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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 might find it difficult to borrow from banks. We offer responsible access to affordable credit and are dedicated to serving our customers respectfully and in their language.

Since our first store opening in 2007, we have opened 21 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 230 staff speak more than 27 languages and even more dialects and are happy to help you! Just call or email us for more information or to apply.

We offer the following services:

  • Bonus Loan (£200-£600 over 3-6 months)
  • Big Plus Loan (£601-£5000 over 6-36 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
Oakam Ltd, Melrose House, 42 Dingwall Road, Croydon,CR0 2NE
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 27 languages including Polish, Spanish, Portuguese, German, French, Lithuanian, Greek, Russian, Afrikaans, English etc.

How do Oakam Loans compare to competitors?

Oakam loans have a number of product features and benefits that make them unique:

  • We offer Bonus Rewards for on-time repayments!
  • Once you built your relationship with Oakam, you can apply for larger loans!
  • You can improve your pricing over time!
  • And Oakam loans are cheaper! See how we compare with Provident:

See how we compare to other lenders for new customers.

Total cost for a loan repaid weekly over 3 months
LoanProvidentOakam
£200£280£275
£300£420£385
£400Comparison Information Not available£506
£500£638
£600£781

*Oakam and competitor standard pricing for new customers quoted on Provident's website correct of 10/10/2012.

676.6%APR representative based on an annual interest rate of 977.4% (variable). Representative example: Borrow £240 over 13 weeks (including £40 administration and payout fee) and repay £25 per week (first repayment £27). Total repayment is £276.67 including a bonus reward of £50.33 earned by making on-time repayments in full and on time over the full term of the loan. Pay out assumed as cash and repayment made by debit card.

How do I make a complaint?

You have two 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.

Can I get an Oakam loan?

What are the minimum requirements to apply for an Oakam loan?

You must be:

  • Over 18
  • A UK resident for 6 months+
  • With a minimum monthly income of £400 from benefits or salary (or both) or self-employment

During the application we will assess your personal affordability which will help us in assessing the right loan amount. As long as you can afford an Oakam loan, we will also try to help and lend to you if;

  • You’ve been turned down before
  • You have recently moved to the country
  • 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 an Oakam loan
  • You are currently in Debt Management
  • You are bankrupt or have an IVA

Does Oakam do a credit search?

Yes. But we do not base our decision on your credit history only. At Oakam we understand that life doesn't always go as planned. Now and then anyone can run into financial difficulties and perhaps some of us are not able to repay every loan on-time. Unlike other lenders though, Oakam will not blacklist you for a few slip-ups in the past. Your credit history and affordability assessment helps us understand your situation in order to create the most responsible solution for you. To prove it, we have designed a product that rewards you with Bonus Rewards for repaying on time instead of penalising late repayments.

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

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 a Bonus 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 results in a very high figure for loans that are designed for a short period.

The APR is, accordingly, an effective comparison tool for like 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 the total cost of a loan and the instalments, i.e. what you actually have to pay back in full. We believe this information gives you a clearer picture of the costs of our loans on which to base your decision whether to borrow.

Bonus Loan

What is a Bonus Loan?

A Bonus Loan is a flexible loan that gives you money back in form of a Bonus Reward for making on-time repayments.

How much can I borrow?

Between £200 and £600.

How long can I borrow the money?

For 3, 4, 5 or 6 months.

How does the Bonus Reward work?

Oakam rewards you for making on time repayments by giving you money back. For every 6 repayments that you make on time and in full, we will reward you with a Bonus Reward equivalent to one instalment. Since our first store opening in 2007 Oakam has given back more than £11m in Bonus Rewards to customers!

Example: If you borrowed the maximum £600 and make weekly repayments over 6 months, for every 6th consecutive repayment you make in full and on time, you will receive a Bonus Reward of £42. That means you would get a total Bonus Reward of £168 paid back to you over the 6 months term!

For information about your Bonus Reward, balance, settlement figure or repayments, please send us an email that details: your full name, postcode, DOB and mobile number or your customer number.

What other benefits does the Bonus Loan offer?

You can decrease your pricing over time to silver and gold pricing by repaying on time and being loyal. You will also be able to apply for a larger loan amount once you have built a relationship with us. This is subject to your repayments and circumstances.

Can I apply for the Bonus Loan over the phone?

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

How do I pay back my loan?

There are various options. You can pay monthly by Direct Debit from your bank account, by Continuous Authority Form (CAT) or by cash at one of our stores. You can choose between weekly, fortnightly, 4-weekly and monthly repayments. Whatever suits your life best!

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. We will notify you by email and/or telephone call at least one days before attempting to take payment on the payment date, to remind you when repayment is due.

Your debit card (the details of which you provided when you applied for the loan) will be electronically debited on the payment date, for the amount of the repayment due together with any applicable charges imposed in accordance with the terms of the loan agreement.

If the first repayment transaction fails, then we will make a further three attempts to take payment on the payment date to make sure we have not missed your salary deposit. Each of these will be for the total amount payable.

Where we cannot obtain the amount outstanding on the payment date then we will make a number of attempts to contact you by phone, email and/or text message to find out why repayment was unsuccessful and arrange an alternative repayment plan. We urge you to communicate with us if you are concerned that you cannot make the repayment due when we send you repayment reminders, or if you are in default. We will show forbearance and deal with your sympathetically and positively if you are experiencing financial hardship. The sooner you contact us the sooner we can make alternative repayment arrangements and minimise your interest and default costs.

If, following our failed attempts to take payment by CPA on the payment date, our reasonable attempts to contact you fail, you unreasonably refuse to agree a date on which payment can be made, you unreasonably refuse to agree on an alternative repayment plan and/or you provide false information, we may use CPA on the next day to make a further three attempts to collect the total amount outstanding.

If after these attempts we still cannot obtain the amount outstanding, we will cease CPA use as we continue to attempt to contact you to discuss your arrears. Thereafter, if we cannot contact you or you unreasonably refuse to agree an alternative approach or provide false information, then we may use CPA to settle the total amount outstanding (including any charges and arrears) by debiting your debit card. On any one day we may make three attempts. You should consider whether this method of making repayments is acceptable before you take out the loan.

We may be able to repay any amounts we have taken using the CPA where we can see evidence that this has caused you to fall into financial difficulty or to miss priority debts such as rent, mortgage payments or utility bills.

To cancel this CPA you may contact your bank directly. Alternatively, you may ask us to cancel it by contacting us (using the contact details provided). If you do cancel you will still owe the outstanding debt under your loan agreement with us and will need to provide an alternative method of payment.

What happens if I miss a payment?

Unlike other lenders, we will not charge you late fees for the first 4 weeks. However, you will lose your Bonus Reward and you will lose the opportunity to improve your pricing. Please, call your nearest Oakam Store as soon as possible. We will try to help find a solution that works for you.

If an arrangement cannot be reached within the 30 days, or the customer cannot be contacted, a fee of £20 will be charged for each additional month the customer does not make an arrangement with Oakam. In addition, information about late payments will be passed on to Credit Reference Agencies, which may affect your credit rating and make it more difficult to borrow in the future.

What documents do I need to bring to apply for a Bonus 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 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 Bonus Loan. In addition, the Big Plus Loan also offers you money back in form of a Bonus Reward for making on-time repayments.

How much can I borrow?

Between £601 - £5000.

How long can I borrow the money?

For 6 - 36 months.

Does the Big Plus have the Bonus Reward?

Yes, the Big Plus Loan also offers Bonus Reward for on-time repayments.

What other benefits does the Big Plus Loan offer?

You can decrease your pricing over time to silver and gold pricing by repaying on time and being loyal. You will also be able to apply for a larger loan amount once you have built a relationship with us. This is subject to your repayments and circumstances.

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 monthly by Direct Debit from your bank account, by Continuous Authority Form (CAT) or by cash at one of our stores. You can choose between weekly, fortnightly, 4-weekly and monthly repayments. Whatever suits your life best!

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. We will notify you by email and/or telephone call at least one days before attempting to take payment on the payment date, to remind you when repayment is due.

Your debit card (the details of which you provided when you applied for the loan) will be electronically debited on the payment date, for the amount of the repayment due together with any applicable charges imposed in accordance with the terms of the loan agreement.

If the first repayment transaction fails, then we will make a further three attempts to take payment on the payment date to make sure we have not missed your salary deposit. Each of these will be for the total amount payable.

Where we cannot obtain the amount outstanding on the payment date then we will make a number of attempts to contact you by phone, email and/or text message to find out why repayment was unsuccessful and arrange an alternative repayment plan. We urge you to communicate with us if you are concerned that you cannot make the repayment due when we send you repayment reminders, or if you are in default. We will show forbearance and deal with your sympathetically and positively if you are experiencing financial hardship. The sooner you contact us the sooner we can make alternative repayment arrangements and minimise your interest and default costs.

If, following our failed attempts to take payment by CPA on the payment date, our reasonable attempts to contact you fail, you unreasonably refuse to agree a date on which payment can be made, you unreasonably refuse to agree on an alternative repayment plan and/or you provide false information, we may use CPA on the next day to make a further three attempts to collect the total amount outstanding.

If after these attempts we still cannot obtain the amount outstanding, we will cease CPA use as we continue to attempt to contact you to discuss your arrears. Thereafter, if we cannot contact you or you unreasonably refuse to agree an alternative approach or provide false information, then we may use CPA to settle the total amount outstanding (including any charges and arrears) by debiting your debit card. On any one day we may make three attempts. You should consider whether this method of making repayments is acceptable before you take out the loan.

We may be able to repay any amounts we have taken using the CPA where we can see evidence that this has caused you to fall into financial difficulty or to miss priority debts such as rent, mortgage payments or utility bills.

To cancel this CPA you may contact your bank directly. Alternatively, you may ask us to cancel it by contacting us (using the contact details provided). If you do cancel you will still owe the outstanding debt under your loan agreement with us and will need to provide an alternative method of payment.

What happens if I miss a payment?

Unlike other lenders, we will not charge you late fees for the first 4 weeks. However, you will lose your Bonus Reward and you will lose the opportunity to improve your pricing. Please, call your nearest Oakam Store as soon as possible. We will try to help find a solution that works for you.

If an arrangement cannot be reached within the 30 days, or the customer cannot be contacted, a fee of £20 will be charged for each additional month the customer does not make an arrangement with Oakam. In addition, information about late payments will be passed on to Credit Reference Agencies, which may affect your credit rating and make it more difficult to borrow in the future.

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 utility bill.