Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk Loanski is an authorised credit broker not a lender

    Oakam Loans Alternative

    Loans from £100 to £10,000

    • 1 month to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

    Choose Loan Amount

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    Representative 305.9% APR.
    Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable). Loanski.co.uk does not provide any loan or consumer Credit products directly.

    Choose Loan Amount

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    Representative 305.9% APR.
    Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable). Loanski.co.uk does not provide any loan or consumer Credit products directly.

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

    Loans from £100 to £10,000

    • 1 month to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid out in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    REPRESENTATIVE 305% APR

    Loanski offers competitive interest rates compared to some lenders across the market.

    Installment Options

    Customize your loan term from 1 month to 60 months putting you in control of your payment plan.

    Fast Payouts

    You can expect fast payouts sometimes within 10 minutes^

    Company Number: 

    5878249

    Company Name:

    Oakam Limited

    Date firm started up business:

    17 July 2006

    Type of Business: 
    Consumer Credit

    Loan value range:

    Oakam Loan – 100 pounds to 500 pounds for new customers

    Oakam Loan – 200 pounds to 1750 pounds

    Lift Loan – 2000 pounds to 5000 pounds – existing customers

     

    Loan term length:

    3, 6 or 12 months for the Oakam Loan

    12, 24 or 36 months for the Lift Loan

    Head Office Address: Oakam Limited 3rd Floor Moray House 25-31 Great Titchfield Street London W1W 7PA

    FCA Status: Authorised

    Payout Time:

    In most cases, you will receive your loan the same day you apply depending on the time you apply. Money is transferred from Oakam every 2 hours up until  18:30 on weekdays and 17:00 on Saturdays.

    As soon as you are approved, you should expect to receive your payout very soon.

    Oakam Review

     

    Oakam began offering loans to customers in 2006 when they realised there was a need in the market for a more inclusive and more affordable credit option to people who did not have access to banking.

    This company is great and really takes their customers needs into consideration, even though they do run credit checks, they also take into consideration your personal circumstances and needs.

    They accept customers from all circumstances, which means even though you may have a bad credit history, they will still review your loan options depending on your actual circumstances and your personal reasons for needing the loan.

    Another great thing about Oakam is that they will also consider customers who have only just arrived in the UK and also those solely on benefits, so they really try to reach out to people who need help.

    Customers who have CCJs will also be considered for a loan which is rare and not considered by many companies.

    Once you have been accepted for a loan with Oakam and prove to be a good loyal customer, then you are able to borrow even more and also get a cheaper interest rate.

     

    Repayment method:

    Repayments can be made in a number of ways; by CPA (Collection directly from your bank card) direct debit, bank transfer or over the phone.

    When you first apply for your loan, the automatic payment method will be CPA but if this does not suit you then you can contact Oakam directly and speak to them about one of the alternative methods.

     

    Do I need a bank account?

    You will need a UK bank account to apply along with a debit card that is linked to the same bank account. This is so you can repay the loan and Oakam can also run the necessary credit checks on your file.

     

    To be eligible to apply for a loan with Oakam you must fit the following criteria:

     

    Age

    You must be at least 18 years and over to apply for an Oakam loan

     

    Address information

    You will need your address information for over the past 3 years and must currently have a UK address. If you have only just arrived into the UK, please contact Oakam directly as they may still be able to assist you.

    Proof of your address will be required.

    ID and Income

    You will need to have a monthly income of more than £400. This can be either by a salary or can also be from benefits. Proof of this will be required to be submitted to the company.

    The following documents will be accepted as proof of income and address:

    • Photo ID (e.g. valid passport or UK driver’s licence), recent bank statements and payslips and/or benefit letters and ideally a recent utility bill.

    Over the phone, Oakam will perform some electronic checks but you may also be asked to send them a copy of a recent bank statement, payslip or benefits letter.

     

    Penalties

    There are penalties and late payment fees with Oakam if you can’t make a repayment on time. 

    If this is the case then it is always best to contact the company to discuss options, if you do this they will be willing to help you find a solution to your debt problem.

    You can also visit moneyadviceservice.org.uk if you need more advice and help on what to do if you get into difficulties.

    Reviews

    Oakam has one of the best review rates for loans on trust polit. They clearly take pride in their customer service and exceed their customer expectations on a regular basis.

    They have a fantastic 5 stars out of 5 ratings with a massive 94% of them being rated as excellent!

    Only 2% of there were rated as bad and the rest are great and average!

    From reading some of the reviews, most of the customers were very impressed with how fast and easy the service was from Oakam.  Most claim that the website was fantastic to navigate and the payment of the loan was in the bank within a few hours.

    On any of the bad reviews, Oakam has taken the time to reply to each of the customers with an explanation and a solution to the issue that was in hand.

    A few of the bad reviews were from when the company was having technical difficulties with their online application system.

     

    Refer a friend scheme and app

    To make things even more convenient for their existing customers, Oakam launched their own app making is super easy to track your repayments on your loan.

    They also have a reward scheme called ‘Oakam Grow’ where you can earn points for referring family and friends, paying on time or early, completing tasks and much more.

    You can vote for what rewards you want using the app choosing from rewards such as the following:

    • Get Cash
    • Vouchers
    • Improve score

    There are badges to earn every time you finish a task which helps you to earn even more points. It really is a great reward scheme and a good incentive to help you to repay your loan on time.

     

    Awards

    In 2016 Oakam was nominated by FSTech Credit Today Awards as the best alternative lender and successfully won.