Oakam Review | www.oakam.com

Oakam

Last Update: October 31st, 2016

About…
Address: Sunley House, 4 Bedford Park Croydon, CR20 2AP.
Branding: Oakam. AKA: Oakam Loans.
FCA Licence: 678734.
From: Oakam Ltd.
Launched: 2007.
Memberships: Non.
Related: Oakam (Store).
Website: www.oakam.com.

Product Details…
Bad Credit Oakam Loans Available?: Yes.
Manage: No Oakam login at www.oakam.com.
Offers: Instalment and personal loans.
Opening Hours: Monday to Friday (8am/7pm) and Saturday (9am/6pm).
Secure (SSL): Yes.
Sums: £200 to £1750 (new and returning) (short).
Sums: £1000 to £5000 (new and returning) (Lift).
Terms: 3 to 12 months (short) | 1 to 3 years (Lift).

The Pricing…
£129.78 /£300 (3) <0.481%>
£263.16 /£300 (6) <0.487%>
£390.48 /£1000 (12) (Lift) <0.107%>
£935.44 /£1000 (12) <0.256%>

Notes: As part of the selection process you must speak with a support advisor, unless you are applying direct through a store. The attached costs assumes that you repay weekly (rather than fortnightly). To qualify you must be earning either £400 or £700 per month depending on the product. Self-employed is ok in both instances. Whilst there is no desktop login, they have recently launched an app where you can manage your account.

Noteworthy…
– Amounts: £5000 is a potential new customer sum here although a long term would need to be taken.
– Branches: They have built up 22 stores. Most of these are located in the London area and there is also some coverage across the Midlands. There doesn’t appear to be any immediate plans to spread to other areas of the UK.
– Eligibility: From scanning through their FAQ sections it was clear that they open the doors for most circumstances. They consider those who have had CCJs in the past and even mention considering accepting those on benefits, in self-employment or even those unemployed (this wouldn’t be likely though). Their major target audience looks to be those who have recently moved to the UK. This is evident from their support advisors speaking 20+ different languages.
– Experience: This lender has been active online and on the high street since the year 2007 and so they have took on plenty of lending experience and will be soon be reaching 10 years in operation.
– Operations: Payouts are made on Saturdays. It also helps that they have branches that you can view although these are generally found in restricted areas.

Updates…
– 2016: Lots of changes since we last checked them out. This has been seen in the amounts and terms, pricing, the contact times, the launch of their app and importantly SSL has now been added.
– Past: We have now removed the older service changes. This was really specific to amounts, hours, pricing and their bonus rewards.

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