Likely Loans: What Happened and Where to Go Now

If you're looking to secure a personal loan, you might have come across the name 'Likely Loans' in the past. Established in 2014, Likely Loans operated as a direct lender, providing unsecured personal loans to individuals across the UK. They offered loan amounts ranging from £500 to £5,000, aiming to provide accessible finance options for a variety of needs. However, for those seeking to apply for a loan with them today, there's a crucial piece of information you need to be aware of: Likely Loans no longer exists under that name.

The Rebranding to Finio Loans

In a significant development that occurred in September 2022, Likely Loans underwent a rebranding and is now known as Finio Loans. This change means that applications are no longer being accepted through the Likely Loans platform. The company behind Likely Loans, Oakbrook Finance, made this strategic decision to consolidate its brand identity under the Finio Loans name. Oakbrook Finance Limited is a registered entity, and you can verify their details on the Financial Conduct Authority (FCA) register, ensuring transparency and regulatory compliance.

Can You Still Get a Loan from the Same Provider?

While you cannot apply directly through the 'Likely Loans' brand anymore, the services and lending capabilities continue under the new identity of Finio Loans. Finio Loans continues to offer unsecured personal loans, with amounts typically falling between £1,000 and £5,000. The repayment terms are also structured to provide flexibility, generally ranging from 12 months up to 3 years. This means that if you were a customer who found Likely Loans suitable, you can now explore the offerings from Finio Loans as a direct alternative. Their current customer reviews on platforms like Trustpilot, as of May 2024, are rated as excellent, which is a positive indicator of their service quality.

Exploring Loan Options: Direct Lenders vs. Credit Brokers

When you're in the market for a loan, you generally have two primary avenues to consider: applying directly with a lender or using the services of a credit broker. Applying directly with a lender, such as Finio Loans, means you engage with the company that will be providing the funds. This can sometimes offer a more straightforward application process if you know exactly what you're looking for.

Alternatively, a credit broker acts as an intermediary, working with a panel of different lenders to find a loan that best suits your circumstances. Companies like Little Loans, for instance, partner with a diverse range of responsible lenders. This includes Finio Loans, as well as others who can offer personal and short-term loans. The loan amounts available through brokers can be quite varied, often starting from as little as £100 and going up to £10,000. The repayment periods can also be more extensive, with options ranging from 3 months to 60 months, depending on the loan amount and the specific lender's terms. Using a credit broker can be particularly beneficial if you're unsure which lender might approve your application or if you want to compare multiple offers efficiently.

Likely Loans and Little Loans Partnership

It's worth noting that during the time Likely Loans was actively trading, they were indeed part of the lender panel that Little Loans worked with. This highlights the established relationships within the lending industry. Following the rebranding, Little Loans is now proud to collaborate with Finio Loans, continuing to offer their clients access to a trusted provider.

What About Existing Likely Loans Customers?

If you currently have an active loan that you took out with Likely Loans before the rebranding, the good news is that your existing arrangements should remain unaffected. The Finio Loans website clarifies that customers with outstanding loans from Likely Loans will continue under the same terms and conditions. You should maintain your regular repayment schedule without any changes to your agreement. The rebrand primarily impacts new customer applications, not the servicing of existing loans.

Accessing Your Likely Loans Account

For those who need to manage their existing accounts, accessing your information is still possible. You can log in to your account, whether it was originally set up with Oakbrook, Likely Loans, or now Finio Loans, through the provided portal. This ensures continuity for existing customers who need to check balances, review statements, or manage their loan details.

Customer Support for Likely Loans Customers

If you are an existing customer of Likely Loans and need to get in touch with the company for support or to discuss your loan, Finio Loans provides contact information. You can reach them by phone on 0208 080 6457. The phone lines are open from 8 am to 6 pm on weekdays (Monday to Friday) and from 9 am until 1 pm on Saturdays. Please note that the lines are closed on Sundays and UK Bank Holidays. Since this contact number also serves Oakbrook Loans and Finio Loans, it's advisable to clearly state that you are a 'Likely Loans customer' when you call. This will help ensure your call is routed to the appropriate department that can best assist you with your specific query. In addition to telephone support, you can often find options for assistance via Live Chat and email on their website, providing multiple channels for customer service.

Frequently Asked Questions

Q1: Can I still apply for a loan with Likely Loans?
A1: No, Likely Loans rebranded to Finio Loans in September 2022 and no longer accepts new applications under the Likely Loans name. You can, however, apply with Finio Loans.

Q2: What happened to Likely Loans?
A2: Likely Loans rebranded to Finio Loans. They were a trading style of Oakbrook Finance.

Q3: Who are Finio Loans?
A3: Finio Loans are the rebranded identity of Likely Loans, also a trading style of Oakbrook Finance Limited. They offer unsecured personal loans.

Q4: Will my existing Likely Loans agreement change?
A4: No, if you have an existing loan with Likely Loans, your terms and conditions remain the same. You should continue to make your repayments as normal.

Q5: How can I contact Likely Loans for customer service?
A5: Existing Likely Loans customers can contact Finio Loans on 0208 080 6457. Be sure to mention you are a Likely Loans customer so your call can be directed correctly.

Q6: What are the loan amounts and terms for Finio Loans?
A6: Finio Loans offer loans between £1,000 and £5,000 with repayment terms from 12 months to 3 years.

Q7: Can I use a credit broker instead of applying directly?
A7: Yes, you can use a credit broker like Little Loans, who work with a panel of lenders including Finio Loans, offering a wider range of loan options.