financial platform offering personal loans designed to consolidate credit card debt. The company operates through a mobile app and presents itself as an alternative for those looking to combine multiple balances into a single monthly payment. According to its website, it has over one million members and the service is free to download.

Products and financing terms

The main product is flexible loans with interest rates that, according to published information, start from 14% APR. The company offers amounts ranging from £1,000 to £25,000, with terms of 2 to 5 years. The site shows a representative example: a £10,000 loan over 60 months at a fixed interest rate of 20.40% per year, a monthly payment of £283.20 and a total repayable of £16,992, including a £600 fee. The company notes that approval is subject to affordability checks and that consolidating debt may increase the term and the total amount repayable.

How the service works

The application process is described in three steps: the user enters personal details, income and expenses; connects their bank through Open Banking to verify identity and income; and, if approved, customises the loan and receives the funds. The company states that the eligibility check does not affect credit score. Updraft also offers a free credit report tool and a calculator to plan debt repayment.

Requirements and scope of operation

To apply for a loan, applicants must be UK residents, over 18 years old, have regular income and hold a UK bank account. Eligibility depends on credit history and ability to pay. Updraft operates exclusively in the UK market and its customer service team is also based in the UK.

Regulation and corporate details

Updraft is a trading name of Fairscore Ltd, a company registered in England with company number 10868865 and registered office at 20-22 Wenlock Road, London, N1 7GU. The company is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 810923. It also acts as an agent of TrueLayer, an entity that provides the regulated account information service and is authorised by the FCA with number 901096.

Recognition and recent activity

The company has been included among the UK's 100 fastest-growing companies for two consecutive years, according to a note published on its website. At the time of the analysis, the site showed a rating of 4.7 stars based on customer reviews, which highlighted the speed of the process and the ease of use of the app.

Location and contact

20-22 Wenlock Road, London, N1 7GU