Oakbrook personal loans: At a glance
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.
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.
» MORE: Compare best personal loans and rates
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.
- 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.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
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.