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    Popular questions  |  What do I need to apply?  |  Oakam Loan  | Existing customers  | Oakam App  |  Open Banking

    Popular questions

    • Who are 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 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.

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

      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.

    • 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 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.

    • 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. We only lend to individuals so we do not accept joint applications.


    • Is Oakam a direct lender?

      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.

    What do I need to apply?

    • How does it work?

      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.

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

    • 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 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.

    • 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 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)

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

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

    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?

      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.

    • How long can I borrow the money for?

      For 3, 6 or 12 months.

    • How long will it take before the loan is disbursed?

      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.

    • How does the Oakam Loan work?

      After you have applied online or on the Oakam app and been accepted for a loan, you will be shown a list of options for the amounts you can borrow and the length of time you can borrow it for. We’ll also clearly display the weekly or monthly repayments that will be due if you accept the loan so you can choose the option that best suits your budget.

    • Can I apply for the Oakam Loan over the phone?

      No. You can only apply for a loan via our website or 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.

    • How do I pay back my loan?

      You can pay back your loan in weekly or monthly instalments by debit card using a Continuous Payment Authority (CPA).

      When you take out the loan, you can provide us with a continuous payment authority (CPA) under the loan agreement. This means we can collect your repayments automatically from your bank account using the debit card details you provide us with.

      Your debit card will be electronically debited on the payment date, for the amount of the repayment due. 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 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 a CPA 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, 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 where appropriate to continue to use the repayment arrangement 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 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 information do I need to make an application?

      During the online application, we will ask you for details of your income and expenditure – how much money you have coming in from work or benefits and how much you pay out in rent, bills, travel, and any other expenses. It’s a good idea to have this information to hand. We’ll also need the details of the bank account you’d like the loan paid into and the debit card you will use to make your repayments.

    Existing customers

    Oakam App

    • Who can use the Oakam app?

      Anyone can download the Oakam app and use it to apply for a loan. If you are accepted, you can then use the app to apply for top-ups, manage your repayments, see your outstanding balance, and review your repayment schedule.

    • 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:

      • Apply for new loans or top-ups to your existing loan
      • Check your outstanding balance
      • Find out your next repayment day
      • Review your repayment schedule
      • Receive notifications
      • View your personal details
    • If I do not want to use the app why can I not apply over the phone?

      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.

    • 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 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

    • 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 email us at help@oakam.com.

    • 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 email us at help@oakam.com.

    • I am having problems logging in?

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

      Click ‘Forgot your PIN?’

      Click ‘reset PIN’ and we’ll send you a temporary PIN via text message. You can use the temporary PIN to reset your Oakam PIN.

      If you are still experiencing issues then please email us at help@oakam.com

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

      You can change many of your details from within the app, including your address, payment card details, email and telephone number. If you have any difficulties updating or changing your details, please email us at help@oakam.com.

    • Can the app show me how likely it would be for me to receive another loan?

      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.

    • My Bank account details are not correct what do I need to do?

      Please email the team at help@oakam.com.

    • When can I get a top up?

      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.

    • 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. We will also send you an email or SMS to let you know when you are able to top up. This depends on your marketing preferences. If you want to receive these reminders, make sure you are opted in to receive emails and SMS from Oakam.

    • 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?

      Just close and reopen the Oakam app on your phone. If your top-up offer is still valid you will be able to apply for a top-up as normal 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. If you were applying on the website, make sure you use the same device and browser to return to your application. If you were using the app, the progress on your application is saved automatically.

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

      Most top-ups 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.

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

      Your loan documents will be available to you in the Oakam app if you applied for the loan or top up on the app. If you applied using the website, you should see your documents after you have accepted your loan offer. If you cannot access these documents, please email us at help@oakam.com.

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

      Please email us at help@oakam.com.

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

      Please email us at help@oakam.com

    Open Banking

    • What is Open Banking?

      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.

    • How does it work?

      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.

    • Who is Credit Kudos?

      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.

    • Will my information be kept safe?

      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.

    • Will Open Banking guarantee that I will be accepted for a loan?

      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.

    • Will Open Banking affect my credit score?

      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.

    • What if I don’t want to proceed with Open Banking?

      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.