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Finio Loans: A Proper Guide Against Bad Credit Loans (Pros & Cons)

Finio Loans: At a glance

Finio Loans offers personal loans from £500 to £5,000. Even if your credit history isn’t perfect, you may still be eligible for a Finio loan; nevertheless, the lender will consider your situation when assessing whether you can afford the installments.

Even though the application process isn’t too long, you might not hear back until the following business day. If Finio approves your application, the funds might be transferred that same day.

Additionally, there are no penalties associated with making overpayments on a Finio loan or paying it off in full. However, Finio, like many lenders, has the right to impose interest if you pay off your loan early.

Finio Loans: At a glance

Nerdy Tip:

As with any loan, it’s best to borrow only what you need and pay it off as soon as possible, based on what you can afford to repay each month. Before applying for a negative credit loan, you should assess your options and whether you could continue making payments if an unexpectedly large bill arrived or you lost your job, for example. Missed payments will exacerbate an already poor credit score.

Finio loan pros and cons


  • You could have your loan put into your account the same day Finio approves your application.
  • There are several methods to reach Finio for assistance and support.


  • You cannot receive a shared loan.
  • Finio may impose interest if you pay off your loan early.

The pros and cons listed here are based on a combination of our expert opinions gleaned from our research into the bad credit loan market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to determine the features of bad credit loans that people believe are most important. They are not the only product features and limits to consider. They ought to be in line with your unique situation. Although information was accurate when it was published, it might have changed since then. In our review of this product, rates have not been taken into account.

Overview of Finio Loans

Oakbrook Finance is the owner of Finio Loans. It took the place of Likely Loans, a former name that is now closed.

For people who find it difficult to get approved for a personal loan from a traditional lender, Finio may be an option as it accepts applications from borrowers with a bad credit history.  Finio, however, will only accept your application if it determines that you are able to pay back the loans on a monthly basis.

You have a timeframe of one to three years to repay the loan, with a maximum amount of £5,000. You can use the loan to pay for emergency repairs, house renovations, or a new car, among other things.

Amount borrowable£500 to £5,000
Term lengthOne to three years
Time to get a decisionWithin 24 hours
Time to receive funds once approvedSame day (if approved before 3pm)
Customer supportPhone, live chat, email

Loan eligibility services are important using before you apply for a loan. This might assist you in determining your likelihood of receiving a loan from several lenders without having an impact on your credit score. Verify that it exclusively performs soft searches, and find out how many lenders it compares.

The areas where Finio Loans excels

On the same day, you might receive your money.

The areas where Finio Loans excels

The funds may be deposited into your account the same day if Finio approves your application. However, if your loan application is accepted after 3 p.m., you might not receive it until the following business day.

Where Finio Loans isn’t sufficient

Interest may be charged by Finio if you pay off your loan early.

You could be assessed interest for up to 28 days if you choose to pay off your loan in full before the end of the term. This is to cover the time between the date of your settlement and your most recent monthly payment. This fee is often imposed by lenders if you wish to settle your debt in full.

A combined loan is not available.

You cannot apply for a combined loan with Finio with another person. The only way to apply is individually.

Which kinds of loans is Finio offering?

Loans with poor credit

Since a Finio loan is unsecured, your application can be supported without requiring collateral in the form of your home.

Should you have poor credit, Finio might take your application into consideration. It could be wise to try to raise your credit score before applying, though, as you will probably pay a higher interest rate than someone with a stronger credit history.

Finio will consider your entire financial status in addition to your credit score and will only extend a loan to you if it believes you can afford to return it in full and on schedule.

Finio leverages open banking, a secure technology, as part of the application process to allow you to view the transactions on your bank account. In order to determine whether to extend a loan to you, the lender analyzes this information along with a credit check to obtain a precise picture of your financial status.

Only submit an application for a loan if you are certain that you will be approved. Rejected applications have the potential to lower your credit score and make it more difficult for you to get credit in the future.

Consider carefully if taking out a loan is the best course of action for you, even if you qualify for one. Asking for debt guidance or working to raise your credit score can be more beneficial options.

Joint Loan

You are unable to apply for a combined loan with Finio as they only accept single loan applications.

It’s worth checking to see if any other lenders can provide you with a combined loan, since they might be able to.

Do I qualify for a loan from Finio?

You must fulfill the following conditions in order to be eligible for a Finio loan:

  • The age range for eligibility is 18 to 73 years old.
  • You have to reside in the UK.
  • You need to bank in the United Kingdom.
  • You are not permitted to have declared bankrupt within the last year.

If you satisfy these prerequisites, Finio will assess your credit history and financial status to determine whether you can afford to return a loan.

Review of Finio Loans’ characteristics

Review of Finio Loans' characteristics

Finio’s personal loan features are rather normal and in line with what other lenders would offer.

Paying with money

For the duration of the loan term, you repay a Finio loan in the prearranged monthly installments. This can be done through direct debit, which will be initiated automatically at the start of your loan contract.

During the loan period, you have the option to modify the date of your payment through your online account, enabling your payments to be sent on a day that works best for you.

However, keep in mind that altering your payment date may have an impact on the total amount of interest you pay that month.


Finio enables you to lower the total amount you owe by making additional loan repayments.

This can be done over the phone, via your online account, or by transferring money via a bank transfer or standing order.

Your loan term will shorten but your monthly repayments will remain the same when you make an overpayment. As a result, you should pay less interest overall than you would if you kept up your regular payment schedule.

If you would like to settle your loan partially, you can also get in touch with Finio. Your loan term won’t change if you decide on a partial settlement, but your monthly payments would.

If you’re considering overpaying, confirm that there aren’t any restrictions on how much you can spend.

Early repayment of a loan

Additionally, if you choose, you can pay off your loan early to avoid incurring late fees. You will save money overall if you pay off your debt sooner.

Finio does not impose an early payback penalty for this, but it may impose interest charges of up to 28 days to cover the time between the settlement date and your last repayment date. This fee is standard for a lot of lenders.

Further borrowing

You might be eligible for further borrowing if you currently have a loan with Finio.

To pay off the remaining sum on your current loan as well as the additional amount you wish to borrow, this would take the shape of a new loan arrangement.

For instance, if you have a £1,000 debt and would like to borrow an additional £1,000, Finio will transfer the £1,000 to you, creating a new loan of £2,000. After that, you will only need to make one monthly payment to settle this debt.

Your new loan arrangement can have a different interest rate and require you to return the money over a longer period of time.This implies that your total interest payment may increase.

Finio will verify that you can afford to borrow this additional amount by running the same credit and affordability checks on you as it did on your initial loan application if you apply for a top-up loan.

Client assistance

Finio provides email, live chat, and phone help, among other avenues.

You won’t be able to receive assistance in person from Finio because it is an online lender.

Client evaluations

Trustpilot has given Finio a “Excellent” rating based on over 5,700 reviews.

Finio has received a customer experience rating of 61% on the review website Fairer Finance.

This data is accurate as of May 2, 2024.

Aid if you’re having financial difficulties

Repayments that are late can put you in significant financial trouble. Combining several loans into a single loan can result in higher borrowing costs and longer loan terms.

  • Advice for Citizens
  • Formerly known as The Money Advice Service, MoneyHelper
  • The National Debt Line
  • StepChange
  • The Financial Charity

Frequently asked questions about Finio loans

Do direct lenders make up Finio Loans?

Indeed, Finio Loans operates as a direct lender. It is a division of Oakbrook Finance and is subject to Financial Conduct Authority (FCA) authorization and regulation.

How much time does Finio Loan repayment take?

Finio may pay you back for the loan the same day if they approve it before 3 p.m. You might not receive the money until the following business day if it is after 3 p.m.

finio loans application process

The application process for Finio Loans is relatively quick, although you may not get a decision until the next working day. But as long as your loan is approved the same day, you will receive your funds within minutes of approval.

Finio Loans how long does it take

According to Finio, it may take up to 5 working days for yo to receive your funds during busy periods.

However, once your application is approved, Finio will try to pay your money into your bank account the same day (if you are approved before 3pm Mon-Fri) or the next working day. However, during busy periods this could take up to 5 working days.

How fast are Finio loans?

Applying for any loan with Finio Loans is quick and simple and can happen in couple of minutes. After finding out if you’re eligible which happens within minutes. Your application then goes through the required checks, if you are approved you could have your money in your bank account by the same day or the next working day.

Finio loans sign up

To signup or login to Finio loans visit

Finio Loans live chat

To contact Finio via Live Chat visit;

Finio offers several channels of customer support, including phone, live chat and email.

You can chose any of the options convenient for you on their website.

Finio loans Top Up

Finio Loans offers Loans top up.
If you are approved for a Top Up loan, Fionio will add any existing balance to the additional money you wish to borrow and create a new loan for the total amount. That is how Finio Loans top up works.

Finio Loans opening hours

If you want to visit or contact Finio Loans, below are their opening and working hours.
This is Finio Loans opening hours;
Monday – Friday8:00 am – 6:00 pm
Saturday (Existing loan customers only)9:00 am – 1:00 pm
Sunday & Bank holidays in England and WalesClosed

Finio loans contact number

The contact number of Finio Loans is 0208 080 6457.

If you’d rather talk to them, then they’re just a phone call away. You can contact a member of their customers services team on 0208 080 6457 who can talk you through your options.

Finio loans upload documents

Finio loans usually don’t ask for documents uploads after filling your personalized offer form. Once you complete the online application form, a full credit check will be carried out.

However, in some cases, you might be asked to provide supporting documents, such as a copy of your driving license or proof of income. You can upload this online as part of the application process.

Finio loans reviews

Generally, Finio Loans has an excellent ratiing on most online rating platforms.

Finio has an ‘Excellent’ rating on Trustpilot based on more than 5,700 reviews.

On the review site Fairer Finance, Finio has a customer experience rating of 61%.

It has 100% trustscore rating on ScanAdviser which is equally excellent and commendable.

Please note: This information is correct as of 16 May 2024 which is the time this article was updated.

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