Updraft uses a soft search (quotation search) to check your eligibility for loans, which does not impact your credit score. A hard search is only performed if you choose to proceed and formally apply for an Updraft loan.
To apply, you'll need to be a UK resident aged 18+, have a regular income, and hold a UK bank account. Eligibility depends on your credit history and affordability. Checking your rate with Updraft has no impact on your credit score.
Updraft offers unsecured debt consolidation loans (subject to status and affordability) designed to make borrowing simpler, not riskier. You don't have to put up an asset like your home as collateral, and you can manage your debt in one clear place.
The impact on your credit score, depends on the type of check that's been completed. A hard credit check will be visible to anyone checking your credit report, and can affect your credit score for at least 12 months, which could impact your short-term ability to secure credit.
It's partly true: most negative items like late payments and collections are removed from your credit report after about seven years, but the underlying debt often still exists, and bankruptcies (Chapter 7) last 10 years, so your credit isn't entirely "clear" but mostly refreshed from old negatives. The 7-year clock starts from the date of the original delinquency, not when you paid it off or sent to collections, and the debt itself can still be pursued by collectors.
Getting an 800 credit score in just 45 days is challenging, as significant scores usually take time, but you can make rapid progress by focusing on paying down credit card balances to lower utilization (under 30%, ideally under 10%), paying all bills on time, disputing errors on your credit report, and possibly becoming an authorized user on a trusted account, while avoiding new credit applications. The most impactful actions for quick changes involve reducing high balances and fixing mistakes, as payment history and utilization are key factors.
Yes, you can likely get a $50,000 loan with a 700 credit score, as this falls into the "good" credit range (670-739) that unlocks better rates, but approval also hinges on your income, debt-to-income (DTI) ratio (ideally below 36%), and overall credit history, with lenders looking for stability and repayment ability, so prequalifying with multiple lenders helps compare terms.
At Updraft we work with TransUnion, one of the credit reference agencies.
Updraft was founded in 2017 by finance veteran Aseem Munshi, who worked at HSBC for over 14 years in a variety of roles, including most recently as head of unsecured lending.
Yes, you can. Updraft loans are completely flexible - there are no fees or penalties for making extra payments or settling your loan early.
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You'll need to be at least 18 years old with a history of using credit. You'll need to receive an annual income of at least £10,000 from employment or a pension. Your bank must be registered within the UK. Click here for a list of the accepted banks.
We might offer you an Updraft loan if it meets your needs. This will be subject to our creditworthiness and affordability assessment we are required to do as a responsible lender.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850.
Both saving and debt repayment are critical for long-term financial health. An emergency fund should be established before aggressively paying off debt to protect against unexpected expenses. High-interest debt, such as credit cards or payday loans, often warrants faster repayment to save on interest.
A credit score of 677 is considered excellent and is indicative of a responsible borrower who manages credit and debt well. If you have a credit score of 677 or higher, you are likely to have access to a wide range of financial products and services, including personal loans with favorable terms and conditions.
The golden rule of credit cards is to pay your statement balance in full every single month. This practice is crucial for maintaining a good credit score and avoiding costly interest charges.