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Updraft Loan

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mick15
mick15 Posts: 5 Forumite
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May have the opportunity to obtain an UPDRAFT Personal Loan which would enable me to clear all my Credit Cards and the horrendous interest charges that go with them.

UPDRAFT have a Trust Pilot rating of 4.9 out of 5 and the reviews are very good. I have completed the various stages of the application without a problem, however to fully complete and verify my application prior to making an offer they require me to link my Bank Account so they can access and confirm I am who I am and confirm my outgoings etc.

To do this I have to input my bank login details.....is this advisable? They are regulated with the FCA 

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  • Mr.Generous
    Mr.Generous Posts: 3,490 Forumite
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    Bank login in details - ok, login plus password, no way Jose.
  • Superhoopza
    Superhoopza Posts: 537 Forumite
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    They just ask for a link to open banking. No issues with this (except giving away details you may not want to). Used them before, they are fine, not the cheapest that they like to claim, communication is slow from them but if getting the loan helps then go for it.
  • sourcrates
    sourcrates Posts: 29,171 Ambassador
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    mick15 said:
    May have the opportunity to obtain an UPDRAFT Personal Loan which would enable me to clear all my Credit Cards and the horrendous interest charges that go with them.

    UPDRAFT have a Trust Pilot rating of 4.9 out of 5 and the reviews are very good. I have completed the various stages of the application without a problem, however to fully complete and verify my application prior to making an offer they require me to link my Bank Account so they can access and confirm I am who I am and confirm my outgoings etc.

    To do this I have to input my bank login details.....is this advisable? They are regulated with the FCA 
    Much better idea for you, have a wander over to the DFW board, and we can advise on shifting the debt without further consolidation loans, which incidentally never tend to work out how you envisage.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Nasqueron
    Nasqueron Posts: 9,169 Forumite
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    I see these people advertising on youtube (no idea why but then again YT has a weird mix of adverts for me like help to buy loans which I am too old for!) and it's just consolidation nonsense sold like Ocean Finance back in the day for people to get spare cash by signing their money away for years and years
  • Superhoopza
    Superhoopza Posts: 537 Forumite
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    Nasqueron said:
    I see these people advertising on youtube (no idea why but then again YT has a weird mix of adverts for me like help to buy loans which I am too old for!) and it's just consolidation nonsense sold like Ocean Finance back in the day for people to get spare cash by signing their money away for years and years
    Yeah it's heavily marketed on social media and is no different to any other consolidation loan. Their app is easy to navigate so they appeal to people that way and market themselves on being cheaper than other credit cards and overdrafts. Whilst potentially true, it's no different to other providers. They have a high acceptance rate but you pay for that through it's rates.
  • mick15
    mick15 Posts: 5 Forumite
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    Their rates may high but not as high as some some credit cards
  • Nasqueron
    Nasqueron Posts: 9,169 Forumite
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    mick15 said:
    Their rates may high but not as high as some some credit cards
    If you want to use them, then apply, just a warning they're not good value and borrowing to pay debt is never a good idea unless you can address the underlying reasons why you got into debt and avoid getting back into debt
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