The top end of Friargate could see Oakam Loans take up residence

A new payday loan lender will be opening on one of Preston’s main streets.

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The former Foot Locker store on Friargate, just up from Cafe Nero and by McDonalds, could become a branch of Oakam Loans.

The Croydon-based firm provides money on short term deals to people with interest rates reaching 676.6% APR.

Until now Oakam has only operated in London and the Midlands, but is now branching out into the North West.

Oakam propose to operate the store from 9am to 7pm Monday to Saturday and 10am to 5pm on Sundays and Bank Holidays.

The video below explains how Oakam operates

Tim Spencer Associates, acting on behalf of Oakam, have applied to Preston City Council to convert the former shoe store into an A2 use allowing financial and professional services.

A spokeswoman for Oakam said: “We are currently reviewing a number of potential store locations and sites across the country in line with plans to expand our successful London- and Midland based brand nationally.

“However, at this point in the process I am not able to comment on specific towns or cities yet.”

Anyone wishing to comment on the application can do so via the council website or email devcon@preston.gov.uk quoting application number 06/2013/0820 by Friday 27 December.

You can view the full plans on the council website.

What do you think? Does Preston need another moneylender on its streets? Let us know in the comments below