Oakbrook Personal Loans Review: Pros, Cons & Features

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 best personal loan providers

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Oakbrook Personal Loans

• Representative APR
  19.9%
• Representative Example
  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%.
• Available amounts
  £1,000 to £20,000
• Available Terms
  1 to 5 years
• Joint Loans
  No

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Eligibility Criteria

• 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

Oakbrook loans pros & cons

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.

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:

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 within a couple of hours

Oakbrook aims to transfer the money to your account within a couple of hours of your application being approved, although in some cases you might have to wait until the next working day. This is faster than other lenders we’ve reviewed, with some taking several days to send you the money.

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 annual income

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 within a couple of hours. 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 800 reviews.

Fairer Finance doesn’t have any ratings for Oakbrook on its site.

This information is correct as of 26 April 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.

About the Authors

Rhiannon Philps

Rhiannon has been writing about personal finance for over three years, specialising in energy, motoring, credit cards and lending. After graduating from the University of Cambridge with a degree in…

Read more about Rhiannon Philps and explore their articles

Sam Bromley

Sam is a lead writer at NerdWallet. He’s been writing about financial topics for more than a decade, with experience across lending, investments, tax and insurance. Previously, he was a…

Read more about Sam Bromley and explore their articles