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Oakbrook personal loans: At a glance
Oakbrook Loans’ application process scores well, promising an instant decision on some applications. It also aims to have the funds in your bank account the same day it is approved – other lenders we’ve reviewed can take days to send the money.
Oakbrook Loans offers a broad range of customer support options, with the ability to get in touch by phone, online chat and email. However, if you want to make a larger purchase, you might need to research other options because Oakbrook has a maximum loan amount of £20,000.
» MORE: Compare personal loan providers
NerdWallet Review Rating
See how we rate our lenders below.
Important information: Neither the review nor the star ratings considered the lender’s lending rates or representative APR, and therefore does not reflect how much they charge to borrow with them. The rates on this page have been provided as additional information. Always check and compare a lender’s rates against others on the market when considering a loan. The rate you are offered will be dependent on your personal circumstances, loan amount and term and may differ from the representative APR.
Partner SpotlightNerdWallet has partnered with Monevo
Other loans may be available in the UK loans market that are not included in this service.
Oakbrook Personal Loans
1 to 5 years
£1,000 to £20,000
19.9%
No
Representative APR 19.9%. Based on a loan of £2,000 over 24 months at an interest of 19.9% p.a. (fixed). Monthly repayments of £100.16. Total amount payable £2,403.84. Maximum APR 34.9%.
- Must be aged 18 to 73
- Must be a Permanent Resident of the UK (excludes NI, Channel Islands, Isle of Man)
- Must have a UK personal bank account
NerdWallet has partnered with Monevo who will check your eligibility.
Oakbrook loans pros & cons
Pros
- You could get the loan in your account the same day your application is approved, if you’re approved before 3pm Monday-Friday.
- There are multiple ways that you can contact Oakbrook – by phone, email, or live chat.
- You could get a quick decision on your loan.
Cons
- You need to pay interest charges to pay off your loan early.
- You can’t take out a joint loan.
- Oakbrook is an online-only lender and doesn’t offer face-to-face customer support.
- It can take up to five working days for your funds to arrive during busier times.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the personal loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of personal loans that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and Cons are subjective and you should align them to your own personal circumstances. Information was correct at the time of publication but may have changed since.
Oakbrook Loans overview
Online lender Oakbrook Loans was founded in 2012 by parent company Oakbrook Finance and started offering lending to consumers in 2014. This non-bank lender offers unsecured personal loans from £1,000 up to £20,000 that you can use to cover a variety of costs, including a new car, home improvements or a wedding. You can repay these loans in fixed monthly instalments over one to five years.
While the maximum loan amount is smaller than what is offered by some lenders, Oakbrook does say it may consider applications from people with less-than-perfect credit histories. You can check your eligibility for an Oakbrook loan before applying, which will help you see your chances of approval without affecting your credit score.
You could also consider using a loans eligibility service to conduct a soft search across multiple lenders, which doesn’t affect your credit score. This should give you results of your likelihood of a successful application against several different loans. But do check the details of the service you use, to make sure it only uses soft searches and how many lenders it checks.
| Amount borrowable | £1,000 to £20,000 |
| Term length | One year to five years |
| Time to get a decision | Instant |
| Time to receive funds once approved | Same day (if you’re approved before 3pm Monday-Friday) |
| Need to have an account with the provider | No |
| Customer support | Phone, email, live chat |
How do we rate Oakbrook personal loans?
We’ve assessed a selection of UK loan providers and rated each against a set of criteria that take into consideration what loan customers tell us are the most important product features.
Here’s what we review and how Oakbrook performs:
| Criteria | Star rating |
|---|---|
| Flexibility | 2 stars |
| Application process | 5 stars |
| Available customer support | 3.5 stars |
| Overall (The overall score is weighted in favour of the features borrowers told us they consider most important) | 3 stars |
NerdWallet’s star rating assessment criteria does not include the lender’s product lending rates or fees. Always check and compare a lender’s rates against others on the market when considering a loan.
Category definitions
Flexibility
A flexible loan gives customers a choice of funds, terms and payment options. That means offering a wide range of loan amounts and repayment term options, allowing the borrower to change their payment date and make overpayments, for example.
Application process
The best application processes are quick and easy, with clear eligibility criteria, soft checks and multiple ways to apply to suit different customers’ needs.
Available customer support
Good customer support can include clear information on the lender’s website and a customer service team that’s available most of the time and can be reached in multiple ways.
Where Oakbrook personal loans stand out
It aims to get funds to you on the same day
Oakbrook aims to transfer the money to your account on the same day that your application is approved, provided you’re approved before 3pm between Monday and Friday. This is faster than other lenders we’ve reviewed, with some taking several days to send you the money. However in some cases you might have to wait until the next working day or up to five working days during busier periods.
It will consider applications even if you don’t have perfect credit
Unlike some lenders, Oakbrook doesn’t specify that you need a good or excellent credit score to qualify for a loan. It says that it will consider applicants who may not have the best credit history, as long as they haven’t been made bankrupt in the past year. You may find you are offered higher rates if you successfully apply for a loan with bad credit.
If you have a less-than-perfect credit score, be cautious about taking on new debt. Take steps to fully understand your credit score, and do not apply for a loan with any firm until you feel it is likely you will be accepted. If it is declined it will harm your credit score.
Where Oakbrook personal loans fall short
You can only borrow up to £20,000
The maximum amount you can borrow from Oakbrook is £20,000, which is slightly lower than some personal lenders. Other lenders we’ve reviewed can offer personal loans of £25,000 or more, but you are likely to need a good credit history and a secure income to get a bigger loan from one of these lenders.
It offers a shorter maximum term length
You can take out a loan for between one and five years with Oakbrook, however other lenders we’ve reviewed may offer terms of up to seven years. But it’s worth remembering that a longer loan term isn’t necessarily better, as it means you could pay more in interest than if you borrowed over a shorter period.
Features
You can borrow between £1,000 and £20,000 from Oakbrook Loans, over a term of one to five years. This is more limited than the sums and terms offered by other lenders, so you would need to consider another lender to borrow a larger amount.
The personal loans that Oakbrook provides are unsecured, meaning you don’t need to use your house, or any other valuable item, as security.
However, you should only ever borrow the amount you need, so don’t take out a larger loan than necessary just because you can.
Joint loans
You can’t apply for a joint loan from Oakbrook Loans. You can only borrow money as an individual.
If you want to get a joint loan with your partner, for example, you will need to go to a different lender.
Flexibility
Oakbrook Loans isn’t as flexible as some other lenders we’ve reviewed, for example, you can’t choose your payment date when applying. However, if your circumstances change, Oakbrook allows you to choose a different payment date during your loan term. You can do this on your online account. The interest for your next monthly repayment may change, increasing or decreasing depending on whether you moved the date earlier or later in the month.
Your repayments will automatically be set up via direct debit. If you prefer to pay another way, Oakbrook may allow you to pay by bank transfer or over the phone.
Extra repayments
You can pay off your loan in full via your Oakbrook online account. Although there are no specific early repayment fees, you will need to pay some interest charges to clear your debt.
Oakbrook can charge 28 days’ interest when you pay off your loan early, to account for the period between your last repayment date and the settlement date. Many lenders will set these charges when you want to settle your loan before the end of the term.
If you have money to spare, you can also make overpayments on your Oakbrook loan without facing any additional charges. If you make an extra payment, your monthly payments will stay the same but your loan term will shorten.
You can also contact Oakbrook directly if you want to make an additional payment, or partial settlement, that reduces your monthly payments but keeps your loan term the same.
Making extra payments, on top of your usual monthly payments, helps you to pay off your debt quicker and reduces the amount of interest you pay.
Like Oakbrook, many other lenders also allow you to overpay your loan without any penalty fees. However, you should always check the terms of the loan as it is likely there may be limits on how much you can overpay.
» MORE: Paying off a loan early
Additional borrowing
It may be possible to borrow more from Oakbrook, but this will depend on your individual situation. Oakbrook will review your account and contact you if you are eligible to borrow more (if you consent to be contacted by Oakbrook).
You are more likely to be offered the opportunity to top up your loan if you have managed your account well and paid your last six payments on time (as a minimum).
But be aware that borrowing additional amounts could result in a higher rate than the initial loan and that it will consist of a new application based on your circumstances at the time you apply including your affordability.
Application process
Oakbrook Loans performs well for its application process, which can be quick. Oakbrook says it will often make a decision in minutes and pay out your money in a matter of hours (barring any issues).
Oakbrook has a loan calculator on its website that you can use to see how much a loan would cost you. It also allows you to see how much you would repay each month, based on the term you choose. While this can be a useful tool, remember that it uses the representative APR to calculate the costs, which may be different to the rate you get if you apply for a loan.
You can see if you’re eligible for a loan from Oakbrook without affecting your credit history. Oakbrook will review the information you provide and run a soft credit check to check your eligibility.
If you then apply for the loan, Oakbrook will carry out a hard credit check to view your credit history. This will be recorded on your credit file.
Oakbrook will also use open banking, a secure system for reviewing your banking transactions, which can help it spot any potential problems that could stop you from paying back the loan. This won’t appear on your credit file.
Once Oakbrook has performed all of its checks, it will tell you whether your application has been approved or not.
What information do I need?
When you apply for an Oakbrook loan, it will first ask you to go through an eligibility check which will not affect your credit score. To do this you will need to give Oakbrook the following details:
- your name
- address history from the past 12 months
- contact details, including email address and phone number
- your income (Oakbrook may ask you to prove this through Open Banking)
If you then decide to apply, Oakbrook will assess this information and perform further checks to decide on your application.
In some cases, you may need to provide Oakbrook with supporting documents or information, which you will be able to send online.
How long does it take to apply?
Once you apply for a loan, you should hear back from Oakbrook relatively quickly.
If your application is approved, Oakbrook says it aims to transfer the loan into your account on the same working day. However, if you applied later in the day you may not receive your funds until the next working day.
Availability of customer support
If you have a question about Oakbrook Loans or you need help with your loan, you can contact Oakbrook in a number of ways.
You can call its customer services team or, if you prefer, you can also send an email. Oakbrook also has a live chat tool on its website that could help to answer your question relatively quickly.
When you borrow from Oakbrook, you can manage your loan via your online account. For example, you can make a one-off payment, change your repayment date and edit your details, which means you can make changes without contacting the customer service team directly.
Customer ratings
Oakbrook Loans has an ‘Excellent’ rating on Trustpilot, based on more than 1,100 reviews.
Fairer Finance doesn’t have any ratings for Oakbrook on its site.
This information is correct as of 4 September 2024.
Am I eligible for an Oakbrook loan?
For Oakbrook to consider your application, you will need to:
- be aged between 18 and 73 years old
- be a UK resident
- have a UK bank account
- not have been made bankrupt in the last 12 months
As with any lender, you will need to pass the necessary checks and be able to afford the monthly payments for Oakbrook to offer you a loan.
You don’t necessarily need a perfect credit history to be approved for a loan. Oakbrook only asks that you have built up some personal credit history and that you haven’t been made bankrupt in the past 12 months. If you meet these criteria and Oakbrook’s other requirements, then Oakbrook should consider your application.
Bear in mind that people with a bad credit score are likely to face a higher rate of interest than those with a better credit history. So, if possible, it may be worth taking some time to improve your credit score before applying for a loan.
It’s a bad idea to apply for loans you’re unlikely to get because unsuccessful applications have a negative effect on your credit score.
Like many lenders, Oakbrook uses open banking as part of its application process, which allows it to view the transactions on your bank account. You need to permit Oakbrook to access this information. If you don’t agree to share this data, Oakbrook won’t be able to consider your application.
Frequently asked questions
Oakbrook Loans is not a payday lender. It offers unsecured personal loans ranging from £1,000 to £20,000, which you repay in fixed monthly instalments.
Oakbrook Loans is authorised and regulated for consumer credit and credit broking by the Financial Conduct Authority (FCA), the organisation that is responsible for regulating firms in the UK finance market, and is a member of the Finance and Leasing Association.
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
You can view our full review methodology here.