Likely Loans

Likely Loans calculator and 2023 review

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

3.4 ★★★★★ (70 reviews) Write a review

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.

Customer rating
Satisfaction survey
61% of Likely Loans customers in our 2023 customer satisfaction survey would recommend the brand to a friend.
Quite high rates

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 typeUnsecured Personal Loan
Loan amounts£1,000.00 to £30,000.00
Loan terms1 Year to 5 Years
Loan rate typeFixed
Product fee0%
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 methodsDirect 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

Likely Loans has received positive reviews from customers, according to review site Trustpilot. It currently has an “excellent” rating of 4.5 out of 5, based on more than 1,040 reviews (updated June 2022). Many customers praised the quick application process and others complained about high interest rates.

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

Personal loans ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our customer satisfaction scores ("Customers say") are based on a survey of 1,347 customers carried out in December 2022.

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