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Our commitment to responsible lending

At Oakam we are committed to offer our customers responsible access to affordable credit. As a consumer credit lender, we are regulated by the Financial Conduct Authority under the Consumer Credit Act and we take our obligation to treat you in a fair and respectful manner very seriously.

Oakam is committed to responsible lending and the following information is designed to assist you in finding help and managing any financial difficulties that you might find yourself in.

Please feel free to contact our customer care team on 020 8819 3767 with any questions.

What can you expect from Oakam

Affordable Loans with Rewards

We look at every customer individually. We listen to you, consider your current financial situation and establish how much you can afford to repay before making a lending decision. The loan we offer is tailored to your life and needs in terms of repayment amount, repayment frequency (weekly, fortnightly, 4-weekly or monthly) and repayment method (Direct Debit, Card or Cash). To give you an incentive to keep to the agreed repayment schedule, we have designed products that reward on-time repayments with Cash Back Bonus Rewards and lower Silver and Gold Pricing over time.

Transparent Products

We work hard to ensure that your loan is explained in full, highlighting the risks as well as the benefits in an open and transparent manner so that you are fully aware of the terms of your agreement. We are open about any costs so that there are no hidden fees or charges. You know how much you will repay before committing to the loan. No surprises!

We will always give reasonable notice of any policy changes that may affect your loan.

Support to Build or Improve your Credit Score

Oakam will help you to build and improve your credit history by reporting your repayments back to Credit Reference Agencies. Your on-time repayments may improve your credit score over time. However, we will report any missed payments to the same Agencies, and this may affect your credit score adversely and make it more difficult to borrow in the future.

Respectful, Non-Judgemental Service in your language

At Oakam, we are fully dedicated to serving our customers in a respectful and friendly manner at all times. Our employees are committed to understanding your point of view and circumstances and will treat every customer in a non-judgemental and empathetic way.

Your local store team and our customer care team are always available to discuss any difficulties that you might encounter when repaying your loan, for example, if your personal circumstances have changed. We promise to act in a professional and considerate way and will work with you to find a solution. If you have come to the UK from another country and prefer to discuss a loan in your mother tongue – You can! Our multi-lingual advisors are happy to explain everything in the language of your choice! At Oakam we speak 27 languages and many more dialects.

Your Data is Safe!

In accordance with our Privacy Policy, the Data Protection Act 1998 and other data protection laws all personal information is handled securely and in confidence.

If You Feel Dissatisfied

We continually monitor our customer services team to ensure that you always receive polite, professional and timely handling of any queries or complaints you may have. We aim to resolve all complaints within 7 days as set out in our Complaints Policy.

This is what we ask of our customers

It is important that you provide us with accurate and complete information during the loan application. We will use this information to establish the affordability of an Oakam loan and to make a decision about the loan amount, so it's important that the information is 100% right.

We ask you to read all the contractual documents that we provide to you before agreeing to the loan and to ask questions if you are unclear about any aspect of it. Please, feel also free to contact us if you have any questions later regarding the loan.

Please be honest with yourself and us when looking at your weekly, fortnightly or monthly budget. You and us have to feel confident that you can afford the repayments of the loan you like.

After taking an Oakam loan, please take time to regularly review your financial commitments. If anything has changed and you might find it difficult to meet your repayments please contact us at the earliest opportunity. Our friendly Customer Care team will discuss this and can make specific arrangements to support you through this time.

What to do if you experience financial difficulty

We understand that our customers experience unexpected changes in their financial situation from time to time which may make paying back their loans difficult. We aim to provide support to our customers and if this does affect you the following information is designed to help you.

Shorter and midterm loans are not designed to cover long-term financial difficulties and therefore if you cannot meet your repayments do not take out additional loans. This will put you into a debt cycle and will make it even harder for you to get back on track.

It is important to be honest with yourself if you find yourself in a financially difficult situation. Please contact us immediately if you do not believe you will be able to meet the repayment of your loan, so we can work out a solution together. If you do not make us aware and you default on your loan you may incur additional charges.

To stay on top of your finances, we recommend that you regularly review your budget by listing all your bills, loans and other expenditures including credit cards and comparing this against your income. We all spend money on non-essential items and you should try to reduce your spending by prioritising on what is important such as rent, council tax, heating, and child support/maintenance payments.

If appropriate, you may want to think about contacting people who can help you, this could be family and friends or any of the independent financial advisors listed below. Also some unions and employers offer confidential counselling services to employees.

Organisations offering free debt advice

We recommend that you contact the following organisations in the event of severe financial difficulties. All of these offer free advice and may be able to help you.

National Debtline – a free, confidential and independent telephone helpline for debt problems. www.nationaldebtline.co.uk or on Freephone 0808 808 4000 (England, Wales, and Scotland)

Advice UK - a network of independent advice-providing organisations. Telephone 020 7469 5700, or visit www.adviceuk.org.uk

Citizens Advice Bureau – a network of local offices offering free, confidential independent advice - www.citizensadvice.org.uk (England, Wales and Northern Ireland), or www.cas.org.uk (Scotland)

Christians Against Poverty – free advice with local networks www.capuk.org or tel 01274 760720

Consumer Credit Counselling Service – free, confidential advice and support – www.cccs.co.uk or tel 0800 138 1111

Credit Action – www.creditaction.org.uk or tel 0207 380 3390

Payplan – funded by the credit industry but is impartial and deals with all creditors. www.payplan.com or tel 0800 280 2816