Oakam "Lift Loans"
- Borrow up to £50001
- Online Service
- Choose payment period
- Direct to bank account
- No hidden charges
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.
It's straightforward to apply for a Lift loan from Oakam. First make sure you satisfy all the basic criteria:
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.
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.
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.
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.
You have a number of options for making your loan repayments as follows:
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.
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.
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:
Alternatively you can contact Oakam via their website or by phone.
Oakam has 16 stores around London and 6 in the Midlands (Birmingham, Coventry, Derby, Dudley, Leciester & West Bomwich)
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.
1 Subject to application being approved by the lender.
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