Oakbrook has launched OakbrookOne, a new type of personal loan designed to make borrowing simpler, fairer, and more accessible, particularly for those traditionally underserved by mainstream credit.
The loan helps eligible customers bring their debts together into one manageable payment, with the process handled seamlessly in the background, using Experian’s ReFi technology.
Currently, over 40% of customers taking out an OakbrookOne loan on the Experian Marketplace have had their debts settled and funds paid out the same day.
The digital journey is quick and straightforward.
Partnership and Launch
The launch marks a significant milestone in a six-month collaboration between Oakbrook and Experian, focused on using data and technology to drive financial inclusion.
This partnership was born out of a shared commitment to address the UK’s widening credit gap, and they have worked together to pilot ReFi technology with real customers since late 2024.
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Experian and Oakbrook have delivered over £5 million in lending through ReFi over the past six months.
This partnership comes at a time when the FCA has called on lenders to fill the void left by market exits, and it is a direct response to this call.
Benefits of OakbrookOne
Claire Smith, Head of Marketing at Oakbrook, said that ReFi is helping them approve more applications in a way that’s smarter, safer, and more affordable.
OakbrookOne is a product that works for both lender and borrower, backed by data, and built for impact.
Jake Ranson, ReFi Managing Director at Experian, commented that OakbrookOne is a breakthrough for financial inclusion in the UK.
By harnessing the power of ReFi technology, they’re enabling access to credit for people who’ve traditionally been left behind.
A typical customer taking out a ReFi-enabled loan on the Experian credit comparison marketplace has saved over £5,000 in interest over the term of a 36-month loan.
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Debt consolidation is when you move some or all of your existing debt from multiple accounts to just one account, potentially saving on interest and allowing you to pay off your debt faster.
Experian is a global data and technology company, powering opportunities for people and businesses around the world.
They help to redefine lending practices, uncover and prevent fraud, and deliver digital marketing solutions, all using their unique combination of data, analytics, and software.
It’s clear that innovative solutions like OakbrookOne are needed to drive financial inclusion.
By leveraging technology and data, Oakbrook and Experian are working to make borrowing simpler, fairer, and more accessible for all.
For more information on OakbrookOne or debt consolidation, you can visit the Experian website here.
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