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Your questions answered
We understand that financial products can sometimes be rather complicated and confusing to understand, or that you
may want to know more about Oakam. So we have made a list of your most frequently asked questions to help you.
Just click on any of the links below to find out more.
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| Q: |
Who is Oakam? |
| A: |
Oakam provides straightforward and simple financial services for everyone. We want you to get the most from your hard earned money, so you can enjoy the important things in life. |
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We offer the following services: |
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• Bonus Loan (long-term loan)
• Emergency Loan
• Cheque Cashing
• Money Transfer
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| Q: |
Is there an Oakam store close to me? |
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We already have Oakam stores all over London and we are opening new Oakam stores all the time.
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| Walthamstow |
23 High Street, E17 7AD |
| East Ham |
175 High Street North, E6 1JB |
| Barking |
60 East Street, IG11 8EQ |
| Dalston |
6 Kingsland High Street, E8 2JP |
| Kilburn |
159 Kilburn High Road, NW6 7HU |
| Shepherd's Bush |
190-192 Uxbridge Road, W12 7JP |
| Streatham |
100 Streatham High Road, SW16 1BS |
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92 High Street, SE13 5JH |
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240 Walworth Road, SE17 1JE |
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Stratford |
31 Broadway, E15 4BQ |
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Watford |
69-71 The Parade, High Street, Watford, WD17 1LJ |
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Slough |
288 High Street, Slough, SL1 1NB |
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Romford |
86 South Street, Romford, RM1 1RX |
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Croydon |
12-14 George Street, Croydon, CR0 1PA |
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Wood Green |
140 High Road, Wood Green, London, N22 6EH |
| Oakam Office Croydon |
Oakam Ltd, Melrose House, 42 Dingwall Road, Croydon,CR0 2NE
Tel: 0208 819 3767 |
| Q: |
I am new to the UK. Can Oakam help me with my money? |
| A: |
Yes. We may be able to lend you money, subject to your financial status. |
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| Q: |
I don’t speak English very well. Can I speak to someone in my own language? |
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Yes. We know how important it is for you to understand financial matters. Oakam staff
come from all over the world and speak: Polish, Spanish, Portuguese, German, French,
Lithuanian, Greek, Russian, Afrikaans, English. |
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| Q: |
What is a Bonus Loan? |
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A Bonus Loan is the only long-term loan that gives you money back in form of a Bonus Reward for making on-time repayments. |
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| Q: |
How much can I borrow? |
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Between £200 and £5,000 |
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| Q: |
How long can I borrow the money? |
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Between 6 and 36 months |
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| Q: |
How does the Bonus Reward work? |
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Oakam rewards you for making on time repayments by giving you money back. For every 6 months you make on time repayments we will reward you. If you borrowed the maximum £5,000 over three years, every six months (providing you make on time repayments) you would receive a Bonus Reward of £377. That means you would get a total Bonus Reward of over £2,279.67 paid back to you over the three-year term! |
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| Q: |
Does Oakam do a credit search? |
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Yes. But we do not base our decision on your credit history only. We look at other factors as well. If you have been declined by other companies before, we will still consider your application. |
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| Q: |
I have not been in UK for long and have no credit history. Can I get a loan? |
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Yes, subject to your financial status |
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| Q: |
I am receiving benefits, am I eligible for a loan? |
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Yes. You may be able to qualify for £500 loan (over 12 months). |
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| Q: |
I am self-employed. Can I get a loan? |
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Yes, subject to your financial status. |
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| Q: |
How do I pay back my loan? |
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There are various options. You can pay monthly by Direct Debit from your bank account, by cash or with an Oakam Maestro Card at one of our stores. |
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| Q: |
What happens if I miss a payment? |
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Call your nearest Oakam Store as soon as possible. We will try to help find a solution. For the contact details of your nearest Oakam Store click here. |
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| Q: |
What documents do I need to bring to apply for a Bonus Loan? |
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You will need photo ID (e.g. valid passport or driver’s licence), your last 3 bank statements, your last three payslips and a utility bill. |
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| Q: |
What does APR mean? |
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The APR (Annual Percentage Rate) is the total cost of a loan, including interest charges and product fees, shown as a percentage rate. The calculation assumes that you maintain the loan for the full term. |
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How does cheque cashing work |
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Simply take your cheque to any Oakam store. Show your ID and proof of address. Get your money minutes later. |
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What types of cheques does Oakam cash? |
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Any cheque apart from personal cheques |
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How much does it cost to cash cheques at Oakam? |
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At just 2.9% we offer you a cheap cheque cashing rate! |
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Are there any other costs? |
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There is a First time Handling Fee - £2.50, thereafter £1.50. That’s it – no hidden charges! |
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Q: |
I’ve heard that every 6th cheque that I cash with Oakam it is free. Is this true? |
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A: |
As of midnight on 17th July 2011, this special promotion has now closed. Please note that if you already have a ‘Free Cheque Cashing’ loyalty card, we will honour it for 6 months from the closing date. This means that 18th January 2011 was last day of honouring a qualifying free cheque cashing |
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What documents do I need? |
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All you need is proof of your identity and address to get your cash in minutes. |
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Is Oakam a member of the British Cheque Cashing Association? |
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Yes. We are bound by their code of conduct which provides you with the best levels of service |
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Q: |
I’ve heard that if I use Oakam to send 3 Moneygram transfers I get the 4th free. Is this true? |
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As of midnight on 17th July 2011, this special promotion has now closed. Please note that if you already have an Oakam MoneyGram loyalty card, we will honour it for 3 months from the closing date. This means that 18th October 2011 was the last day of honouring a qualifying free money transfer |
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| Q: |
How do I make a complaint? |
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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.. |
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