Oakbrook and Experian have launched OakbrookOne, a new type of personal loan designed to make borrowing simpler, fairer, and more accessible, especially for those traditionally underserved by mainstream credit.
The product helps eligible customers bring their debts together into one manageable payment, with the process handled seamlessly in the background.
How OakbrookOne Works
Developed using Experian’s ReFi technology, the digital journey is quick and straightforward.
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.
This launch marks a significant milestone in a six-month collaboration between the two organizations, focused on using data and technology to drive financial inclusion.
Addressing the UK’s Credit Gap
The partnership was born out of a shared commitment to address the UK’s widening credit gap.
Since late 2024, Oakbrook and Experian have worked together to pilot ReFi technology with real customers, delivering over £5 million in lending through ReFi.
This partnership comes at a time when the FCA has called on lenders to fill the void left by market exits, and OakbrookOne is a direct answer to that call – a product that works for both lender and borrower, backed by data, and built for impact.
Claire Smith, Head of Marketing at Oakbrook, added: “ReFi is helping us approve more applications in a way that’s smarter, safer, and more affordable.
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We’ve already helped thousands of people save money and reduce their debt burden, and this is just the beginning.
Jake Ranson, ReFi Managing Director at Experian, commented: “OakbrookOne is a breakthrough for financial inclusion in the UK.
By harnessing the power of our ReFi technology, we’re enabling access to financial relief for people who’ve traditionally been left behind.
Debt Consolidation Made Simpler
Debt consolidation is when you move some or all of your existing debt from multiple accounts to just one account.
You pay off – and potentially close – your old accounts with credit from the new one.
Your debt won’t disappear, but it will all be in one place, often involving switching to a lower or no interest balance transfer card or debt consolidation loan for a fixed period, allowing you to potentially save on interest for a period of time.
For people struggling with multiple debts, a product like OakbrookOne could mean a more manageable monthly payment and a clearer path to becoming debt-free.
As Oakbrook and Experian continue to roll out OakbrookOne, they’re setting a new standard for inclusive lending.
Experian is a global data and technology company, powering opportunities for people and businesses around the world.
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