Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Oakam states that it provides a solution to financial exclusion, empowering those overlooked by traditional lenders. Putting that in plain English, Oakam lends to people who find it difficult to borrow from banks. Because it also reports repayment behaviour back to credit reference agencies, repaying an Oakam loan on time may also help you to build/rebuild a positive credit record.
Like a number of high-cost, short-term credit firms, Oakam has recently started to move away from “payday” lending to offer instalment loans over terms up to 2 years. Spreading repayment over a longer term makes for a more affordable loan, as each repayment will be smaller, but it also usually makes for a much more expensive loan overall.
Online lenders that offer similar loans to Oakam
Compare the cost of payday lenders
As well as comparing short-term loans with other types of credit, before you apply for a loan it’s a good idea to shop around and compare a range of lenders. You can use the table below to get an idea of how much the loan that you have in mind might cost.
We compare payday/short-term loans from
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