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Finio Loans: At a glance
Finio Loans offers personal loans of £1,000 to £5,000. You could be eligible for a Finio loan even if you have a less than ideal credit history, but the company will still consider your circumstances before deciding if you can afford the repayments.
The application process is relatively quick, although you may not get a decision until the next working day. Once your application is approved, Finio can transfer the money on the same day.
You can also make overpayments on a Finio loan, or pay it off in full, without facing any penalty fees. But, like many lenders, Finio can apply interest charges to settle your loan early.
Nerdy Tip: As with any loan, it’s sensible to only 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. Missing payments will make an already bad credit score worse.
NerdWallet has partnered with Monevo. Check your eligibility from a range of loan providers without affecting your credit score, including:
This loans eligibility service is powered by Monevo. The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from Monevo’s panel of lenders, other loans are available in the UK loans market that are not included in this service. By using their loans eligibility service you are agreeing to Monevo’s terms and conditions and privacy policy which can be found at Monevo.co.uk. Neither Monevo or Nerdwallet Ltd carry out credit repair services. Late repayment can cause you serious money problems.
Finio Personal Loan
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Representative APR39.9%
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Representative ExampleRepresentative 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%.
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Available amounts£1,000 to £5,000
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Available Terms1 to 3 years
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Joint LoansNo
- 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.
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.
Important information: Neither the review or star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Loans for bad credit consumers can come with very high interest rates. Always check and compare a lender’s rates against others on the market when considering a bad credit loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
Finio loan pros & cons
Pros
- You could get your loan paid into your account on the same day Finio approves your application.
- You can choose your payment date and change it during the loan term.
- 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.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the bad credit loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of bad credit loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since. Rates have NOT been considered in our review of this product.
Finio Loans overview
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 £1,000 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.
| Amount borrowable | £1,000 to £5,000 |
| Term length | One to three years |
| Time to get a decision | 24 hours |
| Time to receive funds once approved | Same day (if approved before 3pm) |
| Need to have an account with the provider | No |
| Customer support | Phone, live chat, email, text |
| Trustpilot rating | 4.8 (7 July 2023) |
Before you apply for a loan, it’s worth using a loan eligibility service. This can help you to see how likely you are to get a loan from different lenders, without affecting your credit score. Make sure you check that it only uses soft searches and see how many lenders it compares.
Where Finio Loans stands out
You could get your money on the same day
Once Finio approves your application, you could get the money in your account on the same day. But, if your application is approved after 3pm, you may not get your loan until the next working day.
You can choose your payment date
When you apply for a loan from Finio, you can choose the date your payments go out. This means you can select a day that works best for you. While you’re repaying the loan, you can also change your payment date if you would prefer a different day. But this could affect the interest you are charged.
Where Finio Loans falls short
Finio can charge interest to pay off your loan early
If you want to settle your loan in full before the end of the term, you may be charged up to 28 days’ interest. This is to cover the period between your last monthly payment and your settlement date. Many lenders apply this charge if you want to pay off your loan in full.
You can’t get a joint loan
Finio doesn’t offer joint loans, which means you can’t apply with another person. You can only apply as an individual.
What type of loans does Finio offer?
Bad credit loans
You can borrow between £1,000 and £5,000 from Finio, over a term of between one and three years.
These loans are unsecured, which means you don’t need to offer any collateral, such as your home, as security to support your application.
Finio may consider your application if you have a bad credit score. But, you are likely to be charged a higher rate of interest than someone with a better credit history, so it may be worth seeing if you can improve your credit score before applying.
As well as your credit score, Finio will look at your overall financial situation and only offer you a loan if it thinks you can afford to repay in full and on time.
You should only apply for a loan if you’re confident of being accepted. Unsuccessful applications can affect your credit score and make it harder for you to access credit in the future.
Even if you are eligible for a loan, think carefully about whether borrowing money is the right option for you. It may be better to work on improving your credit score or ask for debt advice instead.
» MORE: Best bad credit loans
Joint loans
Finio only allows single loan applications, so you can’t apply for a joint loan.
Other lenders may be able to offer you a joint loan, so it’s worth seeing if any of them are suitable for you.
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.
Finio Loans features review
The features offered by Finio for its personal loans are fairly standard and are what you would expect from most lenders.
Making payments
You repay a Finio loan in agreed monthly instalments for the length of the loan term. You can do this by direct debit, which will be automatically set up at the beginning of your loan agreement.
You can choose your repayment date when you apply for a loan from Finio.
If you want to change this date during your loan term, you can do so through your online account, so your payments go out on a day that is most convenient for you.
But, before you change your payment date, bear in mind that this could affect the amount of interest you are charged that month.
Overpayments
Finio allows you to make extra repayments on your loan to reduce the total amount you owe. You can do this through your online account, over the phone, or by making a payment by bank transfer or standing order.
When you make an overpayment, your monthly repayments stay the same but your loan term will reduce. This means you should pay less interest overall than if you continue making your usual payments.
You can also contact Finio if you want to partially settle your loan. If you choose a partial settlement, your monthly repayments will decrease, but your loan term will stay the same.
If you’re thinking of making an overpayment, double-check if there are any limits on the amount you can pay.
Paying off a loan early
You can also pay off your loan in full before the end of your agreed loan term. By clearing your debt early, you will pay less interest in total.
Finio doesn’t charge an early repayment fee to do this, but it can charge up to 28 days’ interest to cover the period between your last repayment date and the settlement date. This charge is typical of many lenders.
» MORE: Paying off a loan early
Additional borrowing
If you already have a loan with Finio, you may be able to borrow more.
This would take the form of a new loan agreement to pay off the outstanding balance on your existing loan, plus the extra amount you want to borrow.
For example, if you owe £1,000 and you want to borrow an extra £1,000, Finio would transfer you the £1,000 and you would have a new loan worth £2,000. You will then only have one monthly payment to pay off this loan.
You may be charged a different rate of interest on your new loan agreement and repay it over a different term. This means that you could end up paying more in interest overall.
If you apply for a top-up loan, Finio will conduct all the same credit and affordability checks as it did when you first applied for a loan to make sure you can afford to borrow this additional amount.
Customer support
Finio offers several channels of customer support, including phone, live chat and email. You could also get in touch by text if you prefer.
Because Finio is an online lender, you won’t be able to get support in person.
Customer ratings
Finio has a 4.8-star rating on Trustpilot, based on over 2,700 reviews.
On the review site Fairer Finance, Finio has a customer experience rating of 60%. This places it 19th out of the 26 lenders that Fairer Finance assesses.
This information is correct as of 7 July 2023.
How can I apply for a Finio loan?
You can check your eligibility for a loan from Finio before formally applying by providing some personal and financial details.
When you check your eligibility, Finio will conduct a soft credit check, which won’t affect your score. The lender will use the details you provide and the information from the credit check to see how likely it is that you would be approved.
If you want to proceed with a full application, Finio will need to perform a hard credit check to make sure everything is in order. This will be recorded on your credit history and could affect your score.
As part of the application process, Finio uses open banking, a secure system to view the transactions on your bank account. The lender uses this data to get an accurate snapshot of your financial situation and to help it decide whether to offer you a loan.
What information do I need?
To check your eligibility and apply for a Finio loan, you will need to fill in an online application form with details, including your:
- name
- addresses from the last 12 months
- contact details
- income and expenditure
In some cases, Finio may ask you to provide supporting documents, such as a copy of your driving licence, to verify your identity.
How long does it take to apply?
Once you’ve applied for a loan from Finio, you should receive an update on your application within 24 hours.
If your application is approved before 3pm, Finio aims to pay the money into your account on the same day. If your application is approved after this time, you should get your money the next working day.
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 (formally 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.
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
