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  • Provident Loans alternative

    Provident Financial have made the decision to close their Consumer Credit Business. Provident served thousands of customers across the UK and many may now be concerned about how they will access the credit they need.

    Provident offered cash loans delivered to your door. Their lending business relied on agents visiting customers’ homes to arrange and collect loan payments. We arrange all our loans via our website and mobile app – so no one will come to your home to collect payments.

    If you had a Provident Loan, or you were hoping to take out a loan with Provident, we might be able to help you find a new lending home. Whether you’re looking for a short-term loan to tide you over a rocky patch, or if you’ve got a poor credit history and are looking for a way to get onto the credit ladder, we’re here to help as many customers as we can.

    Below we’ve compared Provident Loans with Oakam. This shows that our minimum APR is lower and that we are able to offer bigger loan amounts and longer loan terms. We also have a higher number of four and five star reviews on Trustpilot.

    Oakam as an alternative to Provident

    Oakam provides an alternative to doorstep loans – such as Provident – but is so much more than your typical short-term lender. Our loans have been designed to grow with you, which means that as you repay your first loan, you gain access to bigger loans with lower rates that span longer time periods. At Oakam you’re rewarded for being a reliable customer and through our products you can increase your access to affordable credit.

    First-time customers can access loans of up to £800, which is repaid over six months. As you progress with us, you can then unlock loans of up to £5,000, which can be repaid over six, nine, 12, 18 or 36 months.

    We pride ourselves on offering financial support and services to customers from all backgrounds, in particular the financially underserved and excluded.

    We strive to open the door to as many people as possible, to level the financial playing field and rebuild the broken credit system. Whatever your credit history, we will consider you for a loan.

    Comparison of Oakam and Provident Loans

    Lender Min APR Max Loan amount TrustPilot TrustScore
    Oakam 49%  £5,000 4.7
    Provident   300%  £2,500 1.6

    How it works

    We get to know all our customers, not just as digital profiles, but as real people. We take the time to find out about an applicant’s personal history, their daily habits, their goals, and more, so that we can form a three-dimensional understanding of them, to best judge their suitability for an Oakam loan.

    We use the latest technology to make sure all our loans are affordable. Through our secure open banking process, we help loan applicants get approved for the finance they need. With your permission, open banking connects with your bank account and securely shares relevant information about your current financial situation with Oakam. We only use open banking when we’re unable to verify your application information from the credit bureaus. So far, we’ve approved 1,000s of loans using open banking.

    Because we’re a digital lender and your loan is managed through the Oakam app, you have round-the-clock access to your profile. You can use this to find a summary of borrowing, your repayment schedule, and to manage your loan.

    We also send records of timely repayments to the credit bureaus, so while you’re borrowing from us, you’re working towards building a better credit score.

    Oakam customer reviews speak for themselves

    Don’t just take our word for it – take a look at our Trustpilot reviews to see what our customers have to say. 92% of our customers have rated us as five stars out of five, which is something we’re incredibly proud of. With over 18,000 reviews, you can be confident that we act in the interests of our customers as a reliable and responsible lender.

    We want to help Provident’s customers smoothly transition to a new lender if they’re looking for affordable finance options. At Oakam we will always work in your best interests in mind.

    Early repayment

    With Oakam you can repay your loan using the app with no early resettlement fees.

    We think it’s a better idea to have this information ready and available in the app for our customers to check at any time and we don’t believe in charging early repayment fees. In fact, there are no fees or charges associated with any of our loans. Our customers can make an early repayment or settle their loans in full at any time.

    Loan terms

    While Provident offered loans of up to one year, our loans can be repaid over a maximum term of 36 months for existing customers. This means customers can choose to reduce their weekly or monthly repayment by opting for a longer loan term. For new customers, Oakam offers loans of up to £800 for a term of 6 months.

    Fast Loans

    Over 80% of our loan applicants are paid their money within a few minutes of being approved for an Oakam loan. We know that quick loans are important for many of our customers.

    Forget the paperwork

    One of things that slows down the lending process is the need to have your application details verified through documents such as bank statements or identification paperwork. With Oakam, we look after all of this automatically either using your credit bureau data or, where there isn’t enough information about you held by the credit bureaus, through open banking.

    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.

    Loan term lengths between 3 and 36 months. Minimum APR 67.97%. Maximum APR 1431.41%. New customers can borrow up to £800 for a term of 6 months. Existing customers can borrow up to £5,000 for a term of up to 36 months. Early repayment options are available and are not associated with any fees or cost. There are no additional fees associated with any of our loans. All loans are subject to status.

    Loans like Provident

    If you’re a previous Provident customer or you’re looking for a loan like Provident, then we might be able to help! You’ll find that we’re faster, cheaper and more interested in your long term financial health and we’re open to applications 24/7 via our website and mobile app.

    We’re here to provide you the credit you need and help you build your credit profile. You can apply online or on the app at any time.