About Oakam Loans

Oakam is a well-known UK based moneylender offering credits between £200 and £1000 for 52 weeks (it depends on the borrowed money). Clients can apply for the credit on the web, via telephone or even in one of their stores.

Each credit application is seen independently while 1416.9% APR representative depends on a yearly loan fee of 279% (variable).

The APR you can have opting for Oakam Loan vary between 223% and 1596.1%, while the rate is liable to be modified.

The application procedure with Oakam is amiable and simple from the beginning. In case you prefer to apply on the web after you have filled out your personal details and then your credit history, they will get in touch with you in order to complete the form.

The sum you want to receive, and the credit term is upon your decision, while further information about the repayable credit will be provided before you sign for the credit.

Who Are Oakem?

Frederic Nze, the founder of the company, started the business in 2006 and his vision was to bring increasingly comprehensive, moderate and helpful credit alternatives to buyers disregarded by conventional monetary services.

Even if Oakam is a small moneylender company, they specialize in loans for people with bad credit or have bad credit ratings. In their opinion, the credit business is broken for the big number of buyers who wants to get money in order to boost their credit score.

The staff are trained to evaluate you as an independent client, as opposed to simply assessing you dependent on your financial condition.

The digital service offered by Oakam as a solution to deal with micro-lending empowers progressively customized and comprehensive credit scoring which is bringing down the barriers to a moderate credit.

How To Apply For An Oakam Loan

Oakam is based on individual loans so they analyze everyone’s financial situation taking into consideration all the possibilities and circumstances in order to bear the cost of the loan. Therefore, your financial situation will be evaluated before approving the credit.

Generally, the loan is accessed by borrowers who must cover an unexpected payment and who cannot access the credit through a local bank since they have a poor financial history.

Moreover, the microlending is a first step to the traditional monetary system helping borrowers to build credit and opt for longer-term credit.

In order to take advantages of Oakam loan you have to:

  • Be 18+ years old
  • Be a resident of UK
  • Have the salary of £400+
  • Have a valid credit card

 

To apply for a loan, you can do it online, over the phone (020 8819 3767) or in the stores.

Applying Online

  1. Provide information about yourself including credit and salary information.
  2. Fill out a credit check on the web
  3. Keep in touch with an advisor who will help you to write your credit application.
  4. Sign our credit terms.

The credit can be transferred every 2 hours during the week from 9:30 am to 6:30 pm, while during Saturdays from 10:30 am to 5 pm.

Applying Over The Phone

  1. Our number phone is 020 8819 3767
  2. Choose the most suitable time for you to talk to an advisor in order to get more information about your credit. Also, you can opt for a specific language
  3. Sign our credit terms

Applying In The Store

  1. Choose the most suitable store for you
  2. Take your personal documents and talk to an advisor
  3. Sign our credit terms

 

Pros and Cons

Generally, the loan is accessed by borrowers who must cover an unexpected payment and who cannot access the credit through a local bank since they have a poor financial history.

Moreover, the microlending is a first step to the traditional monetary system helping borrowers to build credit and opt for longer-term credit.

Some pro aspects which must be highlighted are based on the application process which is very fast, the mission of Oakam to find a solution for disadvantaged people who need urgent help and the fact that their stuff is trained to speak 20+ languages. Also, the credit amount can range between £200 – £1,750 and the minimum salary you need is £400.

Needless to say, having 3 possibilities to apply for the loan being supported by an advisor is another strong point.

Weak points are based on the amount of credit you can receive and the deadline of payment which must be respected. The payment history has to be in the term, in order to get your application approved.

FAQs

Who is Oakam?

Oakam is an entrenched UK based moneylender offering credits between £200 and £1000 for 52 weeks (it depends on the borrowed money). Clients can apply for the credit on the web, via telephone or even in one of their stores.

The credit is offered for people who need to make an urgent payment and cannot access a local bank because of their poor credit history.

What do I need for my application to be approved?

You need personal documents (ID or valid passport) and credit statements.

I’m not too good at English, what can I do?

Our staff speaks 20+ languages in order to be very clear with all our customers. So, let us know which language you prefer and we will connect you with our team.

What does ARP mean?

The APR is a common measure utilized overall credit items to enable purchasers to analyze at the expense of the credit. Since the APR shows the yearly rate of charge for a credit, it isn’t generally a simple measure to understand the difference of the credits.

I’m self-employed. Can I get a loan?

Sure, depending on your financial income.

I haven’t been to the UK for a while, so I do not have a financial history. Can I apply for the loan?

Sure, depending on your financial income.

Reviews

TrustPilot

Social

Facebook

LinkedIn

 


Company Details
  • Company Name: OAKAM LTD
  • Registration Number: 05878249
  • Incorporation Date: 2006-07-17
  • Status: Voluntary-arrangement
Loan Details
  • APR 1416.9% Representative
  • Loan Amount £200 - £1,750
  • Repayment Duration 3 - 12 Months
Contact Oakam Loans