Instalment Loans

Instalment loans are repaid in regular, fixed amounts over an agreed repayment period, rather than repaying in one lump sum. Repaying in monthly instalments can be useful as it allows you to manage your budget better, knowing your outgoings each month. Having more time to repay also allows you to choose a more affordable payment term to suit you, based on your current situation and budget.

With the ability to shop around online for different types of loans, getting rejected by your bank isn’t necessarily a problem as lenders like Likely Loans may be able to give you access to bad credit loans despite a low credit score. We understand that your financial history may not reflect your position now, so when applying for an instalment loan with bad credit, lenders will look at your current financial situation and other indicators to decide whether you’ll be able to afford the fixed monthly repayments on the loan.

If you’re worried about being rejected because of your bad credit history, you can check your loans eligibility with us without having an impact on your credit score. We do soft search credit checks which mean your credit ratings won’t be affected at this stage. Simply enter a loan amount and term into our online loans calculator to receive your loan quote.

There are many things you can use your instalment loan to finance such as urgent car repairs, unexpected bills or home improvements. You may also want to use your loan for debt consolidation to make your existing debts more manageable by spreading the cost to repay over regular monthly payments.

No. Responsible lending is our priority so we carry out credit checks on all loans to make sure we aren’t lending to anyone who can’t afford it.

As with most loan providers, our lender requirements are that you’ll need to be over 18, a UK resident, employed and have a bank account and debit card to complete a loan application. In terms of income, you should be able to comfortably afford monthly payments from your regular income - for example, as a guide, £700 per month would be a minimum. We’ll look at your credit history and personal finances before making our decision.

Applying for any loan with Likely Loans is quick and simple and you’ll find out if you’re eligible within minutes. After that, once your application goes through the required checks, if you’re approved you could have your money in your bank account by the next working day.

APR is the annual percentage rate and important for calculating the cost of money borrowed. Interest rates, fees, how often it’s charged and all other costs contribute to the APR. Representative APR is the APR we'll offer to at least 51% of people who are accepted - it's not a guarantee. The remaining customers that are also accepted will be offered a different APR than the one advertised based on individual circumstances. Please note, the APR offered is based on your personal situation and is dependent on many different factors. As such the APR offered may be different from the representative APR.

Yes, you might. As a lender, we offer our representative APR of 59.9% to at least 51% of customers who are accepted for a loan. If you have bad credit, you may be charged a different rate.

For a debt consolidation loan, you can borrow £500 to £5000 from 12 to 36 months and pay in monthly instalments.

You may be able to top up your loan in the future if you become eligible. You can check your eligibility through your online account.