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Likely Loans Review: Should You Apply in 2024?

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Representative APR: 59.9%
Loan Amount : £500 -£5,000
Repayment Period: 12-36 months
Soft search: Yes
Overpay without penalty: Yes
Repayment methods: Direct Debit, phone, online, cheque

Updated: February, 7, 2024


  • No guarantor required
  • Quick initial decision
  • Soft check
  • Bad credit loan
  • No overpayment fee
  • 24/7 customer support
  • Cons

  • Maximum loan is £5,000
  • High interest rates
  • No Likely Loans app
  • Likely Loans is a loan provider that lends quick, unsecured loans to people with a bad or very little credit score.

    In this Likely Loans review, we’ll go over what the lender offers exactly, what you can expect if you use their services, and whether it’s a good option for you.

    Let’s dive in.

    What Is Likely Loans?

    Likely Loans is a direct lender, owned by Oakbrook Finance, that offers unsecured personal loans to those who have trouble securing one.

    The company is a newcomer to the poor credit lending market and its major selling point is not requiring a guarantor– which means almost anyone can apply for a loan with the platform. 

    Want to take a look at Likely Loans alternatives:

    How To Apply

    To apply for a loan from Likely Loans:

    1. Go to the lender’s website. 
    2. Pick a loan amount and term. 
    3. Click ‘Get My Quote’. You’ll get an estimate of how much you’ll have to repay in total,
    4. You’ll then need to provide:
    • Personal details (name, date of birth, email address, phone number).
    • Residential status.
    • Personal income and employment status.
    • Monthly costs and some spendings.

    The lender will conduct a soft credit check and let you know whether you’re eligible for the loan, which won’t affect your credit score. Likely Loans also runs overnight checks on applicants who decide to move forward with the application.

    Like Tappily Loans and Koyo Loans, the company uses the Open Banking service to get a realistic overview of your financial situation, rather than just your credit score. 

    If approved, you’ll need to provide bank details and Likely Loans will transfer the funds to your bank account the next day. 

    The Likely Loan approval time is around 24 hours. 

    What Are The Eligibility Requirements?

    To apply for a Likely Loans personal loan, you’ll need to:

    • Be from the UK.
    • Be at least 18 years old.
    • Have some credit history.
    • Have a bank account.
    • Have some form of income. 

    Likely Loans does not accept applicants that have declared bankruptcy in the last 12 months. Savvy Loan, on the other hand, will consider your application even if you have a Country Court Judgement against you.

    How Repayment Works

    Likely Loans automatically sets up Direct Debit when an applicant’s application is approved. 

    If you can’t pay through Direct Debit, you can:

    • Call Likely Loans’ automated payments line (0800 3585 945). The line is open 24/7 and is free of charge and the payment will go through on the same day.
    • Pay online via your Likely Loan online account. It can take 3-5 days for the payment to be applied to your account.
    • Pay by cheque by sending it to ‘Oakbrook Finance’ with your name, address, and your Likely Loan account number, to their address.

    What Type of Loans Does Likely Loans Offer?

    Likely Loans offers a wide range of loans, including:

    Bad Credit Loans

    Likely Loans accepts applicants with poor credit that might not be able to find a loan elsewhere.

    Car/Car Repair Loans

    Likely Loans offer loans to individuals who need to buy a new vehicle but can’t afford to churn out the cost at once or people who need to have their car fixed and need a quick loan to cover the repairs. 

    Bike Loans

    Likely Loans can help you gather enough funds for a two-wheeler, whether it’s electric, folding, mountain, or a hybrid bike.

    Debt Consolidation Loans

    If you have multiple debts and are struggling to keep on top of them, Likely Loans can combine all of your existing loans into one monthly repayment. This can make it easier for you to budget and keep track of your repayments.

    Instalment Loans

    An instalment loan is a type of loan where the borrower repays the loan in regular instalments over an agreed period. Monthly instalment loans are the most common type of loans, accounting for 93% of all personal loans taken out in the UK.

    No Guarantor Loans

    Likely Loans does not require applicants to add a guarantor regardless of their credit score. They can apply as long as they meet the eligibility requirements.

    Home Improvement Loans

    If you need extra money to make some home improvements,  finance your dream kitchen and bathroom, or need to replace your boiler, you can get a loan from Likely Loans, regardless of your credit score.

    Loans for Self-Employed

    Most lenders don’t offer loans to self-employed individuals because they are considered high-risk borrowers. Likely Loans will offer you a quote (if you’re eligible) even if you need the money to keep your business afloat.

    Laptop Loans

    If you’re moving to the digital space or need a new laptop, you can apply for a loan from Likely Loans and buy the laptop you need.

    Loans for Young People

    If you are a student or young person who has never taken out a loan before, you may find it difficult to get a loan from some lenders. However, Likely Loans offers loans to young people with little credit score, regardless of the purpose.

    Wedding Loans

    Those who need extra money to pay for a wedding might be able to get a loan from Likely Loans. They offer loans that can help you pay for things like your dress or the venue.

    Likely Loans Review: Features

    Here’s a rundown of what you can expect from Likely Loans.

    Likely Loans APR

    Likely Loans’ representative APR is 59.9%. Its minimum APR is 39.9% and its maximum APR is 89.9%. Although not high, there are platforms, such as Lendable (24.5%) and Credispring (43.1%) which have an even lower representative APR. 

    Likely Loans interest rate is fixed for the entirety of the repayment period and depends on a variety of factors, such as credit score, income, the loan amount, and term, among other things. 

    For example, if you borrow £2,000 over 24 months, with an interest rate of 59.9% p.a. (fixed), you’ll need to repay £131.05 monthly for a total amount of £3,145.20.

    Loan Amount

    Likely Loans offers loans of between £500 and £5,000. They’re available for individuals with a bad credit score, self-employed, and those with little to no credit score.

    If you need a higher amount, you could take a look at Everyday Loans which can lend you up to £15,000.

    Loan Term

    Likely Loans borrowers can repay their loans between 12-36 months on most loans. 

    Smaller loans (up to £1,000) can be repaid in 12, 18, or 24 months, but the rest are available with terms of 12, 24, and 36 months. 

    Likely Loans does not offer a payment holiday option, but you can contact it if you’re having trouble repaying what you owe.

    Soft-Search Facility

    Likely Loans conducts a soft search to determine whether an applicant is eligible for a loan, which won’t end up on your credit report. You’ll still be subject to  Likely Loans final checks if you decide to move forward with the application.

    Likely Loans Top Up

    You can apply to top up your existing loan with Likely Loans but keep in mind that this service is only available to borrowers who have kept up with their repayments. 

    Overpay Without Penalty

    Likely Loans doesn’t charge an overpayment fee and allows borrowers to pay more than what they owe in a month, however, the Likely Loans early repayment won’t reduce their interest.

    Customer Service

    The quickest way to get in touch with Likely Loans’ customer support team is via live chat. You could also contact them via:

    • SMS or WhatsApp at 07984372073.
    • Phone by calling 0208 080 6457. This line is open Monday – Friday, 8 a.m. – 6 p.m. & Saturday 9 a.m. – 1 p.m., and is only available to existing customers.
    • Post (address: Likely Loans, The Poynt North, 45 Wollaton Street, Nottingham, NG1 5FW).

    Bottom Line

    Likely Loans is a great option for individuals who have less than perfect credit scores and no guarantor. The lender offers different types of loans, has an excellent customer support team, and reasonable interest rates– considering it offers bad credit loans.


    Do Likely Loans do credit checks?

    Likely Loans only performs hard credit checks on applicants that choose to move forward with their application after the lender has made them an offer.

    What time do Likely Loans pay out?

    Likely Loans deposits funds on the same or the next day after it approves your application, depending on whether that happens during working hours.

    Is Likely Loans a guarantor loan?

    Based on our Likely Loans reviews, the lender does not require a guarantor.

    My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.