Finio Loans: At a glance
Finio Personal Loan
1 to 3 years
£500 to £5,000
39.9%
No
Representative APR 39.9%. Based on a loan of £2,000 over 24 months at an interest rate of 39.9% p.a. (fixed). Monthly repayments of £116.07. Total amount payable £2,785.68. Maximum APR 69.9%.
- Must be aged 18-73 years old.
- Must be a UK resident.
- Must have a UK personal bank account.
- Must be confident you can afford the monthly repayments.
NerdWallet has partnered with Monevo who will check your eligibility.
Finio Loans is owned by Oakbrook Finance. It replaced a previous brand called Likely Loans, which has now closed.
Finio considers applicants with a poor credit history, so it could be an option for those who struggle to qualify for a personal loan from a standard lender. However, Finio will only approve your application if it thinks you can afford to make the monthly repayments.
You can borrow from £500 up to £5,000 and make repayments over a term of one to three years. The loan can be used to cover a range of costs, including a new car, home improvements or emergency repairs.
» MORE: Compare best loans for bad credit
Finio loan pros & cons
Pros
- You could get your loan paid into your account on the same day Finio approves your application.
- There are multiple ways to contact Finio for help and support.
Cons
- You can’t get a joint loan.
- Finio can apply interest charges if you want to pay off your loan early.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
Am I eligible for a Finio loan?
To qualify for a Finio loan, you will need to meet the following requirements:
- You need to be between 18 and 73 years old.
- You must be a UK resident.
- You must have a UK bank account.
- You can’t have been made bankrupt in the past 12 months.
If you meet these basic criteria, Finio will look at your financial situation and your credit history to see if you could afford to repay a loan.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Finio loans frequently asked questions
Yes, Finio Loans is a direct lender. It is part of Oakbrook Finance and is authorised and regulated by the Financial Conduct Authority (FCA).
If Finio approves your application before 3pm, they may pay you the loan on the same day. If it’s after 3pm, you may not get the money until the next working day.