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

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  • What to expect when you apply for a short-term loan

    Oakam is a financial technology company and digital micro lenderOur focus is to increase financial inclusion for all by working with our customers to provide fair and equal access to life-enhancing credit services. 

    How can you apply with Oakam? 

    Oakam makes applying for a loan easy. Our business is fully digital – there’s no need to visit a shop or talk to us over the phone. Just apply on our website or download the Oakam mobile app at any time.  

    Some of our general requirements are specified below and all of our loans are agreed on an individual basis according to your circumstances. We never ask you to send us paperwork to apply, we’ll never visit your home and we’ll never ask you to come into a shop. 

    Checklist for loan application: 

    • You must be 18+ years old 
    • A UK resident for at least 6 months 
    • An income of £400+ from salary and/or benefits 
    • You must have a valid bank debit card 
    • An active UK bank account where you receive your main income  

    Applying is easy – In five quick steps: 

    Apply on our website or download the App: Our website has all the information you need to make an application. You can also apply on our mobile app, available in the Google Play Store or on the Apple StoreWhen you apply, we’ll ask a range of questions to understand your loan requirements. Our application form is designed to support your individual circumstances and can be completed in as little as 5 minutes. 

    Application Process: We’ve made our application form really straightforward. You provide the details requested and we make an instant loan decisionWe can be much quicker than a traditional loan provider as we digitally verify your application details. 

    Financial details: The next stage is providing your Income and expenditure. This is an important step as it tells us whether or not you can afford the loan. With Open banking it’s now much easier for us to support customer applications as we get a fuller and more accurate picture of their real financial circumstances.  

    Outcome and Contract: Once you submit your application, we’ll be able to let you know if we can lend to you within a couple of minutes, based on the information you’ve provided. If we’re able to approve your application, we’ll ask you to sign the loan agreement and agree to the terms and conditions.  

    Money Disbursement: If your application has been approved and you’ve accepted the loan agreement, your funds should be with you within just a few minutes. In some cases, it can take a little longer as customers’ banks can take some time to process payments, but generally 85% of our customers receive their funds within five minutes of accepting their loan.   

    Advantages of applying with a FinTech company: 

    • Clarity on terms and conditions of the loan. 
    • Quick and easy application process. 
    • The application process is automated and there’s no need to send in documents or visit a shop 
    • Quick access to the funds you need 


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

     Remember, having a bad credit history is not the same as being in financial difficulty. If you think you are in financial difficulty or are finding it difficult to pay your bills on time you should seek an alternative solution. To get debt advice information, we advise seeking independent advice from an impartial service like Citizens Advice or a qualified Financial Advisor.  


    Related Reading 

    Six money resolutions and how to stick to them  

    How open banking can help you get approved for a loan?