Before we launch, you can sign up to be part of the exclusive early access group on the Loal website.
Loal is a brand new credit building and lending app that will be available very soon. Loal’s mission is to equip people with the tools they need to overcome short-term financial difficulties, build or rebuild their credit profiles and enhance their overall financial literacy.
Before the launch, you can sign up to be part of the exclusive early access group on the Loal website.
Bad credit? We’ll listen
We’ll listen to your story if you are on benefits, have a bad credit history or just arrived in the UK. We’ve made it our mission to break down financial barriers and increase access for all.
No home visits — ever!
Money is a private matter and we keep it that way. Think of us as an alternative to doorstep loans. We’ll never knock on your door and you can always reach us online or over the phone.
No hidden surprises
At Oakam you’re always in control. Our products are simple and transparent. We don’t charge late fees and there’s no cost associated with repaying early.
Your bridge to a brighter financial future
As you pay back your Oakam loan, you can unlock lower rates, bigger amounts and longer terms. It’s our way of helping you build your credit profile over time.
Manage your loan with the Oakam app
Access your loan and repayment schedule by downloading our app, and apply for tops ups and new loans in the future.
Frequently asked questions
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.
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.
Yes. But we do not base our 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.
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.
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.