How Updraft helps you pay off credit card debt
Safe, simple, and built to help you get on top of your credit cards and overdrafts.
How Updraft helps you
Updraft helps you get on top of expensive credit cards and overdrafts, turning a pile of separate debts into one manageable monthly payment. Less stress, less time, and often less money. It works by replacing that scattered borrowing with a single, simpler Updraft loan.
By consolidating existing borrowing, you may extend the term of your debt and increase the total amount you repay. Failure to make payments on time means you will pay additional interest and may make obtaining credit in the future more expensive and difficult.
How does Updraft work?
5 straight-forward steps
1
Tell us about you
We’ll ask a few questions about your income, spending, and financial situation. Nothing scary, just enough to help us find the right solution for you.
2
Connect your bank
Securely link your accounts using Open Banking. It’s the same technology trusted by all major UK banks, from NatWest to Monzo. This helps us verify your income and spending automatically.
3
Customise your offer
If you’re eligible, we’ll show you a personalised loan offer. You can adjust the amount and repayment term to fit your needs.
4
Send your funds to card or bank
Once approved, we’ll send the money directly to your credit cards or to your bank account, if you prefer. Just like that, multiple debts become one easy monthly payment.
5
Track Your Progress
There are no fees if you repay early, and our free tools help you manage your money, track progress, and feel like a financial pro.
How much could you save clearing credit cards?
Credit Card Balance
Credit Card APR (%)
How much do you pay monthly?
25.9% APR Representative based on a £10,000 loan over 60 months at 20.40% fixed interest p.a. Monthly repayment: £283.20. Total repayable: £16,992 (inc. £600 fee). Subject to status and affordability. Consolidating debt may increase the term and total amount repaid. All figures are representative and based upon an assessment of credit and affordability. Terms and conditions apply.
From 15.3% to 41.2% APR, £1,000–£25,000, over 2–5 years available.
Is Updraft Secure?
We take your privacy seriously, it’s baked into everything we do.
We connect to your bank using Open Banking. The connection is read-only. We can see the transaction data you agree to share and nothing else. We never see or store your banking login details, and you can disconnect whenever you like.
Your data is protected with bank-level encryption, and we never move money without your clear permission
In short: you stay in control, and your money and data stay safe.
Frequently Asked Questions
Got questions before you start? Here are the ones we hear most.
Will Updraft pay off my credit cards for me?
Your debt doesn't disappear, but Updraft does the heavy lifting. If you're eligible and accept an offer, Updraft sends the loan straight to your credit cards to clear them. Your cards are paid off, and you're left with one simpler monthly payment instead of several. You still owe the money, it's just in one place that's easier to get on top of.
Is a debt consolidation loan a good idea?
A consolidation loan can help if it lowers what you pay overall, or turns several payments into one that's easier to manage. It isn't the right move for everyone. Spreading your debt over a longer term can mean paying more in total, so it's worth looking at the full cost before deciding. With Updraft you can check your own numbers first, and checking won't affect your credit score. If you'd like free, impartial guidance before you choose, MoneyHelper and StepChange both offer it at no cost.
What does Updraft cost?
Updraft is a loan, so the cost is the interest you pay, shown as an APR. You'll always see your own personalised rate before you accept anything, and there are no charges for paying off your loan early.
Who can use Updraft?
Updraft is for UK residents over 21 looking to pay off credit cards, overdrafts and other costly borrowing. To see if you're eligible, you answer a few questions about your income and spending and securely connect your bank using Open Banking. There's no obligation to go ahead, and checking won't affect your credit score.
How much can I borrow?
Updraft offers loans up to £25,000, and what you're offered depends on your circumstances. You can adjust the amount and the repayment term so the monthly payment works for you, and you'll see your full offer before you commit.
How long does it take?
Checking your eligibility takes a few minutes. If you accept an offer, Updraft sends the money to your cards or your bank, often within days, so your cards are cleared and your single monthly payment begins.
Will it affect my credit score?
Checking your eligibility uses a soft search, so it won't affect your credit score and other lenders can't see it. Taking out any new loan can nudge your score at first. Over time, clearing your cards and keeping up one regular payment can help it, while missing payments would set it back, as with any borrowing.