Finio Loans
  • Diverse loan options
  • Products for Bad Credit
  • Same-day funding
  • Instant decision-making
  • Fixed monthly payments
  • Option to pay extra to reduce interest
  • High customer satisfaction ratings
  • Soft-search facility available
  • Quick application process
  • High interest rates
  • Limited maximum loan amount (£5,000)
  • Short maximum term (3 years)
  • No payment holidays are offered
  • Joint applications are unavailable

Finio Loans represents Oakbrook Finance Limited, and the company views loans from a different angle to target customers primarily with less than perfect credit histories. With that being said, here is an overview coupled with some details and insight into what you can expect from Finio Loans:

  • Loan Range: Finio Loans offers collateral free personal loans starting from £1,000 and extending up to £5,000.
  • Competitive APR: Representative APR of 39.9%.
  • Flexible Terms: From 1 year to a period of 3 years.

With Finio Loans, you can access the financial support you need, even if you don't have a pristine credit history.

Loan Types Overview

Finio Loans provides a variety of unsecured personal loans for different purposes:

  • Car Loans
  • Debt Consolidation Loans
  • Home Improvement Loans
  • Loans for Bad Credit
  • No Guarantor Loans
  • Wedding Loans

Unsecured loans don't require collateral, making them accessible but often accompanied by higher interest rates. 

Representative Loan Example

Ever wondered how a loan could impact your finances? Let's illustrate it with an example. 

Consider borrowing £2,000 over 24 months at a 39.9% APR with the interest rate fixed for the entire repayment term. The monthly repayments for 24 monthly instalments are £116.07, making the amount repayable in total £2,785.68. But, due to the APR being between 39.9% and a maximum of 69.9%, it can also be higher, based on your personal individual credit status.

Who Is Eligible?

To be eligible for a Finio Loan, one has to:

  • Be between the age of 18 and 73
  • Be a UK citizen
  • Have a UK bank account
  • Not have been declared bankrupt in the last year.

Application Process

You can check your eligibility online with absolutely no impact on your credit score. If approved, you can complete an online application. Once completed, the funds are usually transferred the same day (if approved before 3pm) or the next working day.

Reviews from Customers: Trustpilot Insights

Examining a series of Finio Loans reviews on Trustpilot, the majority are positive and have culminated towards an overall outstanding rating of 4.8-stars out of 5, making up feedback from in excess of 4,674 people. 

Let's investigate further:

  • Positive Reviews: 92% of clients rate the company as "excellent." Specifics enter in terms of the quick processing and how often the company ends up approving loans.
  • Negative Reviews: 3% of reviewers tag the service as "bad." Complaints pertain to cases of poor communication and rejections of loan applications after requests for more information.

Safety and Security with Finio Loans

Run by Oakbrook Finance and under the regulation of the Financial Conduct Authority, Finio Loans ensures customer protection, as it works according to the strict sets of financial standards.

Final Thoughts: Weighing Pros and Cons

Finio Loans is designed for those bad-credit borrowers who are in a hurry to find a quick money solution. However, the high APR and the limited amounts turn into its disadvantages. To avoid confusion, it is important to compare alternatives and choose the one that best suits your personal financial health.

Disclaimer: This article is purely informative and should not be considered financial advice. The information provided is accurate as of January 2024. For the most current promotions and conditions, please refer to Finio Loans.

Frequently asked questions

What are the advantages of choosing Finio Loans?

Finio Loans specializes in catering to individuals with varied credit histories, offering quick and unsecured loans for different purposes.

How does the APR affect my loan with Finio?

The APR, which can range from 39.9% to 69.9%, significantly impacts the total amount repayable. Higher APRs result in higher overall loan costs.

Is it possible to pay off a Finio Loan early?

Yes, but it may involve additional interest charges. It's advisable to review the terms before making early payments.

How quickly can I receive funds from Finio Loans?

If approved before 3 pm, funds are typically deposited the same day. Otherwise, it's the next working day.

Are there any risks involved with Finio Loans?

As with any loan, risks include potential debt accumulation and adverse impacts on credit score if repayments are not managed responsibly.

Can I apply for a Finio Loan with a poor credit history?

Yes, Finio Loans is known for considering applicants with varied credit histories.