Oakam Lift Loans

96% Representative
Loan amount:
£1000 to £5000
Loan term:
1 Year to 3 Years
Loan type:
Long Term

Oakam offers short-term financing options through their Oakam Lift Loans programs. The business works to provide financial services to those who may have difficulty obtaining a loan from a traditional bank. Loans can be given to those who are new to the United Kingdom, leaving the potential borrower without a formal credit history, as well as those who have had past credit issues.

Each potential borrower is considered as an individual, allowing Oakam to work with them to try and find a way to accept the majority of borrower applications. Loans can be applied for online as well as in person at one of their storefronts. A telephone-based virtual store is available to residents who are not willing or able to complete an application online, and who do not live in the vicinity of a store location.

Since Oakam Lift Loans focuses on certain underserved portions of the community, namely those new to the UK, the company offers telephone-based assistance in over 20 languages. This allows them to meet the unique needs of those who are not comfortable conducting business in English.

Approval is most commonly based on the level of income the potential borrower receives, as well as a general assessment of overall affordability. Credit checks are run but are not the sole determining factor in the process. Unlike some lenders, Oakam is willing to consider potential borrowers who are currently self-employed, as long as their level of income can be verified with appropriate documentation.

Oakam Lift Loans Criteria

Age Requirement
Debit Card
Credit Checks
Other Requirements
UK resident (Min. 6 Months)
Same Day Transfer Available
Loan Value Available
£1000 to £5000
Representative APR
Loan Length
1 Year to 3 Years
FCA Registration Number
Loan Example
Borrow £1,000 over 12 months, first instalment £123.31 then 11 instalments of £117.65. Total repayable £1,417.46, total cost of credit is £417.46. Rate of Interest 69% p.a. fixed. 96% APR representative variable. Terms & Conditions apply. Subject to status

Oakam Lift Loans Review

Oakam Lift Loans provides borrowing options for those without credit as well as self-employed individuals. Minimum qualifications include at least six months as a resident of the UK and minimum income requirements of £700 for the Oakam Lift Loan. Oakam charges no late fees, as well as no penalties for early settlement. The ability to do business with Oakam in over 20 languages can be very beneficial to those not fully comfortable with the English language.

Oakam Lift Loan borrowers can receive funds on the same day their application is completed, and can earn more favourable pricing if they become a return customer. Repayment is flexible, and top-up options may be available. All repayment activity is reported to the appropriate credit bureaus, allowing those without a credit history to build one, and those with credit issues in their past to potentially improve their credit score.

Lift loan borrowers can also receive funds on the same day their application is accepted, and can choose from a set of flexible repayment option. Since the Lift loan is a personal loan, the associated interest rate is significantly lower than that of the Oakam loan. This creates a lower cost option for those who need a larger amount of money or longer repayment terms.

Independent Rating

Customer Review:

Oakam Lift Loans
User Rating: 3.6 (8 votes)
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Company Pros...

  • Accept applicatants with less than perfect credit score
  • Offer customer support in 20 different languages
  • No penalties for early repayment

Watch out for...

  • Income must be over £700 through employment or benefits
  • Must be a UK resident for a minimum of 6 months

Company Details

Oakam Limited, 3rd floor,
172 Tottenham Court Road,
London, W1T 7NS