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Oakam for medium term unsecured loans

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Oakam "Lift Loans"

  • Borrow up to £50001
  • Online Service
  • Choose payment period
  • Direct to bank account
  • No hidden charges

Oakam Loans

Oakam Lift loan

  • Medium term online lender
  • Apply for £1000 to £5000
  • Choose to repay over 12 to 36 months
  • Payout possible same day if approved
  • Easily manage your account online

Oakam provides mid term unsecured loans - their "Lift Loan". If you need a loan of up to £5000 and then want to repay it over 12 to 36 months then their Lift Loan may be worth considering.

Oakam charge an annual interest rate of 69% (variable) for their Lift Loan. The APR rate range is from 55% to 99% (variable) depending on loan term, amount and personal circumstances.

Summary of Oakam's Lift Loan

  • Mid term loans of £1000 to £5000 that you repay over 12, 24 or 36 months.
  • Apply online & after acceptance get your loan the same day.
  • There are no late payment or early settlement fees.
  • You can pick between weekly, fortnightly, four weekly or monthly repayments - Oakam are flexible.
  • If you have a less than perfect credit history you can still be considered for a loan
  • They're advisors speak 27+ languages (inc. Polish, Romanian and Portuguese)
  • You need a minimum income of £700 per month. Self employed and benefit income considered.
  • You will need a bank account into which the loan is paid and from which payments collected.
  • Provide an award-winning loan management phone app.

How to apply for a loan from Oakam

It's straightforward to apply for a Lift loan from Oakam. First make sure you satisfy all the basic criteria:

  • You are at least 18 years old
  • You are and have been resident in the UK for at least 6 months
  • You have an income of at least £700 per month
  • You have a bank account and debit card
  • You can't make a joint application with your partner

If you meet these requirements then complete their enquiry form. Choose how much you want to borrow and the period you wish to borrow for. After you have provided some address and contact details they will ask about your income (salary, benefits and pensions) and expenditure to help them assess loan repayment affordability. A credit check will also be done although you'll be glad to hear that a poor credit history does not mean an automatic rejection. They may need an advisor to contact you to confirm or provide more information.

Once approved for a loan they are normally able to pay it to your bank account the same day.

Got a Question about Oakam?

What will my instalment payments be?

When you apply you select your prefered loan amount and repayment period. The APR% will depend on the loan size, repayment term and your personal circumstances. You will be credit checked and an affordability assessment conducted. At this point Oakam will be able to advise you what your repayments would be, in principle. 

Repayment Example

This is Oakam's representative example - Amount of credit £1,750 for 12 months. Interest rate: 69% p.a. (variable). First payment of £205.88 and then 11 scheduled monthly payments of £205.88. Total amount payable: £2470.56. Representative 96.0% APR.

Speeding up your repayments or electing to repay it more quickly from day 1 will cut your interest costs. You will not be charged any penalty for doing this. But take care about affordability as reducing the repayment period will raise your monthly repayment.

Can I change my instalment payments or pay off my loan early?

Yes. And this will reduce your interest costs. There is no fee for doing this. You would need to get in touch with the Oakam customer service team to organise this.

How do I make my repayments?

You have a number of options for making your loan repayments as follows:

  • by direct debit from your bank account
  • by debit card using a Continuous Payment Authority (CPA)
  • by cash at one of their high street stores

You can choose between a weekly, two-weekly, four-weekly or monthly repayment plan. You can also repay your entire loan early without incurring any extra repayment charges.

Are there any hidden charges?

Oakam do not charge set up fees or fees for early repayments and missed payments. However, if you do miss a repayment then you must keep in mind that this will be notified to the major credit agencies and will count against you if and when you apply for future credit from lenders, retailers or mobile phone companies, etc.

How can I keep tabs on the status of my loan?

To help you manage your loan and ensure you are on time with your repayments Oakam have developed a mobile phone app. This app allows you to:

  • Check your our outstanding balance
  • Check your next repayment day
  • Review your repayment schedule
  • Receive notifications
  • View your personal details
  • Find your local store

Alternatively you can contact Oakam via their website or by phone.

Where are Oakam's stores?

Oakam has 16 stores around London and 6 in the Midlands (Birmingham, Coventry, Derby, Dudley, Leciester & West Bomwich)

Video: Oakam Customer Story (English)

Video: Oakam Customer Story (Polski)

Oakam Ltd are authorised and regulated by the Financial Conduct Authority, FRN 678734

To operate this service we receive a commission from the provider we refer you to.

Instalment Loans

Representative Example

Loan Amount


Monthly Repayment


Loan Term

12 mnths

Total Repayment


Representative APR


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