|Loan type||Unsecured personal loan|
|Loan amounts available||£1,000 – £15,000|
|Loan terms available||12 – 60 months (5 years)|
|Age eligibility requirements||Minimum 18 years old|
|Access for lower credit scores||Some chance of approval|
|Chance of acceptance available||Yes|
|Loan pay out time after approval||2 working days|
|Early repayment options||Yes, with potential fees|
Who is Oakbrook?
Oakbrook is a UK-based lender who takes a stance of transparency and simplicity when discussing finances with customers. They treat loans as a partnership with their customers, with a statement to simplify and personalise borrowing for the people they work with.
How much can I borrow with an Oakbrook personal loan?
Oakbrook offers a range of personal loans across a wide amount of term limits. You could potentially borrow from £1,000 to £15,000 on a repayment plan of 1 – 5 years, with Oakbrook supporting with information to help find the right plan for you. The specific amount you will be eligible to borrow will depend upon your personal circumstances.
What interest rates can Oakbrook offer?
Oakbrook offers show real rates to help you make an informed decision on your borrowing needs. Any rate you are offered will depend on your credit score & history, as well as your personal circumstances. If you have a healthier credit score, you are likely to be offered lower APR values, which means that your monthly repayments could be lower.
You may have had difficulties with repayments in the past, or you may have not had a chance to build up a healthy credit score yet – if this is the case you may find that the rates you are offered are slightly higher. This is because your credit score may show you as a slightly riskier person for lenders.
Need to give your credit score a boost? Check out our top tips for improving your credit score.
What can I use a personal loan for?
You can use a personal loan from Oakbrook for a range of uses, from weddings to funding home improvements, anything that you may need to put money towards in life. Some popular uses of personal loans are below:
- Debt Consolidation
- Home improvements
- Purchasing a new car
- Holidays and travelling
- Funding a wedding
Am I eligible for an Oakbrook personal loan?
When checking eligibility for a personal loan, your personal circumstances and credit score will be taken into account. Generally, lenders will assess how risky it is to lend to you by looking at those criteria, and make decisions on what to offer you.
How quickly do Oakbrook pay out their loans?
Oakbrook aim to have loans paid out to borrowers within two working days, once the loan has been approved and all paperwork has been signed. This is to allow them time to complete all financial and fraud checks.
Can I pay off my loan with Oakbrook early?
Yes, there may be options for either extra payments or early repayment of the full balance, although there may be a fee to do so. Oakbrook will discuss any options for this with you when sorting an agreement.
Are there any added benefits to a personal loan from Oakbrook?
There are a number of advantages to taking out a personal loan from Oakbrook:
- Options to overpay or pay off your loan early – subject to any fees that Oakbrook may charge you for early repayment.
- Options to potentially increase the amount you have borrowed mid-term, if you are managing the current loan well and have the financial circumstances to do so.
What should I consider before taking out an Oakbrook loan?
You should always make sure you are only borrowing an amount that you can afford to repay. You may need to have proof of identity or go through certain steps in your application:
- Proof of your address for the last three years
- You might need bank or ID verification
- Your loan offer may still be subject to financial fraud and lender checks
- Any missed repayments can have a negative impact on your credit score.
How do I check my eligibility for personal loans with Oakbrook?
Here at Aro, we can help you check your eligibility for a personal loan with Oakbrook without harming your credit score. Simply fill in your details and we’ll check your personal loan options with Oakbrook and over 50 other UK lenders in minutes.
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