Likely Loans provide transparent and fair loans with no surprises, intending to simplify borrowing and was launched in 2014.
Their goal is to help people, and others, with their borrowing needs. Likely Loans are authorised and regulated by the Financial Conduct Authority.
Topics
Personal Loans
Likely Loans provide a simple online application that lets their customers know if they’re eligible for a loan before they apply. Their credit score isn’t affected.
Open Banking is used to ensure that the customer is applying for something affordable.
They also have a range of digital servicing capabilities so that the customer’s loan can be managed however they need, with access to a live chat 24 hours a day, 365 days of the year.
To be eligible for a loan with Likely Loans the customer must:
- Be over 18
- Be a UK resident
- Employed
- Have a bank account
- Have a debit card
- £700 per month income
Likely Loans’ customers can borrow from £500 up to £5,000 with repayment terms from 12 months to 36 months.
They have a quick and simple online application form that gives customers a decision on their loan in minutes.
A customer can check if they can receive a personal loan without affecting their credit rating and will receive a no-obligation quote. Rates start from 59.9% APR.
Customers taking out a loan with Likely Loans could receive their money as quickly as the next working day. As a direct lender, Likely Loans won’t charge the customer any fees, including early repayment fees and arrangement fees.
Even if a customer has a poor credit rating, Likely Loans will consider their application as long as they have some UK credit history and haven’t been made bankrupt in the last 12 months.
If the customer has a poor credit rating they might have to pay a higher rate. Likely Loans’ representative APR is 59.9%, but if the customer has bad credit they may be charged a different rate.
The customer also does not need to be a homeowner to apply for a Likely Loans personal loan. They just need to be a UK resident that is a homeowner or tenant.
Repayments are usually made monthly by Direct Debit from the customer’s nominated bank account.
A Direct Debit is set up for the customer as part of the application process, details of this and the repayment dates are contained within the Welcome Pack that the customer will receive from Likely Loans.
Customers are also able to make repayments via cheques to the address given on Likely Loans’ website. They can also call the automated payments line for free for 24 hours a day or pay by bank transfer using the account information given on Likely Loans’ website.
What Is a Representative Example?
A representative example from Likely Loans is borrowing £2,000 over 24 months at representative 59.9% APR and interest rate 59.9% p.a. (fixed) with monthly repayments of £131.05 and a total amount payable of £3,145.20.
The rate and/or term the customer is offered is dependent on their individual circumstances and ranges from 39.9% APR to a maximum 89.9% APR.
Other Financial Services
Likely Loans offer unsecured loans which mean the customer won’t need to secure their loan against their assets. They also won’t need someone else to be a guarantor as part of their application.
Likely Loans offer loans from £500 up to £5,000 with repayment terms from 12 months to 36 months for a whole range of different types of loans including:
- Loans for bad credit
- Car loans
- Car repair loans
- Bike loans
- Debt consolidation loans
- Direct lender loans
- Instalment loans
- No guarantor loans
- Home improvement loans
- Kitchen loans
- Bathroom loans
- Boiler loans
- Loans for self-employed
- Small loans
- Laptop loans
- Loans for young people
- Unsecured loans
- Wedding loans
- Personal loans
Likely Loans also have a News page that offers customers and non-customers tips and tricks for household saving and budgeting.
Top-Up Loan
Likely Loans do not accept credit cards as a method of repayment. They also offer the potential for customers to apply for a Top-Up loan which combines any existing balance with an additional amount.
Approval of a Top-Up Loan means Likely Loans will add any existing balance to the additional money the customer wishes to borrow and create a new loan for the total amount.
Eligibility for a Top Up loan can be checked by a customer after they have created an account with Likely Loans once approval of their existing loan has gone through. They will be able to use the account to manage their payments.
Likely Loans Reviews and Ratings
Likely Loans have received mostly positive ratings across sites such as Trustpilot, Feefo, Choose Wisely and Smart Money People.
The number of reviews they have received offers a representative view, though they haven’t received as many reviews as some other companies.
Likely Loans have an active Facebook page with 4,302 likes and is followed by 4,409 people.
They also have an active Twitter account that has 146 followers.
Likely Loans were praised by customers for their quick processing of applications and the short amount of time it took for the money to arrive in their bank account after the loan was approved.
They have also been praised for the straightforward and professional customer service that their customers received.
Some customers expressed frustration with the approval process for a Top Up loan or personal loan.
Trustpilot – 4.4/5 (Based on 600 reviews)
Feefo – 4.9/5 (Based on 1,224 reviews)
Choose Wisely – 4/5 (Based on 450 reviews)
Smart Money People – 4.86/5 (Based on 3,910 reviews)
Pros
- Range of loan options available
- Soft credit search
- No additional fees
- Money payout within one working day
- Positive online reviews
Cons
- Not as established and experienced as other companies
- High APR rates
- Maximum loan amount is £5,000
- Some credit needed to apply
If you’re looking to compare offers on personal loans, then let HouseholdQuotes help you find the best loan available for you!
Click To Get QuotesFor more information on home improvement loans, read our guide.