Likely Loans overview
Likely Loans offers a variety of products, including car loans, home improvement loans, no guarantor loans, direct lender loans, and loans for bad credit.
They started out in 2014, hoping to simplify the borrowing experience for individuals who got declined by mainstream banks. They are also a member of the Finance and Leasing Association (FLA), which is an organisation that oversees lending practices.
Likely Loans uses an Open Banking system, which means the customer can access their financial data through a third-party app. So, if you’re a customer of Likely Loans, you can use their app to track your transactions online.
Open Banking is also a UK Government-backed solution, which means your data is safe with Likely Loans since they’re regulated by the Financial Conduct Authority (FCA).
Are you looking to buy a new car? Use our Likely Loans car loan calculator to compare interest rates and find the best deal for you.
Terms from 1 to 10 years. Representative example: 5 year £10,000 loan with comparison rates from 2.8% to 49.9% APR would cost between £10,728 and £27,321, including fees. The interest can vary between £728 and £17,321.
Likely Loans car loan features
- Representative 59.9 % APR
- £500 to £5000 loan funds
- 1 to 3-year loan terms
- Runs a soft credit check — this won’t affect your credit score
How to apply for a Likely Loans car loan
You’re eligible if
- Are 21 years old or above
- Have no CCJs, IVAs, or bankruptcies in the past 12 months
- Have been living in the UK for more than 2 years
- Own an email address and mobile phone number in the UK
- Own and use a UK bank account
Application steps:
- Go to this page and fill in the required information.
- Enter your desired loan details, such as the amount, term, and purpose. You’ll also be asked if you have an active loan with Likely Loans.
- Next, provide your personal details. Enter your preferred salutation, full name, birthday, dependents under 18 y/o, UK-registered mobile phone, home phone, and email address.
- After that, enter your address details (residential status and complete address) and income details.
- For your income details, you’ll be asked to enter your employment status, income, benefits, and other sources of income. You’ll also be asked if you’re paid weekly or monthly.
- Likely Loans will also ask about your outgoings such as a mortgage, rent contribution, gambling expenses, and other monthly costs. If you don’t spend on any of those, just put 0 on the text field.
- Click or tap “Get my quote” to know if your application passed. Continuing won’t affect your credit score.
Additional info
After submitting an application, you’ll immediately know if Likely Loans can offer you a loan or not. If you get declined, you can request a copy of your credit report from Likely Loans’ partner agencies (ex. Equifax). Take note that they might charge you a fee for getting a copy.
In case you find it hard to send your monthly repayment, you can contact Likely Loans via your dashboard (if you created an online account). You can also send an SMS to 0208 080 6457 to enquire about your loan applications or transactions.
Likely Loans car loan calculator
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£10,000
to £250,000
View Likely Loans's website for more details on their car loans
The rate youre offered may differ from the Representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. All loans are subject to your financial circumstances and borrowing history at the time you apply. Eligibility and conditions apply. You must be a UK resident to apply.
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Repayment Period
12 months
to 60 months
Loan Amounts
£2,000
to £40,000
Carmoola's rates start as low as 6.9% for loans of between £2k - 40k over one to five years. Representative APR: 14.8%. Buy your dream car in minutes with Carmoola's virtual card, with a £0 minimum deposit. Carmoola is an entirely digital, app-based lender. No sales calls or paperwork! Take control and manage your loan in-app.
Borrowing £10,000 over 60 months with a representative APR of 14.8%, an annual interest rate of 14.8% fixed and a deposit of £0.00, the amount payable would be £250 per month, with a total cost of credit of £5,880 and a total amount payable of £13,501 including a one-off Option to Purchase fee of £1. We offer hire purchase loans between £2,000 - £40,000 at a personalised APR between 6.9% and 24.9%
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Minimum and maximum loan periods vary between 1 month and 10 years. APR varies between 2.80% and 71.30% p.a. Total interest repayments vary between £435 and £1,019 over the life of the loan. *APR is based on an unsecured loan of R£15,000 for a term of 3 years. WARNING: This APR is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different APR. These rates can change without further notice. All rates quoted are per annum.