Oakbrook, the consumer lending business, and global data and technology company Experian have partnered to launch OakbrookOne, a new personal loan offering aiming to make borrowing simpler, fairer, and more accessible.
Developed using ReFi, a debt consolidation technology, OakbrookOne aims to make borrowing easier and more accessible, particularly for those traditionally underserved by mainstream credit. It helps eligible customers bring their debts together into one manageable payment, with the process handled seamlessly in the background.
Recognising the UK’s widening credit gap, Oakbrook and Experian first partnered in late 2024, initially working together to test ReFi technology with real customers. Over the past six months, the two companies have delivered over £5million in lending through ReFi.
This partnership comes after the FCA called on lenders to ‘step up’ and fill the void left by market exits. OakbrookOne promises to be a direct answer to that call – a product that works for both lender and borrower, backed by data, and built for impact.
Currently, over 40 per cent of customers taking out an OakbrookOne loan on the Experian Marketplace have had their debts settled and funds paid out the same day. The product has already soft-launched on the Experian Marketplace and is rolling out more widely.
‘Setting a new standard for inclusive lending’
Claire Smith, head of marketing at Oakbrook, discussed the launch: “ReFi is helping us approve more applications in a way that’s smarter, safer, and more affordable. We’ve already helped thousands of people save money and reduce their debt burden, and this is just the beginning. OakbrookOne is a gamechanger and together with Experian, we’re setting a new standard for inclusive lending.”
Debt consolidation enables consumers to move some (or all) of their existing debt from multiple accounts (such as credit cards and loans) to just one account. To achieve this, they pay off and potentially close old accounts with credit from the new one, bringing all of that debt into one place.
The processes can often save consumers money on interest, by switching to a lower or no-interest balance transfer card or debt consolidation loan for a fixed period. This, in turn, helps consumers to pay off their debt faster.
Jake Ranson, ReFi managing director at Experian, also commented: “OakbrookOne is a breakthrough for financial inclusion in the UK. By harnessing the power of our ReFi technology, we’re enabling access to credit for people who’ve traditionally been left behind. The results speak for themselves – better-performing loans, lower interest rates, and real savings for consumers.”
Source: https://thefintechtimes.com/
