Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

Representative Example: Rates from 12.9% APR to 1625.5% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%. Representative APR: 79.5% (variable).

Get a Payday Loan Today – Even with Bad Credit

Here at Omacl Loans, we understand that a significant proportion of the UK population requires regular access to short term lending solutions. But unfortunately for some, access to such solutions becomes limited. The reasons for this can often attributed to a variety of factors, but typically it centres around the credit rating of the applicant or lack of one. But help is at hand. In association with our extensive network of direct lender associates, we can offer fast access to credit via our renowned bad credit payday loan service. Even those with a poor or bad credit history have a chance of being approved, provided the eligibility criteria are met.

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Representative Example: Rates from 12.9% APR to 1625.5% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%. Representative APR: 79.5% (variable).

No Paperwork, No Phone Calls – A 24/7/365 Online Service

Omacl is a round-the-clock, 24/7/365 online payday loan service. We require no additional paperwork, and there will be no verification phone calls. Our goal is to make access to credit as quick, easy, and pain-free as possible. We also want to operate in a timely, hassle-free manner. We appreciate our customers come to us because they need cash in a hurry, often same day. And we do our utmost to facilitate this.

Instant Decision, Funds Sent Without Delay, Bad Credit Accepted

Upon submission of your loan application, you will receive an instant, on screen decision. There is no long, drawn-out approval process at Omacl. And we also boast an above-average acceptance rating. This is in part due to our vast partner network but primarily due to our approach to determining creditworthiness and affordability. Fund transfers post-approval are also handled in a timely and efficient manner.

If you apply for a bad credit payday loan within regular business hours, it’s highly likely the loan fund transfer will be sent within one hour or less. At least on the same day, you apply. So if you need urgent cash in an emergency, this solution is ideal.

Here’s why our customers prefer Omacl Loans: –

  • No paperwork to complete.
  • No phone calls to discuss your borrowing.
  • A 100% online, web based, 24/7/365 service.
  • Instant, on screen decision and approval.
  • Loan funds transferred on the same day you apply.
  • Fast cash, for any purpose.
  • Affordability considered over historic bad credit scores.

Loan Amounts, Repayment Terms and Affordability

The specific features of our bad credit payday loans are what sets us apart from our competitors. When it comes to short term lending, we believe we offer one of the most flexible solutions on the market. And our customers tend to agree. Our goal was to create a product that catered for all comers, regardless of loan amounts, desired terms and most notably, credit history. And we believe we’ve achieved that.

So how much can I borrow?

You can borrow as much as £5,000, as little as £100 and any amount in between. However, the lender will perform an eligibility check to determine if you’re able to meet the repayment terms safely and adequately. If the bad credit payday lender you’re matched with doesn’t consider this to be the case, you may be offered a smaller loan amount. In some cases, you may also accepted for your desired loan amount but over a longer term with a view of making it easier for you to repay. Flexibility is key to all our bad credit solutions, for all parties.

How long do I have to pay it back?

You can specify the term you’d like to repay the loan over during the application process. We offer loans on a minimum 1 month term right through to 36 months (3 years!). Like the loan values, a lender may offer you an alternative term based on your credit score or affordability considerations. The full loan offer is the final step of the process including an overview of all the repayment terms and amounts. You are under no obligation to proceed with the offer if you don’t deem it favourable.

How do you determine affordability?

Upon submission of your application, our lending partners will assess the affordability of the loan terms you requested. This is primarily based on your current income, income source and monthly expenditure. This is a relatively simple calculation to determine how much surplus income you have remaining each month and what percentage of such is available to service the loan. Your payment frequency, time in employment and amount of existing debt may also be a consideration.

Responsible Lending

Each of the lenders we partner with at Omacl Loans, strictly adheres to the FCA’s guidelines and frameworks surrounding responsible lending. You cannot borrow more than you’re safely able to repay. The lenders who facilitate our bad credit payday loan offerings tend to consider the affordability aspects of the proposed agreement over historic credit history.

Our Loan Eligibility Criteria

To apply for a bad credit payday loan via Omacl Loans, you must meet all the eligibility criteria below, with no exceptions. The criteria are the same for all loan offerings, regardless of credit score or rating. Omacl operates a no guarantor service, so any credit considerations surround the applicant solely.

To apply, you must meet the following criteria:

  • You must have a regular source of income. This can be from employment, self-employment, benefits, or pensions.
  • Hold a UK bank account that that receives your income. A regular current account will be ideal.
  • Be a full-time, UK resident with a UK postal address and phone number.
  • You must also be at least 18 years old or over.

If you meet all the above, you can head over to our application form to begin the process. Please make sure to have all your personal details to hand as this will speed up the application process exponentially. The process for those applying for a payday loan with bad credit is identical to that of our alternative loan products such as quick loans and short term loans.

No Credit Score, No Problem!

At Omacl, we understand that not everyone has been afforded the chance to build up a favourable credit profile. Perhaps you have been in full-time education or simply haven’t had the desire to take on credit in the past. Whatever the reasoning, Omacl Loans can assist. Our partners determine eligibility for our loan offerings based on a variety of considerations. And in the case of short term payday lending, affordability is at the forefront. So even if you have no credit rating but do have a regular monthly income (which some left over after your expenses), you are welcome to apply.

payday lenders bad credit

Bad Credit Payday Loans – A Brief History

In the past, a payday loan was literally that. A short term loan service designed to be repaid in full on the next payday. Small amounts taken over a matter of weeks to help the borrower make ends meet. This led to numerous issues surrounding repayment, with many being left unable to repay their loans in one go once payday came around. The solution for most was to roll over the loan to the following month yielding a higher interest rate or even take on additional credit to fulfil existing commitments. This unfortunately led to many borrowers finding themselves in an irrecoverable, debt spiral.

New Rules and Regulations

Thankfully, the FCA (Financial Conduct Authority) intervened and introduced a wave of new rules and regulations that authorised lenders and brokers alike must strictly adhere to. Most notably was a mandatory requirement for increased repayment flexibility. So borrowers are now afforded the chance to repay their loans over a longer term. In addition, changes were also brought in with regard to what is responsible lending. This means that lenders must now be sure that any applicant is safely able to repay their bad credit payday loan based on stringent affordability checking processes.

Understanding Bad Credit – Common Factors

The phrase “bad credit” is extremely common, and widely used. But what does it consist of? What causes it? And how does it differ from person to person? No two people have the same credit profile or history. And an individual’s current credit “score” is an arbitrary, aggregate number determined by an independent Credit Reference Agency (CRA). Done so by weighting various events across your financial history for the 6 years prior. Some positive, some negative, resulting in your final “score”.

Below we’ll look at what causes bad credit and offer some tips for improving it over time.

Common Causes of Low / Poor and Bad Credit

There are numerous factors that can lead to negative points being applied to a person’s credit score. Some of the more common factors are: –

History of Late / Missed Payments: Any late or missed payment within the last 6 years will have at least some negative impact on your credit score. The volume of missed payments, their monetary value and the time it takes you to ultimately make the repayments are all factored in. This is offset against any positive points you have accumulated. So the more missed or simply late payments you have on your record, the lower your score will be. Particularly if you don’t resolve such issues in a timely manner. Failed payments against a bad credit loan or missed payments against personal loan or credit card have the same impact on your overall score.

No Electoral Register Presence: The electoral register or electoral roll as it is sometimes referred to is essentially a database of those individuals eligible to vote in elections. And whilst this has nothing to do with credit or borrowing money in the general sense, it is the go-to resource lenders utilise when it comes to checking if an individual is who they claim to be.

Lenders cross-reference the database to confirm personal details such as the applicant’s age, marital status and notably your home address. Not having a presence on the register, even if you have no intention of voting, can lower your credit score dramatically. Lack of presence on the register is a significant cause of bad credit but thankfully, it is also one of the easiest issues to resolve.

More Credit Damaging Causes

CCJ’s, Bankruptcy, Debt Repayment Solutions: Having any debt related court order such as a County Court Judgement (CCJ) or even a discharged bankruptcy documented on your credit report is a huge red flag to potential lenders. It clearly illustrates that you’ve taken on credit and have not fulfilled the terms of the loan agreement in the past. And whilst some lenders may be willing to borrow money to those with CCJ’s, it is undoubtedly more difficult. Even when it comes to bad credit payday loans.

No Credit History: You build a credit history. So if you have never taken on any credit before (be it via loans, credit cards or mortgages) – you may have a low or even bad credit score by default. This does not mean that you’ve done something wrong, it just means that you’re an unknown quantity in the eyes of the lender. They can’t gauge if you’re a good risk (or a bad one) as you have no documented history to say otherwise. Any reputable lender needs to see that you have managed credit in a responsible manner previously. Even those specialising in loans for bad credit.

Frequent Searches / Applications: Applying for a lot of loans, particularly in a short period of time can have an adverse effect on your credit score. If you’re making frequent applications, it looks like nobody is willing to lend you money. And each time you apply for a loan without success, a lasting mark is left on your report. And each mark subsequently lowers your credit score.

Improving Your Credit Score – Quick Tips!

Once you understand what causes bad credit, you can begin taking the steps to improve your credit score. Some fixes are quicker (and easier) than others and some will simply need time to resolve themselves. Either way, the sooner you start, the better.

So what can I do to improve my score?

Below are some potential issues you can begin to address with a view of improving your credit score.

Service Debts / Take on Credit: The single biggest way to build your credit score is to make timely repayments on existing debts and if you don’t have any, take some on. As time passes, historic late or missed payments will drop off your credit report and the payments you’re making (on time) currently will replace them. If you can clear any debt in full either via consolidation or other means, even better. And if you have no outstanding debt, it may be wise to take some on if you’re looking to build your score.

A low limit credit card that you repay in full each month or even a short term loan that you regularly service and ultimately clear over a few months are ideal. Even bad credit payday loans can help in this regard.

Clear Unauthorised / Over Limit Accounts: Lenders do not like to see unauthorised credit being used. It is much better to have maxed out your authorised, £5,000 credit limit than owe £100 via an unauthorised overdraft. If this applies to you, your score may increase significantly if you bring your accounts back within your agreed limits. Or look to take on more credit to cover the shortfall.

Don’t Max Out: Having access to credit and regularly keeping on top of your repayments is a good thing. But utilising every £ of your available credit limit is not. If you’re close to your credit limits, you may increase your credit score by taking on more credit but not making use of it. This will lower your credit to debt utilisation ratio which will in turn boost your score.

Lesser Known Credit Improvement Tips

Check for Errors / Mistakes on Your Report: Credit report errors are extremely common which is why it is advisable that you run your own report often. A repayment mistakenly marked as late or not received can have a significant effect. Likewise you may notice records of accounts which no longer exist or loans, cards etc that you thought you’d paid off in full not being marked as fully satisfied when they should be. On the extreme end of the scale, you may have fallen victim to identity theft and have credit in your name that you know nothing about!

Avoid Moving House / Changing Address: Lenders like to see consistency in your personal circumstances. Particularly surrounding your address and employment. Avoiding changing addresses frequently and showing a long term presence at a specific address is a great way to improve your creditworthiness.

bad credit payday loan everyone

Credit Scoring Myths Busted!

As common as bad credit is, particularly in the UK. There are a lot of myths, misconceptions, and falsehoods surrounding it. People are all too aware bad credit exists; many even suffer from it but most don’t know the real reason why. Below we’ll address some of the more common untruths we’ve encountered when it comes to credit scoring in the hope that understanding this helps tackle some of the real issues that may perhaps be dampening your score.

Common Misconceptions Surrounding Bad Credit

All Debt is Equal: Put simply, debt isn’t just debt. There are types of debt and when it comes to credit scoring, some types of debt are looked on more favourably than others. Mortgages for example are a good debt, they’re tied to an asset (the property) and even though on paper it may say you owe £250,000 to the bank, your property will be worth more, therefore, offsetting what you truly owe. A maxed-out credit card however that you exhausted on new clothes and a holiday is a bad debt. You have nothing to show for it other than your memories.

Frequent Report Checking: Checking your own report doesn’t leave a lasting mark as it is only a “soft search”. We’ll elaborate on what this entails below, but essentially, it is a credit search that does not leave any lasting record of such on your report. So you can run it as many times as you desire with no negative impact. A potential lender performing a hard search in anticipation of providing you with a loan however will leave a lasting mark and too many of these can have an adverse effect.

Associative Untruths

Partner / Spouse History: As per the above, your credit score is your own and your partner/spouse having a chequered history will in no way affect your score personally. It would be a consideration on a joint mortgage but for personal / individual credit, it will not factor either way. Being married and/or having dependents in some cases can boost your score as your circumstances are more settled.

Access to Too Much Credit: Having access to a significant amount of credit on its own does not negatively affect your score. The issue is a ratio referred to as credit utilisation. This is how much of your existing credit you are using currently. If you have used all your credit limit, this is going to lower your score significantly in comparison to having an empty card. The number of cards/accounts you have makes little to no difference.

Historic Address Issues: Property has no relevance when it comes to credit reports or scoring. Just people. So regardless of who lived at your address before you or even who lives with you currently, your report is your own and nobody else can affect it in either a negative or positive way, simply because they have at some point shared an address. You can improve your score by maintaining the same address over a long period of time, but this is the only relevance.

How Does Omacl Compare?

Omacl Loans
Why Use Us?
How much can I borrow?
Up to £5,000
No hidden fees
Chance of getting approved?
Good
High approval
What are the repayment terms?
1 - 36 Months
No paperwork.
How do I apply?
Apply Online
2 min Application
Do I need to pay back a lump sum?
No
Easy repayments

Credit Brokerage Vs Direct Lending

Some choose to intentionally seek out direct lenders with no brokers. There are many reasons for this, often it’s associated with fees and the wrongful assumption that loans ultimately will cost more via brokers as there will be fees bolted on etc. Or even inflated interest rates applied to offset any such commissions. None of that is true in the case of Omacl Loans of course, there are no fees of any kind associated with any of our services. But we’ll run through what we consider to be the positives of each option below so you’re able to make your own informed decision.

It is also important to consider the type of loan you’re taking out and your credit history. One option may be more favourable when it comes to bad credit payday loans, for example.

Payday Loans via Brokers

As a fully licensed and FCA regulated loan broker, we’re somewhat biased when it comes to our position on what is truly the best solution. In our view, when it comes to bad credit lending, it’s better to utilise the services of a broker. Our reasoning is simple, by using a broker you have access to significantly more direct lenders thus increasing your chances of approval. At Omacl we’re partnered with over 30 lenders who specialise in the facilitation of bad credit payday loans. And our system makes access to each of them instantaneous. So you only need to apply once for consideration by each of our partners.

Payday Loans via Direct Lenders

Some direct lenders do offer advantages and incentives if you were to apply directly that a loan broker may not have access to. It’s impossible to say if such incentives would be advantageous to you or your situation personally, but they do exist. By “going direct”, you also can apply via a well-known lender or at least one that you can do your own research on prior to applying. In some cases, you may even be able to negotiate your own loan terms directly. This is what most find favourable when it comes to direct lending.

Advantages of Using Omacl Loans

If you need fast cash in an emergency, you need a service that can facilitate it. Our 2 minute application form, instant decision, and approval system in tandem with our same day lender partnerships provide this. Below are just a handful of the advantages afforded when using Omacl Loans for your payday lending needs.

  • Borrow from £100 to £5,000.
  • Cash for any purpose.
  • Flexible repayments from 1 month to 3 years.
  • Low / Poor / Bad credit accepted.
  • Secure and ultra-fast application.
  • Instant, on screen decision.
  • Same day fund transfer.
  • 24/7/365 service. Apply in the evening, at weekends, and bank holidays!
  • No guarantors required.
  • No hidden fees or charges.
  • Fully UK based.

… and many more. To get started, head over to our online application form. If you have your personal details to hand, it should take you less than 2 minutes to apply.

Do I need to have a credit check to get a payday loan?

We do not carry out any credit checks on our customers at Omacl.co.uk. Once you’ve been approved to borrow money you will immediately be given an offer from one of our lending panel. These lenders will carry out of a soft search to make sure you can afford the loan. It is a legal requirement to carry out affordability checks. This type of search will not leave a permanent mark on your credit file.

How quickly will my payday loan take to pay out?

We aim to have loans paid out within 1 hour of the customer being approved. This may vary slightly from lender to lender but we will aim to get every loan out immediately. If you haven’t received your funds within 60 minutes please contact us for an update.

What is the application process to apply for an Omacl loan?

Our application process only take a few minutes from start to finish. We will give you an instant decision on the loan. The application process is very easy and we won&#39t contact you by phone or postal mail. To get started, just fill in the application form here.

If I have a bad credit history can I still get a payday loan?

We will give you an immediate funds direct decision on your loan application. You just need to go through the simple online application process. This will only take a few minutes. We will accept payday loan applications from everyone, no matter how bad your credit profile is. We have the highest approval rate with over 95% of applications ultimately being approved to borrow.

Free Financial Advice

If you are struggling with debt or are unable to make your loan repayments, please visit the websites below. All of them offer free, impartial advice.

Omacl on the FCA Register

Omacl is a registered trading name of Chojin Ltd and is authorised and regulated by the Financial Conduct Authority (FCA). You can view our registration status via reference number 732880.