Oakam provides straightforward and simple financial services for people who find it difficult to borrow from banks. We offer responsible access to credit and are dedicated to serving our customers with respect.
Every day we support people as they achieve their money goals, build their credit profile, and access better loan rates. At the same time, by using our mobile app to repay on time, Oakam customers are transforming the lending industry, making credit less expensive and more accessible for everyone.
Yes. We ask that you have been a resident in the UK for at least 6 months before applying for a loan with us. All loans are subject to affordability checks and your financial status. We welcome new customers every day and, because our online application process is fully automated, you can apply whenever you need to, seven days a week. All our loans are subject to your financial status.
APR stands for Annual Percentage Rate.
The APR is a standard measure used across all credit products to help consumers compare the cost of loans. Because the APR reflects the annual rate of charge for a loan, it is not always an easy measure to understand when comparing loans of different lengths.
The APR is, accordingly, an effective comparison tool for similar products, but in addition to the APR, we always show you the total cost of a loan and the individual instalments, i.e. what you will pay back in full. We believe this information gives you a fuller picture of the costs of our loans and should help you make an informed decision whether one of our loans is suitable for you.
Yes, subject to your financial status.
No. We only lend to individuals so we do not accept joint applications.
It’s simple! You can apply on our website, or via our mobile app. The app can be downloaded from the Apple iStore for iPhone devices, or on the Google Play Store for Android devices. If your application is approved, the cash can be sent to your bank account on the same day. Most successful candidates receive their loans within a couple of hours of being approved.*
*Subject to status. On the application form, we will ask you for your monthly income and expenditure in detail, in order to confirm that you can afford the monthly repayments over the life of the loan.
We ask that you have been a resident in the UK for at least 6 months before applying for a loan with us. All loans are subject to affordability checks and your financial status.
Yes, if you receive income from benefits you may be eligible for an Oakam Loan.
Yes. But we do not base our decision solely on your credit history. At Oakam we understand that life doesn’t always go as planned. We understand that you may have run into financial difficulties in the past and as a consequence, you may have a poor credit history. Unlike other lenders though, Oakam will not automatically blacklist you because you have missed repayments. Your credit history and affordability assessment help us understand your current situation when we assess your application for a loan.
So, even if you have been declined by other lenders in the past, we might still be able to help.
You must be:
A UK resident for 6 months+
With a minimum monthly income of £400 from benefits or salary (or both) or self-employment
During your online application, we will ask for details about your finances, which will help us assess which of our loan options is right for you. We ask that you carefully consider if you can afford the loan repayments before accepting a loan and that you provide accurate information to help us make an appropriate decision. As long as you can afford an Oakam loan, we try to help you, even if:
You’ve been turned down for credit before
You have recently moved to the UK
You are unemployed
As responsible lenders, we, unfortunately, will not be able to lend to you if:
You cannot afford the repayments of a loan from Oakam
You are currently in a debt management
You are bankrupt or have an IVA
Loans are subject to financial status. 1421%APR representative (variable)
We require all customers to have a valid debit card in order to set up their repayments.
An Oakam Loan is an instalment loan that lets you spread the cost of borrowing over a few months. It is intended for short term use and not to fund on-going living costs or expenses. It is a high cost product, so you should consider if there are cheaper options available to you before applying.
With an Oakam Loan, you can borrow between £100 and £1750. For the first time Oakam customers, we offer loans of up to £800. As you pay back your first loan, you will be able to top up and unlock bigger amounts, up to £1750.
With our Big Loan product, you can borrow between £1000 and £5000. Big Loans are only available to customers who have borrowed with us in the past.
For 3, 6 or 12 months.
Most loans are paid into customers’ bank accounts within two hours. Some may take longer, however, depending on how your bank handles transactions. The latest money will be with you is 9 am on the next working day, although very few of our customers have to wait this long.
After you have applied online or on the Oakam app and been accepted for a loan, you will be shown a list of options for the amounts you can borrow and the length of time you can borrow it for. We’ll also clearly display the weekly or monthly repayments that will be due if you accept the loan so you can choose the option that best suits your budget.
No. You can only apply for a loan via our website or mobile app. This allows us to process applications quickly and means our customers can apply at any time, seven days a week, 24 hours a day.
You can pay back your loan in weekly or monthly instalments by debit card using a Continuous Payment Authority (CPA).
When you take out the loan, you can provide us with a continuous payment authority (CPA) under the loan agreement. This means we can collect your repayments automatically from your bank account using the debit card details you provide us with.
Your debit card will be electronically debited on the payment date, for the amount of the repayment due. If you lose your card or change your details you must let us know so that you do not miss making your repayment on time.
You can stop making repayments by CPA at any time by contacting our customer care team. You will need to provide an alternative method of repayment to avoid missing repayments and falling into arrears. You may also cancel a CPA by contacting your bank.
It is important that you contact us as soon as you are aware that you cannot make a repayment. It is your responsibility to make repayments and to ensure your account is up to date.
If the first repayment transaction fails, then we may make a further attempt to take payment for the total amount due. We will try to contact you to notify you that the repayment has failed, arrange an alternative means for you to repay the missed repayment, remind you of your next repayment if applicable, and obtain your consent where appropriate to continue to use the repayment arrangement to collect your future repayments.
Unlike other lenders, we will not charge you late fees, so the cost of your loan will not increase. We do report your repayment history to Credit Reference Agencies and missed repayments may be shown on your credit history. Other lenders will see this and it may make obtaining credit in the future more difficult. Please contact us by phone as soon as possible if you miss a repayment. We are committed to working with any customers in financial difficulty and will try to help find a solution that works for you.
During the online application, we will ask you for details of your income and expenditure – how much money you have coming in from work or benefits and how much you pay out in rent, bills, travel, and any other expenses. It’s a good idea to have this information to hand. We’ll also need the details of the bank account you’d like the loan paid into and the debit card you will use to make your repayments.
You can submit a complaint online, or call our customer care team on 02039 111 777, press 1 and then 4 to speak to one of our experts.
Anyone can download the Oakam app and use it to apply for a loan. If you are accepted, you can then use the app to apply for top-ups, manage your repayments, see your outstanding balance, and review your repayment schedule.
The Oakam mobile app you can help you manage your loan by allowing you to do the following directly on your mobile:
If you are an existing customer, you can apply for a loan via our mobile app. This allows us to process applications quickly and means our customers can apply at any time, seven days a week, 24 hours a day.
To register for the Oakam app all you need to do is download the app and follow the below steps:
Provide your mobile telephone number
To verify your account we will send you a pin code to your email address, which you will need to enter before completing your registration. Please note that you will need to register using the details you last provided to us.
Create and confirm a password
Please check your junk mail folder and if it is not there then click to resend the pin. If you are still experiencing issues then please call us on 02039 111 777.
Please ensure you are registering using the details you last provided us with. If you are still experiencing issues then please call us on 02039 111 777.
If you have forgotten your login details you can reset these by following these steps:
Click ‘Forgot your PIN?’
Click ‘reset PIN’ and we’ll send you a temporary PIN via text message. You can use the temporary PIN to reset your Oakam PIN.
If you are still experiencing issues then please call us on 02039 111 777.
Please call us on 02039 111 777 to update your details.
The best way to see if you qualify for a loan is to make a full application. This will give us all the information we need to make a quick decision. Applying will mean we need to check your credit score with one of the main credit reference agencies.
Please call us on 02039 111 777 to discuss your account.
You will qualify for a top-up 45 days after you take out your initial loan and if you have been making your repayments on time. Top-ups are subject to financial status and affordability checks and may not be available if your financial circumstances have changed in the time between taking the original loan and applying for a top-up.
Log in to the app and check out the notification screen to see if you have an offer to apply for a top-up. We will also send you an email or SMS to let you know when you are able to top up. This depends on your marketing preferences. If you want to receive these reminders, make sure you are opted in to receive emails and SMS from Oakam.
If you have received a top-up offer tap ‘Apply for a top-up’ on the notification screen and follow the steps. For more details click here
Just close and reopen the Oakam app on your phone. If your top-up offer is still valid you will be able to apply for a top-up as normal by tapping ‘Agree and continue’ on the notification screen.
No, you will be able to pick up your application where you left off. If you were applying on the website, make sure you use the same device and browser to return to your application. If you were using the app, the progress on your application is saved automatically.
Most top-ups are paid into customers’ bank accounts within two hours. Some may take longer, however, depending on how your bank handles transactions. The latest money will be with you is 9 am on the next working day.
Your loan documents will be available to you in the Oakam app if you applied for the loan or top up on the app. If you applied using the website, you should see your documents after you have accepted your loan offer. If you cannot access these documents, please give us a call on 02039 111 777.
Please give us a call on 02039 111 777 and select option 1.
Please give us a call on 02039 111 777 and select option 1.