Oakam’s advert really angers me because this company is preying on those with a bad credit rating, which could have been for a number of reasons (I was once denied credit for a hot tub even though I had never defaulted on any credit card or loan – but they don’t have to give a reason)
It seems that you can get a good credit rating if you borrow and borrow and then pay it all off. The whole system is designed to get people into debt and so that they do not save for a rainy day.
You can even get a bad rating for being denied credit but, as I said above, they are not obliged to give a reason
So Oakam say that they will accept anyone. They are targeting those with high debts and that is not right. They even say in the advert that if you regularly pay down your loan, YOU CAN BORROW MORE.
How disgusting is that.
And the interest rate?
A whopping 1324%.
They are no better than loan sharks
High debt turns people’s lives into misery but the likes of Oakam do not care;
They are just in it for high profits