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Oakam Loans Alternative

Oakam was a UK-based lender offering accessible personal loans, including options for individuals with limited or poor credit histories. Since Oakam ceased offering loans, borrowers have been exploring alternatives that provide similar features, such as flexible repayment terms and transparent lending practices.

How much would you like to borrow?
Representative 79.9% APR Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%.

If you are looking for an Oakam loan alternative, there are many FCA-regulated lenders in the UK offering personal loans tailored to different financial situations.

What Were Oakam Loans?

Oakam specialised in personal loans for individuals who might face difficulties accessing credit through traditional lenders. They focused on inclusivity, offering loan amounts from a few hundred pounds to several thousand, with repayment terms typically spread over several months.

Features to Look for in an Oakam Alternative

Flexible Loan Amounts

Alternatives to Oakam typically offer loans ranging from £100 to £5,000, catering to both small and medium-sized borrowing needs.

Clear Repayment Terms

Reputable lenders provide instalment loans, allowing borrowers to repay in manageable monthly payments. These terms are transparent and agreed upon upfront.

Accessible for Bad Credit

Many Oakam alternatives assess affordability rather than focusing solely on credit scores, making them suitable for individuals with limited or poor credit histories.

Online Application Processes

Most alternatives now offer fully online applications, ensuring fast approval and convenient access to funds.

Benefits of Choosing an Oakam Alternative

Quick Access to Funds

Many lenders offer same-day approval and funding, allowing borrowers to address urgent expenses without delay.

Transparent Costs

FCA-regulated lenders clearly outline interest rates, fees, and repayment schedules, ensuring borrowers understand the total cost of borrowing.

Responsible Lending

Authorised lenders perform affordability checks to ensure loans are manageable for borrowers, reducing the risk of financial difficulties.

Frequently Asked Questions

What happened to Oakam loans?

Oakam ceased offering loans, and their services are no longer available. Borrowers seeking similar options can explore alternatives from other regulated lenders.

Can I find a loan similar to Oakam if I have bad credit?

Yes, many lenders in the UK specialise in offering loans to individuals with poor credit, focusing on affordability and your current financial situation.

How much can I borrow with an Oakam alternative?

Loan amounts typically range from £100 to £5,000, depending on the lender and your financial circumstances.

Are Oakam alternatives regulated in the UK?

Yes, all reputable lenders must be authorised by the Financial Conduct Authority (FCA), ensuring fair and transparent lending practices.