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Likely Loans @ www.likelyloans.com
Likely Loans was launched by Oakbrook Finance Ltd back in 2014. This was actually a rebrand of GuarantorUs who had arrived in 2012. The past requirement of a guarantor backing was removed and yet the same great value is in place. From checking up on www.likelyloans.com there has been a recent revamp including a fresh new logo. As before, there is no Likely Loans login facility live, but there is an area for this that is noted as being under development. This Nottingham-based lender offers between £1000 and £5000 to all customers. Whilst the slider moves in £10 increments, you can actually type in any amount to the exact £1 that is a nice touch.
The monthly repayment options run as 12, 18, 24, 30 and 36 months. For the starting sum of £1000 over a full year the charge comes in low at just £228.32. This is the cheapest bad credit personal loan available without a guarantor backing (just a few firms on that side go a little cheaper). The eligibility requirements are relaxed here. They just require some past borrowing history and no bankruptcy in the past 12 months (hence for those who have been discharged). This should mean that CCJs aren’t a major issue for qualification. No specific income levels are noted, other than that you must be able to comfortably meet the proposed monthly repayments.
A disadvantage for some would be that applications made through the site are only processed between Monday and Friday. Their opening hours of 8am to 8pm are widely set, but some weekend coverage would be preferential. They did actually previously operate on Saturdays between 9am and 5pm. If approved the money will usually be sent on the next working day. Our primary aim is to cover same day funding firms, but with larger sums up for grabs with no security backing it is understandable that they’d need a little extra time. Likely’s future looks bright and with their recent focus on TV ad campaigning they do have a great shot of competing with major subprime lenders like Pounds to Pocket.
£228.32 /£1000 (12)
Data Taken from www.likelyloans.com: January 2017.