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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)
• PayDay Loan (short-term loan)
• Cheque Cashing
• Money Transfer
• Oakam Prepaid Maestro Card
• Phone Cards |
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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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Oakam Office Croydon
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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? |
| A: |
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 £283.83. That means you would get a total Bonus Reward of over £1,700 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 and your last three payslips. |
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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. |
| Q: |
What is a PayDay Loan? |
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A PayDay Loan is a short-term, flexible loan that helps you bridge the gap until your next pay day. It’s a simple and quick way of dealing with cash emergencies. |
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| Q: |
How much can I borrow? |
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From £50 - £800, subject to your financial status. |
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| Q: |
How does the Pay Day Loan work? |
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We lend you money to help you through to your next payday. We take cheques for the amount of the loan to act as security. At the end of the month you have the choice of the following options:
- Pay back the full loan amount by cash or debit card. In this case we will destroy your security cheques.
- Give us permission to cheque the cheques, providing there are funds available in your bank account.
- Pay back part of the loan, (i.e. we cash one or more of your cheques) and roll over the outstanding amount. This is available by request.
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| Q: |
Do you make a credit search for a PayDay Loan? |
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No. There are no credit checks. |
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| Q: |
What documents do I need? |
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To apply you will need photo ID (e.g. a valid passport or driver’s licence), your last 2 bank statements, your last 2 payslips, your bank card and cheque book. |
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| Q: |
What happens if I don’t have all required documents? |
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Please call us on 020 8819 3767 and we will try to find a solution. |
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| Q: |
Do I have to pay the entire loan after one month? |
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No. If you cannot pay off your loan you can request an extension for which you will be charged. You can extend your loan for a maximum of 3 months. |
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| Q: |
How do I pay at the end of the month? |
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You can pay by Credit Card, Debit Card, Cash or give us permission to cash your cheques. |
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| Q: |
What happens if I don’t pay back the loan or don’t ask for an extension? |
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We bank your cheques. |
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| Q: |
Can I get a Pay Day Loan if I do not have a cheque book? |
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No |
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| Q: |
How much does a PayDay loan cost? |
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If you borrow £100.00 over one month you pay £115.00 back. |
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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 one of the cheapest cheque cashing rate in the UK! |
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Are there any other costs? |
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There is a one-time registration fee of £2.50 and a handling fee of £2.50. That’s it – no hidden charges! |
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Do I get a discount if I cash cheques with Oakam regularly? |
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Yes. Every 6th cheque you cash at Oakam (up to the value of £500) is absolutely FREE. All you have to do is get a ‘Free Cheque Cashing’ card at any Oakam store. |
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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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Q: |
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: |
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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