Oakam Bonus Loan
Good:
You are rewarded with money for making 6 repayments on time - they can help you rebuild your credit
Bad:
APR is very high and if they have your details, they constantly contact you to promote their loans
Verdict:
This loan is a cross between a payday loan and an unsecured loan - you can borrow a small amount, over a short or long period of time but they still charge a high interest rate
The Oakam Bonus Loan is a loan from £200 - £5,000 (£500 if you are on benefits). They offer you a Bonus Reward every time you make 6 payments in full and on time.
To apply, you will need to visit your loan Oakam Store and arrange an appointment. Or, you can complete the request form on their "Contact Us" page and they will call you back. You will then be able to complete a loan application for. You will need to take with you the documents listed below. They will review your loan application in-store and issue you a cheque if accepted. You then need to take your cheque to any Oakam store along with your ID and proof of address and they will cash it within minutes.
This company has 16 Oakam stores across London and they are continuing to open more. It is only convenient if you live within these areas as you need to attend an appointment and cash your cheque in-store. They are a quick company and are able to get your loan to you quite fast. Oakam have people in their offices from all parts of the world so if you don't speak very good English then they will still be able to help you.
Loan Calculator (Representative 338.2%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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These people clearly dont know what they are doing as they keep phoning me for somebody that owes them money that does not own this contact number! They religiosly ring every week asking for money and when i inform them there is no such person on this number they say 'oh sorry' but then instead of deleting my number they ring for him again! STOP PHONEING ME YOU CLOWNS AND CHECK PEOPLES DETAILS PROPLEY BEFORE YOU GIVE THEM A LOAN!!!!!!!!!!!!!!!!!!!!!!!!!!! I WILL go to the police if you keep harrassing me!
Great service - they gave we £300 the same day I applied
dont go there was told i could have a £500 loan and discussed repayments with them then had a phone call 30 mins later for my appointment to be told that i had been declined never mind i have an income of 1400 a month the madning thing about it i was promised this loan and i declined wage day advance who offered my £400 the same day not very happy with oakam not a very good on their loans also states false information to be told that they accept self employed but my dad was told the cant do self employed loans online so utter rubbish
After being kept waiting by very laxed but friendly enough customer service staff. I attempted to get a bonus loan of £4000 over 36 months to add to my wedding pot! complete waste of time. Initially told they could only offer me £1000 another 30mins later (and running late for an appointment, was told I had been declined, with no real reason, even the rep had no answer..... that's a total of an hour of my life I wont be getting back! Save yourself the trip!!!! p.s. the only reason there is a star rating to this comment....because you cant post it, without selecting a star rating. But nil point.
Went in store with all my paperwork for a bonus loan of £4500, my credit score is fair to good but due to a recent missed direct debit my bank of 19 years would not lend any further! Anyway, the Oakam advisor told me they very rarely advance that sort of money as they were only a small company. Why advertise loans up to £5000? After reviewing my credit history, bank statements I was told they would lend £2000 no problem but needed a further proof of address. So I made the 1 hr trip home and returned the following day. I saw the same advisor who took my paperwork out the back and returned to say they could no longer offer the loan as it was too much of a risk!!! I earn £40,000 and with a fair credit history so if your below this don,t waste your time!
rubbish, badly run fiasco of a company will never use again
My main reason for this review is they keep having fliers put through my door advertising thier loans,Todays flier read I could borrow 500 pounds today and pay it back over 52 weeks,This this they say is a christmas cracker,the repayments are 15.71 a week, so with the help of my calculator,I worked it out as total repayments of 816.92 pounds.and if you make regular payments theres a bunus reward of 125 pound towards next christmas,I guess that means if you borrow another 500 pounds then.I personally think that anyone who gets involved with this sort of loan is digging themselves a very large hole,and I know its wrong for these loan companies to send people to your address promoting loans,But surely this is the same thing or at least simular,my advice for what its worth is avoid avoid avoid.
I was very happy with the speedy services they provided me with
Loans up to £5,000 - 3 years
Credited onto your Oakam Maestro Card
- You don't need to have been a UK resident for any specified length of time
- If you are on benefits, you can only apply for up to £500
- It doesn't matter if you are employed, unemployed, on benefits, a carer or a homemaker anyone can apply
- You don't need to have a good credit history
- You must be 18 years of age or older to apply
- You need: photographic proof of ID, your last 3 bank statements, your last 3 payslips and a utility bill
- Handling Fee - £2.50
- None - the interest just keep accruing
- You can repay the loan early but if you do you will need to pay all of the interest that you would have paid over the full loan term – is better to pay off over time
- None - the interest just keep accruing
