It is the information for you if you are thinking about applying for a Likely Loans personal loan and want to read actual reviews, learn more about the loan, or learn about the firm. Below is a complete review of Likely Loans in the UK.

What exactly are Likely Loans?

What exactly are Likely Loans

Likely, Loans named after borrowers with less-than-perfect credit histories are more likely to be accepted, is a direct lender that is part of the Oakbrook Finance group and a relatively recent entry into the poor-credit lending industry.

It was a Non-Mainstream Loan Provider of the Year in 2017, and despite being a relative newbie, Likely Loans is already establishing a significant reputation for itself.

It specialises in modest loans, uncomplicated applications, and credit repair. So, if you’ve had difficulties acquiring credit on the high street, this may be for you.

Whether you need £500 to repair your vehicle or £5,000 for a new kitchen, Likely Loans does not require a guarantor, allowing you to proceed freely.

Paying back your loan on time will help you improve your credit score and receive better rates the next time you borrow.

  • Likely Loans include loan amounts ranging from £500 to £5,000.
  • Clients may utilise the loan to aid with debt consolidation, auto repairs, house projects, emergency circumstances, and other expenses.
  • The loan is an unsecured personal loan, which means it does not need security such as your house, vehicle, or other valuables.
  • There are no costs, so you don’t have to spend anything to get the loan started.
  • It has a sample APR of 59.9 per cent, which is the interest rate that Likely Loans anticipate most of its clients will pay.
  • Because it is a fixed-rate loan, you will not face any cost increases over the loan term.
  • No penalty is there if you deposit the amount early.
  • You may choose the day of the month you want to make your payments, and you can modify that date if you wish.
  • If you apply for a loan and are granted, the money will deposit into your account the next business day.
  • Likely, Loans are completely safe and regulated by the Financial Conduct Authority (FCA).

Is a Likely Loans personal loan right for me?

Is a Likely Loans personal loan right for me

A Likely Loan is just for those who are certain that they can satisfy the repayment terms and the following criteria:

  • You are a British citizen.
  • You’re of legal drinking age.
  • You’ve got some credit history.
  • You should hold a checking or savings account with a bank or a building society.
  • No declaration of bankruptcy from your end, within the past 12 months.
  • You have a source of income (a pension counts)

What is the minimum credit score required for a Likely Loans loan?

What is the minimum credit score required for a Likely Loans loan

Likely, Loans for bad credit primarily make loans to those with fair or bad credit (It’s possible to obtain cheaper rates elsewhere if you have strong credit.). However, it is crucial to remember that your credit history is just one consideration that Likely Loans will evaluate.

Experian, Equifax, or TransUnion credit scores below 881, 531, or 604 indicate Fair or Poor (or Very Poor) credit.

Do Likely Loans provide immediate approval?

Do Likely Loans provide immediate approval

In most circumstances, Likely Loans provides quick judgments online (occasionally, more information may be required).

You may use the soft search eligibility checker to determine your odds of approval (this will not affect your credit score). If you choose to apply, you will get an immediate response.

Can I receive a second loan through Likely Loans?

Can I receive a second loan through Likely Loans

You cannot operate numerous loans at the same time using Likely Loans.

Can I make additional payments on my Likely Loans loan?

Can I make additional payments on my Likely Loans loa

Yes, you may make overpayments without being penalised. However, Likely Loans may charge interest on overpayments for up to two months, so although making overpayments would save you money in interest, you may not save as much as you thought.

Was your loan pre-approved but then denied?

Was your loan pre-approved but then denied

Even if you are pre-approved by Likely Loans, you may be refused later. The pre-approval is based on a mild credit check, and the lender is counting on you to give the correct information.

If Likely Loans subsequently discovers that the information you provided was erroneous or that there is anything unfavourable on your credit report, they may decline your application.

What are the Eligibility Requirements for Likely Loans?

What are the Eligibility Requirements for Likely Loans

  • To qualify for a LikelyLoan, you must meet certain basic eligibility requirements, which include:
  • You must be a UK citizen and above the age of 18.
  • You must not have been declared bankrupt in the previous 12 months.
  • Consistent earnings
  • It is important to have a bank or building society account.

What must I do to get accepted?

What must I do to get accepted

You’ll need two things to apply for a Likely Loans loan: your bank account details and a passport or driving licence (although it may not ask for this). Fill out the brief online application form on the website of the loan you’re interested in.

  • If you are required to confirm identification, there is a straightforward technique.
  • Your application will process overnight, and you will notify of the final decision and documentation the following day.
  • Sign the contract, and the funds might be in your account within a few hours.

Conclusion

Likely Loans is a UK direct lender specialising in short-term loans for persons with poor credit histories who cannot get credit from traditional lenders. Possible Loans was founded in mid-2014 as a subsidiary of Oakbrook Finance, a Nottingham-based firm that specialises in conventional loans for consumers with better credit.

If you need a payday loan and have low credit, Likely Loans may be the best alternative to attempt to be accepted. Unlike most other payday loan direct lenders for those with bad credit, Likely Loans does not demand a guarantor, as do lenders such as Amigo Loans.

A guarantor is a friend or family with excellent credit who takes responsibility for the loan if you cannot repay it. The above review on Likely Loans will help you to understand it better.

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