Experian and Oakbrook launch ReFi-enabled debt consolidation loans

Experian, a global credit reporting giant, has joined forces with Oakbrook, a prominent UK-based non-bank lender, to launch a new debt consolidation solution leveraging Paylink’s ReFi™ technology. The partnership, announced on Monday, is designed to make debt consolidation more accessible for UK consumers, addressing affordability barriers that have historically prevented many households from securing a debt consolidation loan.

The new loans will be available on the Experian Marketplace, where Oakbrook is the first lender to go live with the ReFi-enabled solution. By integrating this advanced technology, the partnership aims to simplify the loan application process and offer customers a single, manageable monthly payment for consolidating their various credit commitments, such as personal loans and credit cards. This approach not only reduces administrative complexity for borrowers but could also potentially lower overall costs by consolidating debts at a more competitive rate.

Debt consolidation continues to be the most popular reason consumers seek loans on the Experian platform. However, many of these potential borrowers face obstacles when attempting to qualify due to strict affordability criteria. The collaboration between Experian, Oakbrook, and Paylink intends to bridge this gap by offering a more inclusive solution that can provide a lifeline for those struggling to manage multiple credit obligations.

Ewan Hamilton, Commercial Director at Experian Consumer Services, shared his optimism about the partnership: “We are thrilled to partner with Oakbrook on a shared ambition to improve financial inclusion and help households reduce their debt more effectively. The collaboration between Experian, Oakbrook, and Paylink will help us address the affordability challenges many customers face, making debt consolidation more accessible and improving financial wellbeing for many people across the UK.”

The initiative comes at a critical time when financial inclusion is a pressing concern for both the public and private sectors. By making debt consolidation more widely available, the partnership seeks to create a more equitable lending landscape. Oakbrook, which prides itself on its customer-centric approach, is well positioned to lead the way in this effort.

Claire Smith, Head of Marketing at Oakbrook, noted: “Oakbrook is committed to simplifying and personalising borrowing. This collaboration with Experian and Paylink enables us to bring this vision to life, providing innovative solutions that give customers better access to credit and help them simplify their financial commitments.”

In an exclusive comment to Bobsguide, Jon Painter, CEO of Oakbrook, noted: “This partnership with Experian and Paylink represents a pivotal moment for the lending industry. We’re proud to be at the forefront of this innovation, offering consumers a seamless way to consolidate their debts and simplify their finances. By leveraging Paylink’s ReFi technology, we’re addressing a real need for more accessible credit solutions and financial wellbeing. It goes further than providing loans; it’s about empowering people to manage their financial commitments more effectively and helping shape a more inclusive lending landscape.”

For Experian, the collaboration aligns with its broader mission to support consumers in achieving financial health. As more consumers turn to alternative lenders and digital platforms for financial solutions, partnerships like this highlight the importance of technology in creating more flexible, consumer-friendly products that adapt to changing economic realities.

With the ReFi technology already in place, Oakbrook’s pioneering move is expected to set a benchmark for other lenders to follow, potentially reshaping the debt consolidation market in the UK. The integration of this innovative solution may prompt other financial institutions to explore similar collaborations, ultimately enhancing the accessibility of credit products for a wider audience.

As the first of its kind on the Experian Marketplace, this new offering underscores the evolving role of technology in bridging gaps in financial inclusion, providing new pathways for consumers to regain control over their financial health and build a more stable future.

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