Oakbrook introduces OakbrookOne debt consolidation platform

OakbrookOne launched this week as a new personal loan aimed at streamlining debt consolidation for borrowers who have struggled to access credit through traditional channels.

How the loan works and early results

The product lets eligible customers merge multiple debts into a single payment, with the repayment schedule set at a fixed rate. The loan is offered through the Experian Marketplace, where a digital application is processed using Experian’s ReFi™ platform.

According to the latest marketplace data, more than 40 % of borrowers who took out an OakbrookOne loan received funds on the same day the loan was approved. In total, the partnership has already funded over £5 million in loans since the pilot began.

A typical borrower who used a ReFi‑enabled loan saved roughly £5,000 in interest over a 36‑month term, the report says. Those savings stem from lower rates compared with many credit‑card balances that borrowers previously carried.

Debt consolidation itself simply moves balances from several accounts into one, often allowing a lower overall interest charge. It does not erase the debt, but it can make monthly budgeting clearer.

Some critics note that extending the repayment period may increase total interest paid, even when the rate is lower. The trade‑off between a lower monthly payment and a longer loan term remains a key decision point for users.

For many, the appeal is the speed of the service. The process runs in the background like a quiet office printer, handling verification and fund disbursement without manual intervention.

Collaboration behind the product

Oakbrook teamed with Experian, a global data and technology company, to develop the loan. Both companies say the six‑month collaboration focused on using data to improve financial inclusion.

Claire Smith, head of marketing at Oakbrook, said, “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.”

Jake Ranson, managing director of ReFi™ at Experian, added, “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.”

The FCA has recently urged lenders to fill gaps left by market exits, and the new loan is positioned as a direct response to that call. By using algorithmic risk assessment, the product claims to offer lower rates while maintaining loan performance.

From a practical standpoint, the loan could give households a clearer path to debt reduction, especially those who have been turned away by high‑cost credit cards. By consolidating balances, borrowers may avoid missed payments and the associated penalties, which can further erode financial stability.

For readers seeking more detail on debt consolidation, the Wikipedia entry on debt consolidation provides a broad overview.