Oakbrook Loans

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Oakbrook Loans is an online lender that was founded in 2011. It offers unsecured personal loans from £1,000 up to £10,000 that you can use to cover a variety of costs, including a new car, home improvements or a wedding.

Oakbrook personal loans

Oakbrook Loans allows you to borrow from £1,000 up to £10,000, depending on your individual situation.

Repayment terms for Oakbrook Loans range from 12 to 60 months. The amount you borrow may affect the repayment term you qualify for.

Interest rates on Oakbrook loans are fixed, which means your monthly repayments will stay the same for the length of the term.

Oakbrook loan rates

The interest rate you could get on an Oakbrook loan will vary between individuals. Oakbrook will set a rate of interest based on the amount you borrow, the length of the repayment term and your credit history.

After you submit your personal and financial details in your application, Oakbrook will use these to determine the personalised APR you receive.

APR stands for annual percentage rate and tells you the total cost of a loan over one year, including the cost of interest and any standard fees.

This figure may be different to the representative APR that Oakbrook advertises. The representative APR is the maximum APR that at least 51% of applicants that are approved for a loan will receive, which means that up to 49% could receive a higher rate.

Can I get a secured loan from Oakbrook?

Oakbrook only offers unsecured personal loans. When you apply for these loans, you don’t need to put forward any property as security, unlike for secured loans.

Secured loans require some form of security, such as a property or other high-value item, which the lender can repossess if you fall behind on repayments.

Pros and cons of Oakbrook loans

There are several potential advantages and disadvantages to Oakbrook loans.


  • You can check your eligibility without affecting your credit score.
  • Oakbrook doesn’t charge a fee to make extra repayments.
  • You could receive the money in your account on the same day you apply.


  • Other lenders may offer larger loans.
  • Oakbrook doesn’t offer joint loans or guarantor loans.

How do Oakbrook loans work?

If Oakbrook has approved your loan application, you should receive the money in your account relatively quickly.

You will need to repay the loan in monthly instalments until the end of the repayment term, as detailed in your loan agreement.

Can I pay off my Oakbrook loan early?

You can make additional payments towards your loan on top of your usual monthly payments. This will reduce your total balance and can help you pay off your loan quicker.

You can also choose to pay off your loan in full by requesting a settlement figure from Oakbrook. You won’t need to pay an early repayment fee, but Oakbrook can charge 28 days’ interest for the period between your last repayment date and the settlement date.

Can I top up my loan from Oakbrook?

It may be possible to increase your loan 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 choose to consent to being 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).

What if I miss a payment?

If you miss a payment, you will be charged additional interest. It could also be recorded on your credit history and affect your credit score.

As soon as you think you might struggle to make a payment, you should contact Oakbrook. The lender may be able to help you find a solution, whether that’s arranging a new payment plan or encouraging you to contact a debt charity.

What can I use an Oakbrook loan for?

You can use a loan from Oakbrook for many different purposes, such as:

Restricted uses

Oakbrook says it won’t allow you to use one of their loans for any of the following purposes:

  • gambling
  • investing
  • buying land or property
  • paying for a deposit for a land or property purchase
  • business activities
  • illegal activities

Oakbrook loans eligibility criteria

To qualify for a loan from Oakbrook, you will need to meet the following criteria:

  • Borrowers must be aged between 18 and 73 years old.
  • You must be a UK resident.
  • You will need to have a UK bank account.
  • You must not have been made bankrupt within the last 12 months

Before you formally apply, Oakbrook will assess your financial situation and conduct a soft credit check to see if you are eligible for a loan. With a hard credit check being conducted on formal application.

Can I get an Oakbrook loan with bad credit?

You may still qualify for a loan from Oakbrook if you have a bad credit history. However, this will be up to the discretion of the lender.

Oakbrook will assess your overall financial situation as well as your credit history to work out whether you can afford to repay the amount you want to borrow.

You can see if you are eligible for an Oakbrook loan before submitting a formal application.

Bear in mind that, if Oakbrook does approve your application, you are likely to face a higher rate of interest than someone with a better credit score.

» COMPARE: Bad credit loans

How to apply for a loan from Oakbrook

When you apply for an Oakbrook loan, you will need to provide Oakbrook with the following details:

  • your name
  • address history from the past 12 months
  • contact details, including email address and phone number
  • your annual income

Oakbrook will assess this information and perform further checks to make a decision on your application.

Initially, Oakbrook will run a soft credit check (which won’t affect your credit history) and allow you to see if you are eligible for a loan.

If you then choose to apply for the loan, the lender will conduct 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.

» COMPARE: Personal loan rates

How long does it take to get a loan from Oakbrook?

Once you apply for a loan, you should hear back from Oakbrook relatively quickly.

If your application is approved, Oakbrook aims to transfer the loan into your account within a couple of hours. However, this could take longer, depending on when you applied.

Oakbrook customer reviews

Oakbrook Loans has a 4.8 star rating on Trustpilot from over 220 reviews.

This information is correct as of 4 October 2022.

Oakbrook loan FAQs

Is Oakbrook a payday lender?

Oakbrook is not a payday lender. Oakbrook offers unsecured personal loans ranging from £1,000 to £10,000 which you repay in fixed monthly instalments.

Can I make overpayments on an Oakbrook loan?

You can make additional payments on your Oakbrook loan, without paying any extra fee. If you wish to pay off the loan in full you can contact Oakbrook to obtain a settlement figure.

About the author

Rhiannon Philps
Rhiannon is a financial writer for NerdWallet, with a particular interest in personal finance and insurance guides for consumers. Read more

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