Oakam @ www.oakam.com


Oakam provides instalment loans both through www.oakam.com and also on the high street. This company arrived in 2007 that was also when they opened their first store. They have just over 20 high street branches with most of these being located around the London area. The Bonus Loan is their main product in focus here, but they also have The Big Plus Loan that has much higher sums and this has to be phoned though to them. With the Bonus product, £200 to £600 is available that can be taken over either 3, 4, 5 or 6 months. With the Big Plus the maximum available sum is £5000.

For pricing, £300 over 3 months would cost just £85 that includes a reward when all repayments have been made on time. This same amount over 6 months would be £150 (4-weekly), £162 (weekly) or £170 (monthly). The repayment schedule is in most cases taken weekly, but over 6 months extra options are provided as shown that makes a difference to the pricing. With the maximum term the daily rate rounds off to 0.315% (monthly), but 0.278% is possible when paying 4-weekly. There is an administration and payout fee (total £40) factored within the charges. Despite the excellent pricing, there are a few issues at hand.

The www.oakam.com site for instance has no login facility and they do not encrypt applications. Telephone verification must be made and faxing may be required in some instances. They do consider self-employed loan applicants and they are BCCA members. They trade from Monday to Saturday from 9am to 6pm and so their coverage is quite extensive. You can of course always pop into one of their stores (their full branch list can be viewed on their website). It is important to make all payments on time here to receive the Bonuses. If you don’t then you would pay £155 (3) or £240 (6) based on our £300 examples.