Help

FAQs

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  • Popular questions

    Who is Oakam?

    Oakam provides straightforward and simple financial services for people who find it difficult to borrow from banks. We offer responsible access to credit and are dedicated to serving our customers respectfully and in their language.

    Since our first store opening in 2007, we have opened 22 stores across London and the Midlands and serve the rest of the UK over the phone in our Virtual Store (until we open a store near you). Our 260+ staff speak more than 20+ languages and even more dialects and are happy to help you! Just call or email us for more information or apply via our online application form.

    We offer the following services:

    • Oakam Loan (£200-£1750 over 3, 6 or 12 months)
    • Lift Loan (£2000-£5000 over 12, 24 or 36 months)

    I am new to the UK. Can Oakam help me with a loan?

    Yes. We may be able to lend you money, subject to your financial status.

    I don't speak English very well. Can I speak to someone in my own language?

    Yes. We know how important it is for you to understand financial matters. Oakam staff come from all over the world and speak 20+ languages including English, Polish, Romanian, Spanish, Portuguese, German, French, Lithuanian, Greek, Russian, Afrikaans, so if we have a member of staff that speaks your language we will connect you with them.

    What does APR mean?

    APR stands for Annual Percentage Rate.

    The APR is a standard measure used across all credit products to help consumers compare the cost of loans. Because the APR reflects the annual rate of charge for a loan it is not always an easy measure to understand when comparing loans of different lengths.

    The APR is, accordingly, an effective comparison tool for similar products, but in addition to the APR, we always show you the total cost of a loan and the individual instalments, i.e. what you actually have to pay back in full. We believe this information gives you a fuller picture of the costs of our loans and should help you make an informed decision whether one of our loans is suitable for you.

    I am self-employed. Can I get a loan?

    Yes, subject to your financial status

    Can I have a joint application with my partner?

    No.

    Why do I have to provide references?

    We require references as part of our process of establishing your identity. Your references are not required to act as guarantors for your loan.

    Can I bring someone to translate for me?

    No. However our staff speak over 20 languages both in store and in the contact centre so it is very likely that you will be able to speak to someone in your language.

  • What do I need to apply?

    How does it work?

    It's simple! Just fill in an online form or call our multilingual advisors to book an appointment for a loan application in-store or over the phone. Then get the cash same day once your loan is approved.*

    *Subject to status. We will ask you for your monthly income and expenditure in detail, in order to confirm that you can afford the monthly repayments over the life of the loan. To receive money the same day, the phone application has to be finalised by 1pm.

    What documents do I need to bring to apply for a Lift Loan?

    You will need photo ID (e.g. valid passport or UK driver's licence), recent bank statements and payslips and ideally a recent utility bill.

    What documents do I need to bring to apply for an Oakam Loan?

    You will need photo ID (e.g. valid passport or UK driver's licence), recent bank statements and payslips and/or benefit letters and ideally a recent utility bill.

    Over the phone we will perform some electronic checks but you may also be asked to send us a copy of a recent bank statement, payslip or benefit letter.

    I have not been in UK for long and have no credit history. Can I get a loan?

    Yes, subject to your financial status.

    I am receiving benefits, am I eligible for a loan?

    Yes, if you receive income from benefits you may be eligible for an Oakam Loan.

    Does Oakam do a credit search?

    Yes. But we do not base our decision solely on your credit history. At Oakam we understand that life doesn't always go as planned. We understand that you may have run into financial difficulties in the past and as a consequence you may have a poor credit history. Unlike other lenders though, Oakam will not automatically blacklist you because you have missed repayments. Your credit history and affordability assessment helps us understand your current situation when we assess your application for a loan.

    So, if you have been declined by other lenders in the past, we might still be able to help you.

    1421%APR representative (variable)

    What are the minimum requirements to apply for a loan from Oakam?

    You must be:

        Over 18

        A UK resident for 6 months+

        With a minimum monthly income of £400 from benefits or salary (or both) or self-employment

    During the application we will assess your personal affordability which will help us in assessing which of our loan options may be right for your circumstances. We ask that you carefully consider if you can afford the loan repayments and that you provide accurate information to help our staff make this assessment. As long as you can afford an Oakam loan, we will also try to help and lend to you even if;

        You've been turned down for credit before

        You have recently moved to the UK

        You are unemployed

        You have had CCJs in the past

    As responsible lenders, we unfortunately will not be able to lend to you if:

        You cannot afford the repayments of a loan from Oakam

        You are currently in debt management

        You are bankrupt or have an IVA

    1421%APR representative (variable)

    I don't speak English very well. Can I speak to someone in my own language?

    Yes. We know how important it is for you to understand financial matters. Oakam staff come from all over the world and speak 20+ languages including English, Polish, Romanian, Spanish, Portuguese, German, French, Lithuanian, Greek, Russian, Afrikaans, so if we have a member of staff that speaks your language we will connect you with them.

    I am new to the UK. Can Oakam help me with a loan?

    Yes. We may be able to lend you money, subject to your financial status.

    What does APR mean?

    APR stands for Annual Percentage Rate.

    The APR is a standard measure used across all credit products to help consumers compare the cost of loans. Because the APR reflects the annual rate of charge for a loan it is not always an easy measure to understand when comparing loans of different lengths.

    The APR is, accordingly, an effective comparison tool for similar products, but in addition to the APR, we always show you the total cost of a loan and the individual instalments, i.e. what you actually have to pay back in full. We believe this information gives you a fuller picture of the costs of our loans and should help you make an informed decision whether one of our loans is suitable for you.

    I am self-employed. Can I get a loan?

    Yes, subject to your financial status

    I don't have a debit card - can I still apply?

    We require all new customers to have a valid debit card in order to set up their repayments. Existing customers who already make their repayments in cash can continue to do so.

  • What loans do you offer?

    Oakam loan

    What is an Oakam Loan?

    An Oakam Loan is an instalment loan that lets you spread the cost of borrowing over a few months. It is intended for short term use and not to fund on-going living costs or expenses. It is a high cost product, so you should consider if there are cheaper options available to you before applying.

    How much can I borrow?

    Between £200 and £1750.

    How long can I borrow the money for?

    For 3, 6 or 12 months.

    How does the Oakam Loan work?

    Following assessment of your application, you can see your loan options for affordable repayments that fit your budget and when you receive your income.

    Can I apply for the Oakam Loan over the phone?

    Yes, you can apply for the Oakam Loan over the phone or in one of our stores.

    How do I pay back my loan?

    You can pay by debit card using a Continuous Payment Authority (CPA) with weekly or fortnightly repayments.

    When you take out the loan, you may provide us with a continuous payment authority (CPA) under the loan agreement, so that we can collect repayments automatically from your bank account using the debit card you nominate for this purpose.

    Your debit card will be electronically debited on the payment date, for the amount of the repayment due, so if you lose your card or change your details you must let us know so that you do not miss making your repayment on time.

    You can stop making repayments by CPA at any time by visiting us in store or by contacting our customer care team. You will need to provide an alternative method of repayment to avoid missing repayments and falling into arrears. You may also cancel it by contacting your bank.

    What happens if I miss a payment?

    It is important that you contact us as soon as you are aware that you cannot make a repayment. It is your responsibility to make repayments and to ensure your account is up to date.

    If the first repayment transaction fails, and you are paying by CPA, then we may make a further attempt to take payment for the total amount due. We will try to contact you to notify you that the repayment has failed; arrange an alternative means for you to repay the missed repayment, remind you of your next repayment, if applicable, and obtain your consent were appropriate to continue to use the CPA to collect your future repayments.

    Unlike other lenders, we will not charge you late fees, so the cost of your loan will not increase. We do report your repayment history to Credit Reference Agencies and missed repayments may be shown on your credit history. Other lenders will see this and it may make obtaining credit in the future more difficult. Please contact us by phone or in store as soon as possible if you miss a repayment. We are committed to working with any customers in financial difficulty and will try to help find a solution that works for you.

    What documents do I need to bring to apply for an Oakam Loan?

    You will need photo ID (e.g. valid passport or UK driver's licence), recent bank statements and payslips and ideally a recent utility bill. 

    Lift loan

    What is a Lift Loan?

    The Lift Loan lets you borrow larger amounts over a longer time than the Oakam Loan. It is an instalment loan with repayments matched to when you receive your income.

    How much can I borrow?

    Between £2000 - £5000.

    How long can I borrow the money?

    For 12, 24 or 36 months.

    Can I apply for the Lift Loan Loan over the phone?

    Yes, you can apply for the Lift Loan over the phone or in one of our stores.

    What happens if I miss a payment?

    It is important that you contact us as soon as you are aware that you cannot make a repayment. It is your responsibility to make repayments and to ensure your account is up to date.

    If the first repayment transaction fails, and you are paying by CPA, then we may make a further attempt to take payment for the total amount due. We will try to contact you to notify you that the repayment has failed; arrange an alternative means for you to repay the missed repayment, remind you of your next repayment, if applicable, and obtain your consent were appropriate to continue to use the CPA to collect your future repayments.

    Unlike other lenders, we will not charge you late fees, so the cost of your loan will not increase. We do report your repayment history to Credit Reference Agencies and missed repayments may be shown on your credit history. Other lenders will see this and it may make obtaining credit in the future more difficult. Please contact us by phone or in store as soon as possible if you miss a repayment. We are committed to working with any customers in financial difficulty and will try to help find a solution that works for you.

    What documents do I need to bring to apply for a Lift Loan?

    You will need photo ID (e.g. valid passport or UK driver's licence), recent bank statements and payslips and ideally a recent utility bill.

    How do I pay back my loan?

    There are various options. You can pay by Direct Debit from your bank account, by debit card using a Continuous Payment Authority (CPA) or by cash at one of our stores. You can repay weekly, fortnightly, 4-weekly and monthly so that your repayments fit with when you receive your income.

    When you take out the loan, you may provide us with a continuous payment authority (CPA) under the loan agreement, so that we can collect repayments automatically from your bank account using the debit card you nominate for this purpose.

    Your debit card will be electronically debited on the payment date, for the amount of the repayment due, so if you lose your card or change your details you must let us know so that you do not miss making your repayment on time.

    You can stop making repayments by CPA at any time by visiting us in store or by contacting our customer care team. You will need to provide an alternative method of repayment to avoid missing repayments and falling into arrears. You may also cancel it by contacting your bank.

  • Existing customers

    Is there an Oakam store close to me?

    You can use our store finder to check if there is an Oakam store close to you. We already have Oakam stores all over London and across the Midlands and we are opening new Oakam stores across the UK all the time. If we don't have a store near you yet, that's not a problem! We can offer you a same-day loan over the phone. Just call our friendly, multi-lingual advisors to find out more or apply on 020 8819 3767 or on 0844 84 85 767. You can also send us a web-enquiry form and we will call you.

    How do I make a complaint?

    You have three options to make a complaint;

    1.  Speak to an advisor in your local Oakam store.
    2.  Submit a complaint online.
    3. Call our customer care team on 020 8819 3767, select your preferred language and then press 2.

    How do I pay back my loan?

    There are various options. You can pay by Direct Debit from your bank account, by debit card using a Continuous Payment Authority (CPA) or by cash at one of our stores. You can repay weekly, fortnightly, 4-weekly and monthly so that your repayments fit with when you receive your income.

    When you take out the loan, you may provide us with a continuous payment authority (CPA) under the loan agreement, so that we can collect repayments automatically from your bank account using the debit card you nominate for this purpose.

    Your debit card will be electronically debited on the payment date, for the amount of the repayment due, so if you lose your card or change your details you must let us know so that you do not miss making your repayment on time.

    You can stop making repayments by CPA at any time by visiting us in store or by contacting our customer care team. You will need to provide an alternative method of repayment to avoid missing repayments and falling into arrears. You may also cancel it by contacting your bank.

  • Oakam App

    Who can use the Oakam app?

    You will be able to register for our app once you have taken out a loan with us.

    How can the Oakam app help me?

    The Oakam mobile app you can help you manage your loan by allowing you to do the following directly on your mobile:

    •     Check your our outstanding balance
    •     Find out your next repayment day
    •     Review your repayment schedule
    •     Receive notifications
    •     View your personal details

    You will also easily be able to find your nearest store, contact us and have any potential queries you may have answered

    How can I download the Oakam app?

    You will be able to download the app from the App Store by clicking here or from the Google Play™ store by clicking here.

    How do I register for the Oakam app?

    To register for the Oakam app all you need to do is download the app and follow the below steps:

        Provide email address

        Enter DOB & Postcode

        Create and confirm a password

    To verify your account we will send you a pin code to your email address, which you will need to enter before completing your registration. Please note that you will need to register using the details you last provided to us.

    I have not received my pin code?

    Please check your junk mail folder and if it is not there then click to resend the pin. If you are still experiencing issues then please call us on 03332 201 129 and we will do our best to help you.

    I am having problems with the app how can I get help?

    Please ensure you are registering using the details you last provided us with. If you are still experiencing issues then please call us on 03332 201 129 and we will do our best to help you.

    I am having problems logging in

    If you have forgotten your login details you can reset these by following these steps:

    1.     Click Trouble logging in
    2.     Enter Email, DOB & Postcode
    3.     Check email for temporary pin code
    4.     Enter Pin
    5.     Create new password

    If you are still experiencing issues then please call us on 03332 201 129 and we will do our best to help you.

    My personal details are not correct what do I need to do?

    Please call us on 03332 201 129 to update your details.

    My account details are not correct what do I need to do

    Please call us on 03332 201 129 to discuss your account.

    How do I know if I am eligible for a top-up?

    Log in to the app and check out the notification screen to see if you have an offer to apply for a top-up.

    How do I apply for a top-up?

    If you have received a top-up offer tap ‘Apply for a top-up’ on the notification screen and follow the steps. For more details click here

    I said no to credit check, but have changed my mind. What do I do?

    If your top-up offer is still valid you will be able to apply for a top-up by tapping ‘Agree and continue’ on the notification screen.

    I abandoned my application. Do I need to restart?

    No, you will be able to pick up your application where you left off.

    When will the money for my top-up be transferred?

    If you submit your application before 5:30pm Monday to Friday or 4:30pm Saturday your money will be transferred the same day.  If you submit your application after these times the money will be paid out 9am the next working day. Please note that this is subject to final checks and your bank.

    Why do I need to provide documents?

    At times we need to verify a few details to ensure the top-up is suitable for you. This will be quick and easy and all you need to do is send us the required document and give us a call.

    I have not received my Pre-Contract / Loan Agreement. What do I need to do?

    Please give us a call on 03332 201 129 and we will help you.

    I have not received my money. What do I need to do?

    Please give us a call on 03332 201 129 and we will help you.

    I am having issues with my applications. What do I need to do?

    Please give us a call on 03332 201 129 and we will help you.

Lift Loan
73.1% representative (variable)

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