Oakam loans

bamgbost

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

Candyapple

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?

forgotmyname

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.

WillyWonga

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.

bamgbost

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.

DCFC79

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 ?

Pixie5740

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.

[Deleted User]

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.

forgotmyname

Whats the loan for? Any alternative options?