Important: Oakam is no longer taking new loan applications. This page has been preserved for historical purposes, and you can compare a range of short-term loans here.
Oakam is a direct lender, authorised and regulated by the Financial Conduct Authority. It was launched in 2006 after its founder, Frederic Nze, recognised that lower income customers were unable to access affordable and convenient credit. Its aim was to bring simple and transparent financial services to those overlooked by traditional banking institutions.
Oakam has high street stores across London and the Midlands, and also offers a complete online service.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
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 Loan | Oakam Lift Loan | |
|---|---|---|
| How much could I borrow? | £200-£1,750 | £2,000-£5,000 |
| For how long? | From 3 to 12 months | 24 months |
| Ways to apply | Online, by phone or in-store | Online, by phone or in-store |
| Minimum monthly income required to apply? | £400 (via benefits, salary or self-employment) | £700 (via salary, or self-employment) |
| What are the benefits of the loan? |
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| Residency requirements | Resident in the UK for at least 6 months | Resident in the UK for at least 6 months |
Oakam believes you shouldn’t be barred from accessing a loan simply because your credit history is less than perfect. You can build a more positive credit record with Oakam if you make repayments on time and in full, which can make your financial future feel much brighter.
If you’ve used the Oakam site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:
Oakam uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates. Alternatively you can pay by cash at one of the Oakam stores.
CPA’s differ from a direct debit because you give the company being paid permission to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most short term lenders like Oakam will use a CPA to collect your repayments. You can cancel this at any point by either consulting with the lender or your bank, but if you do that you’ll need to make alternative arrangements to ensure you make payments on time..
You should only apply for an Oakam loan if you are certain you can meet the repayment terms. You must also:
In some cases you may also need to provide:
Unlike many short-term lenders, Oakam considers customers with a bad credit rating or previous CCJ.
Top-ups
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Oakam offers straightforward instalment loans of up to £1,750 to those who struggle to borrow from banks. Browse alternative lenders and compare live rates.
