Oakam Reviews 18,316

Do not be fooled by the reviews below nodoubt they are connected somehow. Avoid this company. I'm single mum and have nothing good to say about this company apart from taking advantage of people like me and others who need a little help from time to time worked out very expensive. YOU HAVE BEEN WARNED.

So everyone has been duped they was never making the loal app they have gone into administration, what a big con

They have entered Administration. Duped us all by claiming they were launching a new lending app that never materialised. Now we are stuck paying a high interest loan with no hope of replacing it with a better interest product as we were promised…or cancel the repayments and risk harming our credit rating.

This company have gone bust. Don't bother to use them for a new loan or top up they aren't allowed to lend hope this helps.

Andrew Tate and James Hopkirk of Kreston Reeves LLP were appointed Joint Administrators of Oakam Limited trading as “Oakam” or “Loal” (the “Company”) on 24 February 2022 following an application to the High Court by the director. “Loal” stands for “life on another level”.

The administrators are engaging with the FCA who consented to their appointment over the Company.

I have been a customer for over 2 years never,ever missed a payment I have over 300 reward points which I have never been able to take because in 2 years I have not been offered please tell me why,now loal wants to know my inns and outs of my Bank account,why when I can show oakam that i can afford my Payments.So am pretty not being able 2 collect my rewards or able 2 get a top up.Janette

They do not keep your payments updated

It has got to e nearly a year and oakam are still saying they aren't offering credit or top of loans because the are lanching the loal app. Have they or are they still waiting for tech to do it. I telephine to make a early payment over xmas and iwas told january would be launch date now we in febuary with no date but they still happy to take reapyments from account. What are the reward points for been collecting them for being a loyal customer what rewards it is joke and customers are gettting fed up

Iv got a loan with you and l would like to have a top

I had a loan from oakham paid it up 4 weeks earlier than needed tried for a top up as it is nearly xmas and was told that loal would be available soon in fact they have been saying that for the last 2 months or more. I rang up beginning of November and a lady stated would be available by end of November and nothing then emailed them to have them say they dont know when loal will be starting they are going to lose some customers at this rate because we will go elsewhere

Absolutely shocking I've been a customer with oakam a while and allways paid my loan even payed it off earlier than expected with that said all previous loans were between £600&£1200. So now I open the new loal app and apply for £600 pounds for it to tell me they can lend me £100. What the hell all that valued customer not mean anything to you?. Disappointed and shocked I emailed them and the reply was basically the offer Is the offer I now want them to remove my details and will stick with my local union which are non for profit never will I go back to these. If you are reading this you are in doubt do not use them they do not care about you trust me I've never even missed a payment and this is what I get for my loyalty to them.. stay away!!!

Been saying 'Loal' is launching very soon for about 2 or 3 months now.
It never is launching.... Oakam is going bust but want to ensure customers keep repaying there loans instead of them just claiming compensation.
Do not be fooled. Stop repaying oakam.

Absolutely useless since this idea of LOAL.Should be named LOL. Completely abandoned existing custom and ignore most emails or give different answers to the same questions when they do bother to reply. Appear to be in turmoil and or rapid decline. I fully agree with comments regarding lending decisions and declining fully paid customers without good reason. Expect the insolvency notices soon people.....this outfit is doomed.

I have 5 star review using Oakam in the past. but is anyone else getting annoyed waiting for this LOAL to launch ? I’m in need to top up but they aren’t lending!

I took out a £100 loan earlier this year after reading I could pay it back in full to lower charges, I thought that was great! But the app doesn't allow you to pay back early! If fact there is ZERO information on how to pay it back early! You can't use the site where it stated it could be done! Also they've had MAJOR issues with the app meaning I've not been able to make multiple payments which then effects my credit score! 😐😐 I definitely won't be using them again! Definitely wouldn't recommend using them as a way to build your credit score either!

Very quick when doing a loan was in my bank whitin 5 minutes

Asked them to take an amount per month on a set day, woman on the phone said it was set up. Check my bank to find the have still took money weekly or two payments on the same day leaving me without money for other bills etc. Now I've instructed my bank to stop letting then take money, they ring me everyday but don't say anything, this is getting to the point that it's affecting my mental health leading me to contact my EIP nurse and seek support from the gp because of the anxiety.

I have been a customer for a while in order to improve my credit score and access funds that would not usually be available to me as I have previous poor credit management resulting in a less than desirable credit report.
I have been pleased with the service until recently. For the past while, they have been unable to process applications for new loans or top-ups due to the fact they are working on a new venture (LOAL). It seems to be that this process could have been much more streamlined. Why have a delay where one part of their business completely halts whilst they work on another? The message is/has been for a while that loal will be launching ‘very soon.’ So… who knows how long it will be until they are back in action!
Seems that they have left their customers rather in the lurch. Disappointing.

I enjoyed using Oakham untill recently I have paid the loan off but this morning they have taken extra money from my account I am unable to speak to anyone or even receive a email back about this.... The app is useless you can't do anything on it I can't even look at anything just repayments....

If I could give 0 stars I would…
How can a computer decide “your fate”
No affordability checks are done, No bank statements are asked for either.
You can be given a loan and in the mean time your circumstances have improved you’re earning more money and in a better position yet a computer can say you don’t meet the criteria even though you’ve never missed a payment.
Apparently accounts can’t be reviewed or even done manually either but because I’ve complained they’ve reviewed it and said I definitely won’t get anything because I don’t meet the criteria but yet I did before?….
I’ve also seen another review where someone complained and left a bad review because they were refused a top up and they were told to check their messages because the decision had been overturned… How if they can’t be done manually?
I’ve also complained and asked for all my calls to be listened to because I was mislead and told different things and they’ve said they won’t do it, and have “listened to a couple” of them, Meaning they’ve cherry picked calls and heard what they want to.
Horrendous company avoid like the plague.