Likely Loans calculator and review 2025
Our Likely Loans calculator will help you work out how much you'll pay back on a Likely loan, and how it compares.
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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.
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.
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”.
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.
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:
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.
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.”
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:
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