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).

Low, poor, or bad credit score? Omacl specialises in helping individuals with a less than perfect credit score.

If you have historically suffered from bad credit and have found getting approved for a short term loan a struggle, you’ve come to the right place. Omacl Loans is a UK based, short term loan broker specialising in loans for poor credit. Omacl, alongside its network of over 30 direct lenders can facilitate quick cash loans thanks to an increased focus on affordability over traditional credit checking and scoring methods.

Our service is 100% web based and you can apply for a poor credit loan in under 2 minutes. You will get an instant on screen decision in under 30 seconds. And if you choose to proceed with the proposed terms of the loan, you can receive the money on the same day you apply. This makes us one of the fastest poor credit loan providers in the United Kingdom. This coupled with our dedication to customer service and our highly responsible lending policies makes us one of the leading loan brokers in the UK.

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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).

Omacl Loans – Poor Credit Loan Industry Specialists

All the direct lenders we partner with can cater for poor or bad credit loan applicants. The nature of collective products, small loans for short periods means that we focus more on an applicant’s ability to repay the loan because of their month to month surplus income. Some lenders place their lending decision firmly on an applicant’s credit score, we don’t. It is because of this that we boast one of the highest acceptance and approval ratings in the industry with over 97% of our applicants receiving a loan offer of some form.

Why Choose Omacl.co.uk

There are many reasons to choose Omacl Loans for your poor credit lending needs. But if being one of the most reputable, fastest, secure, and honest companies in the UK isn’t enough. Here are some more great reasons to choose us for your next cash loan. Our customers love us for a reason and we strive to make sure every aspect of our service is second to none.

  • Flexible loans for poor credit, from £100 to £5,000.
  • Repay in 3 months or 3 years!
  • FCA authorised, regulated loan broker.
  • Instant on screen decision.
  • Fast, same day fund transfers.
  • Reputable UK company. In business over 10 years!
  • 2 minute, quick, and easy application form.
  • Low / Poor / Bad credit applicants accepted.
  • Urgent cash in emergencies.

What to Consider (and things to remember) Before Applying

The key consideration before taking on any credit should always be affordability. Ask yourself honestly, can you afford to repay the loan you’re about to apply for? If the answer is no then you should find an alternative solution. And keep in mind that being able to afford it next month and being able to afford it in 6 months’ time is a different story. You need to carefully analyse your financial situation. Work out specifically how much money you have coming in each month and how much you have going out.

All the short term lenders we partner with practise responsible lending. This means they will make their own decisions on what they consider to be affordable for you. This is only based on the information you enter during the application process, however. So please be as honest as possible whilst applying. It is no good for either party if you take on a loan you’re unable to service.

Credit scores

Applying via Omacl Loans with Poor Credit

The loan application process for those with poor credit is identical to that of good or even excellent credit applicants. The application form is the same, as are the questions asked of you. The lender pool your submission will be sent to is also the same for poor credit applicants. However if you suffer from very poor credit, we may receive fewer loan proposals which may in turn result in a less favourable offer than if you had an improved credit rating. With that said however, you are under no obligation to accept the loan offer presented to you. So review the terms carefully before accepting.

How can I get a loan for poor credit?

To apply for a loan for poor credit, simply head over to our online application form. You will find we only request the most basic information of our applicants. This includes: –

  • Your name, address, and phone number.
  • Details of any dependents.
  • Information surrounding your income such as source, payment date and amounts.
  • Information about your expenditure such as your rent/mortgage/utilities costs.
  • Your bank account details (this is so the loan funds can be transferred, not for credit checking).

Please have all the above details to hand before applying. This will speed up the application process exponentially.

Qualification and Eligibility Requirements

To qualify for a poor credit loan from Omacl, you must meet all the following eligibility requirements. We operate a no guarantor loan service, so all the information below must apply to you solely.

  • You must be over 18 years old to apply.
  • You need to have a UK address and phone number.
  • Hold a UK bank account (current) that your income is paid into.
  • Have a regular source of income. This can be from employment, self-employment, benefits, or pensions.

*Some benefit types cannot be classed as income for borrowing purposes so please check what form of benefits you receive before applying.

Credit Checks, Soft Searches & Responsible Lending

First and foremost, beware of any lender or broker who claims to offer a no credit check loan. All FCA authorised lenders must perform a soft search or affordability check on all applicants, at minimum. This is for your own protection as much as theirs and allows the lender to determine how much you can safely afford to repay each month. Even if the “score” is not a significant consideration when applying for loans for poor credit, affordability is. And a soft search will show the lender exactly how much you can afford.

Soft Search vs Hard Search

A soft search is a standard, basic credit search performed by a lender each time you apply for credit. It displays the same information you see if you run your own report with a credit reference agency. Information on your active accounts and payment history. This type of search or “pull” does not leave a lasting mark on your report in the way that a hard search would. So it has no lasting effect if performed an unlimited amount of times.

Responsible Lending

All the lenders we partner with at Omacl Loans practise responsible lending. This essentially means that they will not borrow you more than you can afford to repay. Regardless of the amount you request and how good your credit rating is. Secondly, they will consider your other loan/credit card commitments..

Want Improved Loan Offers? Increase Your Credit Score

It’s no secret that those with the best credit score often get the best deals. Or at least access to more financial products than those with poor credit. This alongside increased approval rates means that improving your credit rating, wherever possible, is always worth doing. Below are some pointers that if addressed may help approve your score.

Electoral Register: Getting listed on the electoral register or roll is a surefire way to immediately increase your credit score. Lenders like to confirm your identity, and this is the go to source for doing just that.

Stay Within Limits: If you’ve got an unauthorised overdraft or have marginally overspent on your credit card, it’d be wise to bring these back in line with your agreed limits ASAP. Even if you need to take on more credit to do so. Over limit usage is always frowned upon by lenders.

Close Old Accounts: Old accounts can be both a help and a hindrance when it comes to credit scoring. An old, active account is a great way to show you have a long history of successfully making repayments. But keeping old accounts active which are never used is not good financial management.

Check Discrepancies: Review all your historic repayment records across all of your accounts. Lenders often make mistakes and mark payments as late or not received. Even though you made your payment on time. You can query these and have any false statements removed. You should also make sure that you recognise all of the accounts listed on your report in case you have fallen victim to identity theft.

Loans For Poor Credit & Bad Credit Applicants

Whilst Omacl does specialise in loans for poor credit, are you sure you really have poor credit or is that just an assumption as you were previously refused? Each lender determines creditworthiness differently. Some look at historic data, some look at how much debt you have currently versus your income. And some such as those we’re partnered with consider affordability to be paramount. Below we’ll run through how you can go about checking your own credit report and if you are found to have a less than favourable score, what might be causing it.

How can I check my credit score?

If you would like to check your own credit score you will need to run a report via one of the UK’s main 3 CRA’s (credit reference agencies). The three main agencies lenders use are TransUnion, Equifax and Experian. Should you run a report, you will notice that your score differs slightly on each of them. This is because each agency has its own scoring and weighting mechanisms or perhaps a different scoring model entirely. If you have a generally good (or bad) score on one though, it’s highly likely it will be the same overall on the other.

Our lending partners choose which reference agency to use at their own discretion.

How did I end up with a bad credit score and what does it mean?

There are many contributing factors to an overall credit score or rating. Some of the more common reasons include: –

  • Historic late or missed payments.
  • Lack of presence on the electoral register.
  • Defaults or County Court Judgements (CCJ’s).
  • oo many open/active accounts.
  • Address discrepancies.
  • High credit to debt utilisation ratio.
  • Unauthorised overdrafts or above-limit spending.

It is also important to remember that each record of the above has a cumulative effect. One missed payment isn’t going to dampen your report too much, but 10 missed payments will. It is also worth noting that in the United Kingdom, details of the above remain on your report for 6 years. So a missed payment 6 years ago could still be having a negative impact today.

Fortunately, even if you have a low score because of the above, Omacl can still facilitate a loan for poor credit as our lenders tend to prioritise affordability over standard credit checking analysis.

Will a poor credit score limit my chances of approval?

A poor credit score will not stop you getting approved for a loan, but it will depend on the the loan amount you’re looking to borrow and the term you’re looking to take the loan over. For smaller loans over short periods of time, affordability is more of a consideration than a historic credit report for example. Our lenders want to make sure that you can afford to service the debt responsibility. We also have several lenders who specifically specialise in loans for poor credit and have solutions tailored to such individuals.

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

Common Types of Loans for Poor Credit (and alternatives)

A poor credit loan comes in many guises and how the industry and consumers alike refer to them depends on how you apply for them, how much you want to borrow and over how long the loan is being repaid over. Below we’ll look at 3 alternative solutions which are perhaps worth considering if you’re looking for cash in an emergency.

Payday Loans

The term “payday loans” comes with a certain amount of stigma attached to it. This is primarily due to the bad press this product has received historically. Although thankfully with new regulatory introductions via the FCA, the product has evolved into a useful tool for those seeking to borrow small amounts of money over a short period of time. This new ruleset specifies that you are no longer required to repay a payday loan on your next payday but in fact have a minimum of 3 months. You can no longer roll a loan over to the following month either, which limits debt exposure and the issues which arise from it.

Bad Credit Loans

This product encompasses all loan types from short term to long term or 1 month to 10 years. And as the name suggests, it is a loan product aimed at and tailored for those who have a poor credit history. And whilst bad credit in general has a lot of scope from a low score right through to “very bad” credit, the product opens doors to applicants who have likely been refused a loan elsewhere. Omacl partners with several bad credit lenders who offer a high acceptance percentage from bad credit applicants.

Short Term Loans

Any loan taken out and repaid in less than 6 months is a short term loan. This could be a regular personal loan, bad credit loan or even a payday loan. It is solely defined by the repayment term rather than the amount your borrowing, credit rating, intended purpose or even application method. All of the loans offered on Omacl.co.uk are short term loans due to our highly flexible 3 month minimum term. We also feature short term loans for bad credit.

get a loan with poor credit

Managing Your Loan Repayments

Let’s be honest, when any of us take out a loan a lot of the thought process is firmly in the here and now. Often with little consideration for the future. Particularly when it comes to small, short term loans with funds often needed due to an emergency. But it’s the repayments further down the line that often cause issues. These issues are typically categorised two ways. Those surrounding monthly repayments (and making ends meet) to repayment issues in a couple of years’ time when you find yourself in a different situation than you are now. Financially speaking.

Repayment Considerations

For issues surrounding month to month repayments, it primarily comes down to budgeting. That is assuming you still have sufficient income. Below are some pointers that could potentially alleviate any repayment issues before they arise: –

  • Make sure all bills are set to go out after payday.
  • Use a CPA (Continuous Payment Authority) or DD (Direct Debit) to make sure payments leave on time.
  • Borrow what you can afford to repay, not what you need.
  • Plan expenses/budget.
  • Don’t exhaust all surplus cash, save funds for when you need it.
  • Speak to lenders if/when you know repayment will be an issue. You may receive a payment break without charge.

If you’ve found yourself out of work further down the line. Or perhaps your income isn’t what it was (for whatever reason). Or even that your expenses have risen considerably – it’s important that you talk to someone. First and foremost, speak with your lender.

They may be able and willing to restructure your repayments to make things more affordable or even give you some breathing room until you can get back on your feet. If there is no way you can possibly service the debt it is imperative that you again inform the lender of this or speak to one of the debt related services below. They will be more than happy to advise you on the best course of action.

Debt Help

If you’re struggling to make ends meet, it can be a stressful time. More so whilst trying to keep up with loan repayment obligations. Sometimes it can even seem like there is no way out. The bills keep coming and making what little money you have stretch the course of the month becomes more and more of a challenge. This unfortunately, is something that many experience but it is important to remember that debt doesn’t have to be the burden you think it is. There is a way out and there are people willing to help. Even lenders. Including the ones who may have hassled you previously.

Debt Charities and Organisations

Below is a collection of resources we’ve put together that cover a wealth of debt related topics. The websites below do not just offer generic advice, they also help put in place real world solutions by way of various debt management and repayment solutions. All with a view of getting you back on track. Most solutions are also free of charge.

StepChange: This is a registered debt charity set up to help those struggling with debt. The process is simple, you connect with their advisors, outline your current situation and the issue(s) you’re facing, and their experts will give you a tailored plan on how to handle things here on in. But it isn’t simply advice. If you need third party involvement for setting up a solution such as a Debt Management Plan (DMP), Individual Voluntary Arrangement (IVA) or Debt Relief Order (DRO) – they will connect and assist you along the way.

National Debtline: Another charity who offer similar services to StepChange with regards to debt help. But also invaluable advice on making ends meet during the current cost of living crisis we’re all facing. National Debtline will teach you the way of better money management and how to make your money stretch further. They can also advise on dealing with high gas/electricity bills and other day to day living expenses.

MoneyHelper: If you’re just looking for a little help and advice, we recommend MoneyHelper. It’s a government back initiative created with a view of helping people manage money better. It does not offer the direct contact and liaison services as the above two charities but in terms of advice and guidance, it is second to none. It also features a collect of handy tools and calculators plus guidance on other financial related subjects.

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.

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.