Call us on: 0844 84 85 767 Store Finder

Frequently Asked Questions

How does it work?

It's simple! Just fill in an online form or call our multilingual advisors to book an appointment for a loan application in-store or over the phone. Then get the cash same day once your loan is approved.*

*Subject to status. 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. To receive money the same day, the phone application has to be finalised by 1pm.

Who is Oakam?

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 respectfully and in their language.

Since our first store opening in 2007, we have opened 22 stores across London and the Midlands and serve the rest of the UK over the phone in our Virtual Store (until we open a store near you). Our over 260+ staff speak more than 20+ languages and even more dialects and are happy to help you! Just call or email us for more information or apply via our online application form.

We offer the following services:

  • Oakam Loan (£200-£1000 over 3 or 6 months)
  • Big Plus Loan (£1000-£5000 over 18-36 months)

Is there an Oakam store close to me?

We already have Oakam stores all over London and across the Midlands and we are opening new Oakam stores across the UK all the time.

If we don't have a store near you yet, that's not a problem! We can offer you a same-day loan over the phone. Just call our friendly, multi-lingual advisors to find out more or apply on 020 8819 3767 or on 0844 84 85 767. You can also send us a web-enquiry form and we will call you.

Midlands

Birmingham97 Corporation Street, Birmingham B2 4UG
Coventry26 Hertford Street, Coventry CV1 1LF
Derby69 St Peters Street, Derby DE1 2AB
Dudley14 Castle Street, Dudley DY1 1LF
Leicester18 Haymarket, Leicester LE1 3GD
West BromwichUnit 5 Kings Square Shopping Centre, 66 High Street, West Bromwich B70 7NW

London - North

Dalston6 Kingsland High Street, Dalston, London E8 2JP
Kilburn159 Kilburn High Road, Kilburn, London NW6 7HU
Walthamstow23 High Street, Walthamstow, London E17 7AD
Watford69-71 The Parade, High Street, Watford WD17 1LJ
Wood Green140 High Road, Wood Green, London N22 6EH

London - East

Barking60 East Street, Barking, London IG11 8EQ
East Ham175 High Street North, East Ham, London E6 1JB
Romford86 South Street, Romford RM1 1RX
Stratford31 Broadway, Stratford, London E15 4BQ

London - West

Shepherds Bush190 - 192 Uxbridge Road, Shepherds Bush, London W12 7JP
Slough288 High Street, Slough SL1 1NB

London - South

Croydon12-14 George Street, Croydon CR0 1PA
Lewisham92 High Street, Lewisham, London SE13 5JH
Peckham18A Rye Lane, Peckham, London SE15 5BU
Southwark240 Walworth Road, Southwark, London SE17 1JE
Streatham100 Streatham High Road, Streatham, London SW16 1BS

Oakam Support Office
Sunley House, 4 Bedford Park, Croydon, CR0 2AP
Tel: 020 8819 3767

I am new to the UK. Can Oakam help me with a loan?

Yes. We may be able to lend you money, subject to your financial status.

I don't speak English very well. Can I speak to someone in my own language?

Yes. We know how important it is for you to understand financial matters. Oakam staff come from all over the world and speak 20+ languages including English, Polish, Spanish, Portuguese, German, French, Lithuanian, Greek, Russian, Afrikaans, so if we have a member of staff that speaks your language we will connect you with them.

How do I make a complaint?

You have three options to make a complaint;

1. Pick up a customer complaint form from an advisor in your local Oakam store.

2. Click here to submit a complaint form online.

3. Call our customer care team on 020 8819 3767.

Can I get a loan from Oakam?

What are the minimum requirements to apply for a loan from Oakam?

You must be:

  • Over 18
  • A UK resident for 6 months+
  • With a minimum monthly income of £550 from benefits or salary (or both) or self-employment

During the application we will assess your personal affordability which will help us in assessing which of our loan options may be right for your circumstances. We ask that you carefully consider if you can afford the loan repayments and that you provide accurate information to help our staff make this assessment. As long as you can afford an Oakam loan, we will also try to help and lend to you even if;

  • You’ve been turned down for credit before
  • You have recently moved to the UK
  • You are unemployed
  • You have had CCJs in the past

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 Debt Management
  • You are bankrupt or have an IVA

1424%APR representative (variable)

Does Oakam do a credit search?

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 helps us understand your current situation when we assess your application for a loan.

So, if you have been declined by other lenders in the past, we might still be able to help you.

1424%APR representative (variable)

I have not been in UK for long and have no credit history. Can I get a loan?

Yes, subject to your financial status.

I am receiving benefits, am I eligible for a loan?

Yes, if you receive income from benefits you may be eligible for an Oakam Loan.

I am self-employed. Can I get a loan?

Yes, subject to your financial status.

What does APR mean?

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 is not, in our view, the most effective way of comparing short term and longer term products. That is why, in addition to the APR, we always show you the total cost of a loan and the individual instalments, i.e. what you actually have to 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.

Oakam Loan

What is an Oakam Loan?

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.

How much can I borrow?

Between £200 and £1000.

How long can I borrow the money for?

For 3 or 6 months.

How does the Oakam Loan work?

Following assessment of your application, you can see your loan options for affordable repayments that fit your budget and when you receive your income.

Can I apply for the Oakam Loan over the phone?

Yes, you can apply for the Oakam Loan over the phone or in one of our stores.

How do I pay back my loan?

There are various options. You can pay by debit card using a Continuous Payment Authority (CPA) with weekly or fortnightly repayments.

When you take out the loan, you may provide us with a continuous payment authority (CPA) under the loan agreement, so that we can collect repayments automatically from your bank account using the debit card you nominate for this purpose.

Your debit card will be electronically debited on the payment date, for the amount of the repayment due, so 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 visiting us in store or 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 it by contacting your bank.

What happens if I miss a payment?

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, and you are paying by CPA, 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 were appropriate to continue to use the CPA 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 hstory. Other lenders will see this and it may make obtaining credit in the future more difficult. Please contact us by phone or in store 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.

What documents do I need to bring to apply for an Oakam Loan?

You will need photo ID (e.g. valid passport or driver's licence), recent bank statements and payslips and/or benefit letters and ideally a recent utility bill.

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

Big Plus Loan

What is a Big Plus Loan?

The Big Plus Loan lets you borrow larger amounts over a longer time than the Oakam Loan. It is an instalment loan with repayments matched to when you receive your income.

How much can I borrow?

Between £1000 - £5000.

How long can I borrow the money?

For 18 - 36 months.

What benefits does the Big Plus Loan offer?

You may become eligible for lower pricing on some future loans with our silver and gold pricing by always repaying on time and in full. You may also be able to apply for a larger loan amount once you have built a good repayment history with us. Terms and conditions apply. Subject to status and an affordability assessment.

Can I apply for the Big Plus Loan over the phone?

No. The Big Plus Loan application can only be done face-to-face in one of our stores.

How do I pay back my loan?

There are various options. You can pay by Direct Debit from your bank account, by debit card using a Continuous Payment Authority (CPA) or by cash at one of our stores. You can repay weekly, fortnightly, 4-weekly and monthly so that your repayments fit with when you receive your income.

When you take out the loan, you may provide us with a continuous payment authority (CPA) under the loan agreement, so that we can collect repayments automatically from your bank account using the debit card you nominate for this purpose.

Your debit card will be electronically debited on the payment date, for the amount of the repayment due, so 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 visiting us in store or 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 it by contacting your bank.

What happens if I miss a payment?

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, and you are paying by CPA, 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 were appropriate to continue to use the CPA 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 hstory. Other lenders will see this and it may make obtaining credit in the future more difficult. Please contact us by phone or in store 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.

What documents do I need to bring to apply for a Big Plus Loan?

You will need photo ID (e.g. valid passport or driver's licence), recent bank statements and payslips and ideally a recent utility bill.