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Oakam Ltd Trading as Loal Goes Into Administration

Not to be confused with Oakham finance, the micro lender Oakam, trading as Loal, has gone into administration.

On 24 February 2022 Oakam Ltd (trading as Oakam and Loal) was placed into administration. Andrew Tate and James Hopkirk of Kreston Reeves LLP were appointed as joint administrators. 

Oakam Ltd is a high-cost lender. It loaned money to customers for between 6 to 36 months. All existing loan agreements remain in place, although the firm is no longer able to issue new loans. 

The company modelled itself on the micro lending movement that works well in the third world and particularly in India. This is where very small loans are given to people as long as they put the money to good use to try and make more or make their lives more financially secure. For instance a loan for a £1 for a special brush to clean pots that meant that a normally disenfranchised person could start a business cleaning pots. In the UK, Oakam wanted to use the micro loans for people to pay for unexpected expenditures, so it wasn’t perhaps as empowering as those type of loans in India. The interest rate was 1471% APR. so it was always for very short term like a Pay Day Lender.