In this article we’re looking at what’s different about getting a loan from a FinTech company, compared with a traditional bank or high street lender, and why you might want to consider this model of lending.
What is a FinTech company?
It’s important to first clarify what exactly we mean by a FinTech company. The term FinTech is used to describe technology that aims to automate the delivery of financial services. It’s used to help loan companies and consumers manage their financial decisions more easily. Oakam is one of the FinTech companies supporting consumers and helping them to understand their own finances better.
The benefits of a fully digital company
Some people like the approach of interacting with a person face to face in a physical building, which is of course the experience you get with most traditional banks and high street lenders.
However, the benefits of using a digital lender to manage your finances can be great. With an app, you can access round-the-clock support to resolve any issues you may have on the spot. You can also receive the same level of knowledge and understanding that you would in a traditional bank; it’s the best of both worlds.
The convenience of this digital model is well-suited to our fast-paced way of life. Instead of having to set time aside to go into a physical building for an appointment, issues can be resolved, and loans approved, at the tap of a screen, allowing you to get on with the rest of your day with peace of mind that your finances have been taken care of.
How does this work at Oakam?
At Oakam we take great pride in our services being extremely accessible to all kinds of customers – this is one of our core philosophies. We support our customers over the phone from 8am–7pm Monday to Friday and from 9am–6pm on Saturdays, ensuring that we offer a full customer service. Our support team is also multilingual, providing inclusive support to serve customers from many backgrounds.
We want to give everyone a fair chance of being accepted for a loan. This is why, through our application form, we get to know our customers, and take into account more than just their credit score.
We also use open banking, which allows us to quickly and efficiently verify some of the details on a customer’s loan application and to see whether they will be able to afford the repayments on the loan they have applied for. It makes the process much smoother for our customers and means we can give instant online decisions.
An advantage of borrowing from FinTech company that uses an online model, is that we can customise our service based on a customer’s personal circumstances, to give you the best experience we can.
Our mobile app allows you to manage your profile, update your details and can provide a more personalised experience of our services than would be possible with a high street lender, where each time you visit you may interact with a different teller who doesn’t necessarily know your story.
The combination of our automated, online model and our highly rated (Our Trustpilot score is 4.5 star over 18.3K Review) and excellent customer service team is why we have so many happy customers across the UK.
If you want to find out more about loans with Oakam, we have a whole page dedicated to explaining how the process works on our website.
How does using an online service affect access to loans?
With FinTech companies, the vast majority of customers are serviced either through a website or an app. This means that you can have faster access to a loan than you otherwise would have with a bank or high street lender, simply because most FinTech companies are always open. With Oakam, provided your application check goes smoothly, you may well be able to get a loan today*.
When you’re using an app, your loan balance is always available to view. This makes things really straightforward to manage your repayments or apply for a new loan or a top up. It’s difficult to find this level of streamlined service with a more traditional bricks and mortar company.
It’s important to remember to stay vigilant when applying for loans online. While most companies are genuine loan companies, and have your best interests in mind, the digital space does unfortunately present the opportunity for companies that are less than sincere to slip through the net. We suggest that you always do your research on official loan sites, and if in doubt, seek independent advice on the best company to go with.
The people at GUD Capital have a great article on FinTech loans if you’d like to find out more.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
*All loans are subject to status and affordability checks.