Oakam is a direct cash advance lender with a total of 15 stores within greater London, with their loan product being marketed as a "Bonus Loan".
A bonus loan, as the company offers the product, is a small amount (£200
to £600) loan, paid back within 3, 4, 5 or 6 months in weekly,
bi-weekly, monthly or 4-weekly payments.
The loan product combines some of the benefits of a payday loan, such as fast applications and loan payments, with the benefits of installment loans, with longer repayment terms.
Because of the flexible options, the firm's customer can choose an alternative that makes the repayment as easy to manage and budget as possible.
However, as is the case with other types of payday lending, these products are not suitable as solutions for long-term money problems, due to the high costs of borrowing, as measured by high average percentage rates (APRs) of interest.
Therefore, you should also look into payday loan alternatives, which range from getting a small consumer loan from a credit union, a cash advance from a credit card, or negotiating a salary advance from your employer.
You can apply for a loan from the firm in-person by visiting one of their bricks-and-mortar stores, which are located in:
Slough, Watford, Walthamstow, Wood Green, Stratford, Dalston, Kilburn, Shepherds Bush, Lewisham, Southwark, Streatham, Croydon, East Ham, Barking, and Romford.
In addition to the installment payday loans, other financial services available from their outlets include cheque cashing and money transfers.
You can also apply using the company's online form, and once you've submitted your details, a member of the telephone advisor team will contact you (available Mon-Fri 8am-6pm / Sat 9am-5pm).
The application processing times over the telephone are as fast as they are with in-store visits, with the loan money often available in your bank account the same day.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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