Updraft helps people pay off credit card debt. Its soft search lets you check potential eligibility and see an indicative rate before deciding whether to submit a full application.
A soft search reviews information held on your credit file to provide an initial eligibility decision. It can consider your borrowing history, existing accounts and other details used by the lender. It does not leave a visible hard-search footprint for other lenders, so checking your options does not normally affect your credit score.
A soft search is not the same as approval. A full application involves a harder assessment, including your income, regular spending, existing commitments and whether the proposed monthly repayment is affordable. The final outcome, rate and loan amount can differ from the initial result.
An eligibility result should show the proposed borrowing amount, term, monthly repayment and relevant cost information, including any arrangement fee in the total repayable. Use these figures to compare the repayment with your current card payments and check whether the term gives you a realistic fixed end date.
You can find more guidance on comparing credit options before making a decision. Check whether a balance transfer, existing-card repayment plan or fixed-rate loan suits your circumstances. Compare the total amount repaid, not just the monthly figure, and confirm that any cards being consolidated will actually be cleared.
If you proceed, the lender carries out the full application and records the appropriate credit search. Before submitting it, check that your address, income, employment details and monthly expenses are accurate. Avoid making several full applications close together, because each hard search can appear on your credit file. A soft search is useful because it gives you information first, allowing you to make a more informed choice without starting with a hard application.