Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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  • Four common misconceptions about Oakam


    With many digital lenders out there, it can be hard to differentiate between Oakam and another. But there are a number of key things that make Oakam different (we think better!) to other online lenders. We thought it was time to address some of the myths about our affordable credit services! 

    Myth 1: we are a payday lender 

    This is a very common misconception about Oakam loans. We offer short-term loans and, because payday loans are a type of short-term loan, this is likely where the confusion has crept in.  

    With a payday loan the repayment period is very short, and the loan is usually paid back in a single sum when your monthly salary or wages come into your account. 

    An Oakam loan, however, is a loan repaid over a minimum of six months (we even offer loans for three years for existing customers). You can pay in instalments, and the repayment schedule is not always linked to your income schedule; most customers repay a small amount weekly. 

    We also offer bad credit loans to customers who might be struggling to get a loan elsewhere. Just as with other online or payday lenders, we provide loans for bad credit. However, we’re different because we help those who are so often turned away due to their poor credit history, to help get them onto and up the credit ladder – not all lenders do this. 

    Myth 2: we do manual, in-person applications 

    We don’t. We’re an online-only company, meaning we’re fully digital. In 2018 we made the switch ‘from bricks to clicks’ and moved away from our high-street storefronts. We made this decision because we wanted to reach as many people as possible in the most efficient way, to make our loans even more accessible. 

    Because we’re one of a few fully digital online lenders, we don’t do manual applications. This means you don’t need to come to a store or wait for us to be open during office hours. Instead, when you create an account on our mobile app, you can submit an application at any time and get a credit decision in minutes.  

    With our digital system, most applicants receive their money within a few minutes of their loan being approved.

    Myth 3: you cannot make payments via the Oakam app 

    Prospective customers may not know that your loan with us can be entirely managed via the Oakam app. Everything from applying for a loan or a top up, to viewing your outstanding repayments.  

    You can also make arrears payments from the app or settle your loan early. Standard repayments are scheduled to be taken from your bank account automatically, but if you fall behind then you can catch up quickly and easily in the Oakam app 

    However, if you do want to talk to a real person about your loan, our expert team is available 8am-7pm Monday to Friday (and 9am-6pm on Saturdays), and they’re here to help! 

    Myth 4: we do not reach out when a customer falls behind with their repayments 

    This is a big misconception. As a loan organisation, we don’t just approve your loan and call it a day. We want to help you through the whole loan process, from start to finish, and we’re on hand to offer support if you need it.  

    We know that the odd missed payment can happen, which is why we like to stay in touch and ensure that no further payments are missed. In the long run, missed payments can have a negative impact on your credit score and we want to avoid this wherever possible. 

    If for whatever reason you fall behind with your repayments or have a payment declined, we’ll reach out with an email or a call the very same day to check in and make sure you’re alright. 

    These common misconceptions, if left unchecked, could mean you disregard Oakam as a potential lender, when in fact we might be a perfect fit for your needs. We hope this article has cleared up some of the mis-truths that are out there about Oakam, to show that we’re so much more than your typical online lender!  

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. To get debt advice information, we advise seeking independent advice from an impartial service like Citizens Advice or a qualified Financial Advisor.  


    Representative example: If you borrow £300 over 6 months at 279% per annum (fixed) you would make one repayment of £17.06 and 25 weekly repayments of £21.66. You would repay £558.56 in total. The total cost of credit would be £258.56.