Finio Loans

We’d like to take the opportunity to tell you about Finio Loans, one of the trusted, responsible lenders on the Little Loans panel.

Who are Finio Loans?

Finio Loans used to be known as Likely Loans, and are owned by Oakbrook Finance Limited. Likely Loans rebranded to Finio Loans in September 2022.

Are Finio Loans authorised and regulated by the Financial Conduct Authority (FCA)?

Yes, they are. Finio Loans are a trading style of Oakbrook Finance Limited and can be found on the FCA register here. Their company registration number is 07831517.

How much money can I apply to borrow with Finio Loans?

You can apply to borrow between £500 and £5,000 with Finio Loans. The exact amount you could be approved to borrow will be determined by a number of factors, including your affordability, credit history, and credit score.

How long do I have to repay my Finio loan?

Depending on how much money you apply to borrow, you can choose to repay your Finio loan back in monthly instalments between 12 months to 3 years.

What Representative Annual Percentage Rate (APR) does Finio offer?

Finio Loans currently advertise a 39.9% Representative APR as of May 2024. The exact rate you’re offered will depend on your individual circumstances, such as your credit rating and the amount of money you apply to borrow.

What are people saying about Finio Loans?

As of May 2024, Finio Loans are rated excellent on Trustpilot, and currently have over 5,900 reviews, 93% of which are 5*.

Who can apply for a Finio loan?

You can apply for a loan with Finio if you:

• Are aged between 18 and 73;
• Are a UK resident; and
• Have a personal UK bank account.

You must also be certain that you can comfortably afford your monthly repayments.

Can I apply at Finio loans if I have bad credit?

Finio Loans state that their ‘bad credit loans are designed to help people with poor credit scores or a bad credit history’. They also add, ‘all of our bad credit loans are no guarantor loans, so you don’t need to be a homeowner to apply’.

If you’re worried about your chances of approval, you can check your eligibility for a loan on the Finio website before you apply. As checking your eligibility uses soft search technology, doing so will not affect your credit score.

Before applying for a loan with poor credit, you should be aware that bad credit loans may come with higher interest rates, and it might not always be possible for you to borrow as much money as you’d like.

How can I apply with Finio Loans?

Finio Loans is a direct lender. When you make an application for a loan on their website, you will be presented with their product only. This is a different process to when you use a credit broker (such as Little Loans) to search for a loan. Brokers who are able to compare a range of loans from a variety of lenders with just one application.

The Finio Loans process:

Select how much money you need to borrow, and for how long. Fill out Finio’s 10-minute online application form.

Finio Loans will carry out a soft search eligibility check based on the information provided on your application. This will not affect your credit score.

If the eligibility check reveals that you’re likely to be approved for the loan you’ve applied for, you can decide whether you’d like to proceed with a full application.

At this stage, a hard search will need to be carried out. Hard searches can remain on your credit file for up to 12 months. Undergoing too many hard searches within a short space of time could cause your credit score to decline.

If all checks come back as satisfactory, you’ll be sent a loan agreement. You should take the time to read the terms and conditions before deciding whether the loan is affordable and right for you.

How quickly do Finio Loans pay out?

The Finio Loans website states that money is usually sent within a couple of hours of your application being approved. Of course, it’s worth noting that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.

Can I repay my Finio loan early?

Yes, you can, and the good news is that Finio Loans don’t charge any fees for early repayment.

In terms of interest, you’ll be charged from your last repayment day up until the date of early settlement which, in line with the Consumer Credit Early Settlement Regulations 2004, will be assumed to be 28 days after you have requested your settlement figure.

I was approved for a Finio loan through a credit broker, and I have a question. Who should I contact?

You should contact Finio Loans directly with any enquiries relating to your loan.

Unfortunately, as a credit broker, we’re unable to help with lender queries.

How can I contact Finio Loans?

There are several ways to contact Finio Loans.

Existing customers can call 0208 080 6457 Monday to Friday between 8am and 6pm, or on Saturdays between 9am and 1pm. The line is closed on Sundays and Bank Holidays.

You can send the Finio team an email via their website using this form. Finio advise that they aim to respond within 1-3 working days.

Alternatively, you can log in to your online account and select the Live Chat feature. The chat system is monitored during company operating hours. Live Chat is also available via the main website.

I have an existing loan with Likely Loans. What happens now?

According to the Finio website, customers who are repaying existing Likely Loans credit will not be affected by the rebrand. Terms and conditions remain the same, and payments should continue to be made as normal.

Customers are still able to log into their Likely Loans online accounts, and still have full access to customer support.

Likely Loans will not be accepting any new applications under their name. New customers searching for Likely Loans can make an application with Finio Loans instead.

For further information…

Finio Loans have a fantastic, comprehensive FAQ section on their website, which covers topics such as making payments, cancelling your direct debit, and what to do if you feel you can no longer afford to make your repayments.

You can access full support here.