Updraft helps people pay off credit card debt by checking whether a proposed loan fits their circumstances before they submit a full application. An eligibility check gives an early indication of whether a lender is likely to offer credit, along with the possible rate, term and monthly repayment.
Most checks combine information from your application with data on your credit file. This can include existing borrowing, payment history, credit limits, recent applications, electoral-roll information and any county court judgments. Lenders also assess affordability by looking at income, regular bills, credit commitments and everyday spending. A healthy credit score alone does not guarantee acceptance: the lender must be satisfied that the repayments are manageable.
Many lenders begin with a soft search. This is visible to you and the lender but does not normally affect your credit score or appear to other lenders as a full application. It can show an estimated rate and repayment. Read this practical guide to credit checks for more detail on the information lenders use and how the process differs between providers.
If the result is suitable, you can review the representative example, arrangement fee, total amount repayable and fixed monthly repayment before deciding whether to apply. A full application usually involves a hard search, which is recorded on your credit file and forms part of the lender’s final decision. The lender then verifies the information provided and completes its affordability assessment.
Recent eligibility checks increasingly use open banking alongside traditional credit-reference data. With your permission, transaction information can help show regular income, essential spending and existing commitments more accurately. This is particularly useful when someone has several cards or an arranged overdraft, because the lender can assess the whole repayment picture rather than relying on a score alone. A soft result is an indication, not approval, and the final decision follows the lender’s full checks.