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 with respect.

Every day we support people as they achieve their money goals, build their credit profile, and access better loan rates. At the same time, by using our mobile app to repay on time, Oakam customers are transforming the lending industry, making credit less expensive and more accessible for everyone.

Yes. We ask that you have been a resident in the UK for at least 6 months before applying for a loan with us. All loans are subject to affordability checks and your financial status. We welcome new customers every day and, because our online application process is fully automated, you can apply whenever you need to, seven days a week. All our loans are subject to your financial status.

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 will 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.

Yes, subject to your financial status.

No. We only lend to individuals so we do not accept joint applications.

Yes, we only provide direct loans. This means your relationship is with us not with a broker, and we do not share your details with other lenders or third parties. It also means we can offer flexible lending solutions to suit your situation. You can apply directly using our mobile app and you can contact us via email or phone if you want to talk to someone about your loan. Because we lend directly, there are no fees or charges associated with any of our loans.

It’s simple! You can apply on our website, or via our mobile app. The app can be downloaded from the Apple iStore for iPhone devices, or on the Google Play Store for Android devices. If your application is approved, the cash can be sent to your bank account on the same day. Most successful candidates receive their loans within a couple of hours of being approved.*

*Subject to status. On the application form, 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.

We ask that you have been a resident in the UK for at least 6 months before applying for a loan with us. All loans are subject to affordability checks and your financial status.

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

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 help us understand your current situation when we assess your application for a loan.

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

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 your online application, we will ask for details about your finances, which will help us assess which of our loan options is right for you. We ask that you carefully consider if you can afford the loan repayments before accepting a loan and that you provide accurate information to help us make an appropriate decision. As long as you can afford an Oakam loan, we try to help you, even if:

You’ve been turned down for credit before

You have recently moved to the UK

You are unemployed

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 a debt management

You are bankrupt or have an IVA

Loans are subject to financial status.  1421%APR representative (variable)

We require all customers to have a valid debit card in order to set up their repayments.

With an Oakam Loan, you can borrow between £100 and £1750. For first time Oakam customers, we offer loans of up to £800. As you pay back your first loan, you will be able to top up and unlock bigger amounts, up to £1750.

With our Big Plus product, you can borrow between £1000 and £5000. Big Plus are only available to customers who have borrowed with us in the past.

Most loans are paid into customers’ bank accounts within two hours. Some may take longer, however, depending on how your bank handles transactions. The latest money will be with you is 9 am on the next working day, although very few of our customers have to wait this long.

If you are an existing customer, you can apply for a loan via our mobile app. This allows us to process applications quickly and means our customers can apply at any time, seven days a week, 24 hours a day.

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

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

Provide your mobile telephone number

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.

Create and confirm a password

The best way to see if you qualify for a loan is to make a full application. This will give us all the information we need to make a quick decision. Applying will mean we need to check your credit score with one of the main credit reference agencies.

Please email the team at help@oakam.com.

You will qualify for a top-up 45 days after you take out your initial loan and if you have been making your repayments on time. Top-ups are subject to financial status and affordability checks and may not be available if your financial circumstances have changed in the time between taking the original loan and applying for a top-up.

Open Banking is a government-backed technology that lets you share your financial information safely and securely with specially regulated providers, like Oakam. It allows us to verify the details you’ve provided in your application.

With your permission, Open Banking connects with your bank account and shares specific information about your financial situation with us. It’s just like sending in bank statements, but faster, easier, and more secure.

Open Banking was introduced to drive innovation in financial services in the UK and to help you more easily manage your finances, get access to credit, and save money. It puts you in control of your financial information and allows us to properly assess your Oakam application. If you’d like to know more, the team at Money Saving Expert has put together a helpful article explaining the process in more detail.

When you use Credit Kudos through Oakam, your bank will ask you to log in to your online banking and confirm that you would like to share financial information using secure Open Banking.

Your information will only be shared once you have agreed to do so, meaning you are in control every step of the way. Your bank will only share the specific information we need to assess your loan application, never your login details.

Once you’ve connected to your bank, Credit Kudos will provide us with a report on your financial status and we’ll use this information to help assess your loan application. The whole process can take up to three minutes, but in most cases takes around 30 seconds.

In the past, we’ve only been able to confirm people’s finances by manually sifting through bank statements sent in by customers. By working with Credit Kudos to enable Open Banking, we can assess our customers’ applications quickly and securely and help more people gain access to fast, affordable credit. If you’d like to know more, the team at Money Saving Expert has put together a helpful article explaining the process in more detail.

We’ve partnered with Credit Kudos to help you get access to fair and affordable credit through Open Banking. Credit Kudos is the leading authorised Open Banking third party in the UK and, just like Oakam, is regulated by the Financial Conduct Authority (FCA).

If you choose to proceed with your application via Open Banking, we’ll connect you to Credit Kudos who will guide you through a few steps you need to take. Then you’ll come back to us and we’ll use the information provided to assess your loan. There’s lots more information on the Credit Kudos website.

Yes. When you are asked to log in to your online banking account to enable Open Banking, you are only providing those details to your bank, not to Oakam or to Credit Kudos.

The information shared with us is similar to what you see on your bank statements. The information is then fully encrypted and shared with Oakam across a secure connection, so it’s actually more secure than sending in bank statements by post or email.

Open Banking only gives us the information we need to assess your application. It can’t guarantee that you’ll be accepted for a loan, but it does mean we can make more accurate decisions on who we lend to.

Once we have verified your information using Open Banking, we’ll present you with our decision on whether or not we can offer you a loan today. We can approve many more loans because of Open Banking as we can confirm the details of a greater number of applicants.

No. Applying for a loan with Oakam involves a search of your credit history whether you use Open Banking or not. The extra step of using Open Banking to assess your application will not involve an additional credit history search and so will not impact your credit score.

Unfortunately, if we cannot verify the information you’ve provided in your application, we won’t be able to offer you a loan without connecting to your bank via Open Banking.