Updraft

soupyjnr

Hi everyone

Im wanting to check if anybody has heard of an app called Updraft and if so have they any experience of using it? They are currently offering me a loan and are authorised by FCA but just want more info on them. 

Many thanks in advanced

DCFC79

soupyjnr said:

Hi everyone

Im wanting to check if anybody has heard of an app called Updraft and if so have they any experience of using it? They are currently offering me a loan and are authorised by FCA but just want more info on them. 

Many thanks in advanced

What info would you like ?

Ive not heard lf them but thats not saying much.

Where did they get your details from ?

jonesMUFCforever

With at least 25,000 on the 'Waitlist' I don't think you will be getting your loan anytime soon.
To be honest if feels like a kind of Ponzi scheme.

[Deleted User]

They are just using the open banking protocols so they can examine your exact spending and determine the risk to lend to you better. But I wouldn't be surprised if their main business model is to sell your information and target advertising based on your spending habits, while claiming to "help" you manage your money. 

Pips_Mum

Interested to know what you decided?
They've emailed me to say I have been accepted for their trial, I joined the waitlist end of last year, but am just a little cautious as it's a new thing?
Anybody else had experience with them?

jonesMUFCforever

Nope; does their website still say how many people are waiting to join?
It's not one for me.

exhaustedbrit

I've used updraft, they offered me £2,000 at 24.9% - not fantastic but much better than I can get elsewhere with my credit profile. They present the max they'll lend to you and let you choose the term which I thought was okay. I used it to pay off an overdraft as I had a few money wobbles at the start of the year, and have since paid off Updraft. Their app wasn't great though, I had to speak to someone as accepting the offer through the app gave me an error.

NickR85

Anyone else using updraft?

Would they be classed as a payday loan or how would you confirm that?

They get good reviews on trustpilot.

Dandytf

Ide return to Lendable before attempting updraft. Only as I had been successful once via Lendable. thanks OP

Superhoopza

Updraft are pretty good. Offered me a loan despite having a high amount of debt (+£15k) and maxing my credit cards. They offered a loan of £1500 at 25.9% over the two years so around 12% APR which is far better than I could get anywhere else. I'm waiting to make six payments with them to try and get an increase on the loan to allow me to target clearing debt with higher interest.

DrEskimo

Superhoop91 said:

Updraft are pretty good. Offered me a loan despite having a high amount of debt (+£15k) and maxing my credit cards. They offered a loan of £1500 at 25.9% over the two years so around 12% APR which is far better than I could get anywhere else. I'm waiting to make six payments with them to try and get an increase on the loan to allow me to target clearing debt with higher interest.

Are you sure it's not 25.9% APR? Or even worse 25.9% fixed rate?

I have never seen a loan company represent it's interest in the manner you describe.