- Borrow £100 to £1,750
- Repay over 3 to 12 months
- Payouts within 24 hours
- All credit ratings
Oakam has been trading for many years and has established a good reputation in the short-term loans market. They say they have over 150,000 active customers across the UK.
Oakam considers itself to be an alternative to a doorstep loan and is able to offer both weekly and monthly payment plans. If you are a new customer you may apply for a loan of up to £800. The interest rate charged depends on the amount you borrow, the repayment period and your personal circumstances. The rate can be between 223% APR and 1596.1% APR.
|Loans Amount (£)||Loan Term (months)||Representative APR|
|100 – 1,750||3 – 12||1421%|
Over time, as you build a relationship with Oakam, you can get lower rates and borrow more. Their “Lift Loan” product allows you to borrow £2,000 to £5,000 over 24 months. The combination of the standard Oakam loan and the Lift loan means that Oakam covers the span of the 118 118 Money product.
Oakam scores 4.7 out of 5 based on 18,100 reviews on Trustpilot. This score puts Oakam at the top end of the reputation spectrum compared to the typical short term loan lender.
Compare Oakham to Others
For clarity here are the key differences of Oakam to the “typical” or “average” short term loan lender:
- Ratings and reviews are class-leading
- Rates are able to reflect personal circumstances which will help some applicants
- Top-ups and larger loans are available later if you show good account management
- The mobile phone app enables easy account management
- Rates are variable during the loan term
- You won’t initially be able to obtain more than £800
Oakam’s Representative Example
Borrow £740 for 26 weeks. Representative 1421% APR variable. Weekly payment £54.30. Interest payable £671.87. Total repayable £1411.87.
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Oakam Limited. Registered Office: Sunley House 3rd Floor, Bedford Park, Croydon, England, CR0 2AP. Company registration number 05878249.
Oakam Limited is authorised and regulated by the Financial Conduct Authority with firm reference number 678734.
ICO Data Protection Registration
Oakam Limited is registered with Information Commissioner, registration number Z9778446.
Instalment Loans Guide
If you’re uncertain which type of credit might suit you or you have a money problem then one of guides may help you. We summarise each type of loan and their pros and cons, and address issues regarding debt and credit ratings.
Got a Question about Oakam?
Answer to Common Questions
The Lift Loan offers £2,000 to £5,000 over a fixed 24 month period. You need a minimum income of £700 per month from either a salary or self employment. There are no fees if your payments are late or if you wish to settle the loan early. The representative APR is 98.8% variable. Once your loan application is accepted you can expect to get the loan paid to you the same day.
The Oakam Loan (that we describe in detail above) is a 3,6 or 12 month loan of up to £1,750 (though if you are a new customer the limit is £800). This type of loan is appropriate for small scale purchases and/or emergencies. You may be able to top this up under circumstances.
The Lift Loan is a larger loan (£2,000 to £5,000) over a 24 month period that would be used for things like home improvements, business opportunities or larger sized purchases. You are unlikely to be able to obtain one of these loans from Oakam unless you have built up a relationship with them by successfully paying off one of their smaller loans.
If you already have an Oakam loan you may be able to top it up/borrow more if you are up to date with your current loan repayments and if you can show you can afford the new repayments. To check if you are eligible you use the phone app that they have made available.
To help you manage your loan and ensure you are on time with your repayments Oakam has developed a mobile phone app (available for both iOS and Android). This app allows you to:
- Check your our outstanding balance
- Check your next repayment day
- Review your repayment schedule
- See if you have a top-up offer available
- View your personal details
Alternatively, you can contact Oakam via their website or by phone.
When you apply you select your preferred 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 £740 for 26 weeks. Weekly payment of £54.30. Total amount payable: £1411.87. Representative 1421% 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.
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.
You have a number of options for making your loan repayments as follows:
- by debit card using a Continuous Payment Authority (CPA)
- by direct debit from your bank account
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.
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.
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