Important: Likely Loans is no longer accepting any new applications. This page has been preserved for historical purposes, and you can compare a range of personal loans here.
As one of the few providers that will lend to the financially unfortunate without a guarantor (a friend or relative with good relative who applies with you and promises to repay in the event that you don’t), Likely Loans’ rates are high, but that’s to be expected with these kinds of loans. It has a quick and easy application process and can provide funds the day after you apply.
What is Likely Loans?
So-called because borrowers with less than perfect credit histories may be more more likely to get approved, Likely Loans is a direct lender that’s part of the Oakbrook Finance group, and a relatively new addition to the poor-credit lending market.
It won the “Non-Mainstream Loan Provider of the Year” award from MoneyFacts in 2017, and despite being a relative-newcomer Likely Loans is already making a big name for itself. It specialises in small loans, simple applications and improving bad credit. So might be for you if you’ve had trouble getting finance on the high street.
Whether you need £500 to fix the car or £5,000 for a new kitchen, with Likely Loans you won’t need a guarantor, so you can make your next steps independently. Paying back your loan on time can improve your credit score, helping you to get better rates next time you borrow.
Key features of Likely Loans at a glance
Loan type
Unsecured Personal Loan
Loan amounts
£1,000.00 to £40,000.00
Loan terms
1 year to 8 years
Loan rate type
Fixed
Product fee
0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methods
Direct Debit
Interest rates are fixed for the duration of your repayment period, but the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
What does representative APR mean?
The annual percentage rate (APR) is there to provide an annual summary of the cost of a loan. It takes into account both interest and any unavoidable fees to be paid over the duration of a loan. If a loan doesn’t come with a product/arrangement/application fee (as is the case with Likely Loans), then usually the interest rate and the APR will be the same. Fees that you might incur, like missed payment fees or early redemption fees, aren’t taken into account.
The representative APR is the APR that a lender realistically expects 51% of its customers to receive.
The vast majority of lenders tailor the rates they offer to each applicant. This is known as risk-based pricing. It means that the 51% of applicants with the best credit scores tend to be offered the representative APR, while the other 49% are likely to be offered a higher rate.
Am I eligible for a Likely Loans personal loan?
You should only apply for a Likely Loans personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
You’re a UK citizen
You’re over 18
You have some credit history
You have a bank or building society account
You haven’t been bankrupt in the last 12 months
You have some form of income (a pension counts)
Was your loan pre-approved and later declined?
If you get pre-approved by Likely Loans you can still be declined afterwards. The pre-approval is based on an initial soft credit check – the lender is relying on you to provide accurate information. If Likely Loans later discover that the information provided is incorrect or find something negative on your credit file, they may deny your application.
Pros and cons
No guarantor required. You don’t need to find a friend or relative who can apply with you, but just bear in mind that if you could, you might access better rates through other lenders.
Applicants with bad credit considered. Likely Loans will look at more than just your credit score when considering your application. Crucially though, you’ll need to be clearly able to afford the repayment schedule of the loan you apply for. You also don’t need to be a homeowner.
Find out if you’ll get approved before you apply. You can find out your chances of approval plus the rate you’d be offered, before you apply and without affecting your credit score.
It’s very expensive. This is the big one. Because there’s no guarantor involved and the loans are primarily for people with bad credit, the interest rates are sky high. As such, you should aim to borrow for as short a period as is comfortably affordable for you. You may be specifically avoiding guarantor loans, but if you could find a suitable guarantor, you’d likely be able to access a significantly cheaper loan. Likewise, if you’re a homeowner with a mortgage, you could also consider using the equity in your property as security on a loan with a better rate.
Likely Loans customer reviews
In our independent 2024 customer satisfaction survey, 83% of Likely Loans’ users said they’d recommend the brand to a friend. Customers highlighted the bank’s simple application process and online management tools. However, some cited high interest rates. Here’s what some of those Likely Loans customers had to say:
“Likely Loans were very efficient. They exactly what I needed and they were very clear about costs and repayments. There is no need to wait for ages to see if you had been accepted and the money is in your account the same day”
“Easy to understand and apply, straightforward process, simple online account access and management”
“The communication was clear and straightforward at throughout the whole process.”
How can I apply?
If you like the sound of a Likely Loans loan, you’ll need to have your bank details to hand and your passport or driving licence (although it may not ask for this). Then all you need to do is:
Go to the likely loans website and fill out the simple online application form.
You may be asked for proof of identity, in which case there is a simple method for uploading this.
Your application will be processed overnight and you’ll receive your final decision and documents the next day.
Sign the contract and the money could be in your account in just a couple of hours.
Frequently asked questions
In most cases, you can find out whether you will be accepted and with what rates without affecting your credit score, but if you like what you see and apply this will show up on your credit history.
No, Likely Loans provide unsecured loans which are available to all UK residents, whether a homeowner or a tenant.
Yes, Likely Loans’ parent company is Oakbrook Finance, which is regulated by the Financial Conduct Authority.
Yes, you can choose a day of the month for the repayments to be taken out of your account, and you can change this day once your loan has begun by calling Likely Loans’ customer service team.
Yes, Likely Loans has an online loan management service, although this has received mixed reviews from customers.
As part of your application a direct debit will be set up from your UK bank account, but Likely Loans also accepts phone payments and online payments if you’re having problems with the direct debit payment.
Possibly. If you consent to it, Likely Loans will email you to let you know if you’re eligible to borrow more. As a minimum, you’ll need to have made the last six payments on your existing loan on time and in full.
Personal loans scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
Chris's expertise
Chris has written 609 Finder guides across topics including:
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