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Oakam loans

edited 30 November -1 at 1:00AM in Loans
8 replies 9.6K views
bamgbostbamgbost Forumite
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edited 30 November -1 at 1:00AM in Loans
Anybody borrowed from this "highstreet" lender before?

I am looking for a loan, for 3/3.5k. I don't have great credit rating.
And I have been trying to read up on reviews / feedback from these guys. But everything is quite limited and from years back.

If anyone has any dealings with them, and can recommend them or not (as the case may be)

Thanks
Light Bulb Moment 26/03/20: Non- Mortgage Debt £67800;

Replies

  • CandyappleCandyapple Forumite, Board Guide
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    Sounds like another lender with extortionate rates. £3k over 2 years at £300 per month paying back a total of £7.2k :eek:

    Can you afford the monthly repayments?

    Would it not be easier to do a budget and look at ways to cut back your outgoings so as to save an equivalent amount monthly?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • forgotmynameforgotmyname Forumite
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    If you have a poor credit rating then the interest rate will be eye watering. Save up or wait until your financial situation improves.

    I was on the verge of bankruptcy, It was a big lesson that you think only happens to others so it came as a shock.

    That was without paying extortionate interest rates.
    Censorship Reigns Supreme in Troll City...

  • WillyWongaWillyWonga Forumite
    324 posts
    Short term gain - ie the money. Long term loss - ie the interest and amount paid back.

    Think for a minute, if you miss a payment with these guys you will be trapped forever with charges. Explore all options, speak to your local CAB and advise what you want the money for and they will give you the best advice what is available.
  • bamgbostbamgbost Forumite
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    Fair enough guys. I appreciate the opinions and all.

    And I do realise its not the best. But considering mycircumstances, its one of my better options.



    But if anyone has direct experience with using them pleaselet me know.
    Light Bulb Moment 26/03/20: Non- Mortgage Debt £67800;
  • DCFC79DCFC79 Forumite
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    I can see what will happen in say a years time, you will post on here saying you cant manage the repayments.

    How long would you have the loan for ?

    As been suggested can you not work a budget out and stick to it ?

    What debts is it you have ?
  • Pixie5740Pixie5740 Forumite
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    bamgbost wrote: »
    And I do realise its not the best. But considering mycircumstances, its one of my better options.

    Really? With a representative APR of 134? :eek:

    A loan of £3k to £3.5k would be one of their "Big Plus" loans with terms of between 18 months and 36 months.

    If you borrow £3k for 18 months your monthly repayments will be around £390 a month and in total you would repay over £7k.

    If you borrow £3k for 36 months your monthly repayments will be around £340 and in total you'll repay over £12k.

    Do you have that kind of money to make monthly repayments? If so just save up £3k.
  • keepcalmandstayoutofdebtkeepcalmandstayoutofdebt Forumite
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    I remember this article http://www.dailymail.co.uk/news/article-2094115/Instant-money-loans-Payday-loan-firms-ruining-lives.html
    features Oakam, though it's written in the bad payday loan days



    Have you researched anything else?

    For balance - from their website today as I nearly said do you live in London? so forgive me!
    About 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 respectfully and in their language. That is why we look at each person individually! We listen and discuss their circumstances and needs face-to-face before we make a decision on how much we can lend.
    We currently have stores across London, the Midlands and a telephone based Virtual Store which serves the entire UK. Our over 260+ staff speak more than 20+ languages and even more dialects and are happy to help you!"


    Personally I've treated short term lending as an alternative need to ask the state for help it's on that needed only basis - hence borrow small and or affordable and you will likely survive, hope this helps from someone who has been in the gutter and see's it just slightly different, when you confirm you are able to repay you'll understand :)
    These types of lenders all do now report to the CRA's, same as any other.
  • forgotmynameforgotmyname Forumite
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    Whats the loan for? Any alternative options?
    Censorship Reigns Supreme in Troll City...

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