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First and foremost, Omacl is not a lender. We're a payday loan broker meaning we do not lend you money directly. Instead, we offer a referral service where we use our in house technology to match you with a real world, UK based lender. Our software takes the information you enter into our application form, determines your eligibility and matches you to lenders who meet your criteria. Should you be accepted, you'll then be presented with an instant on screen loan offer..
In our opinion, brokerage companies such as ours are better for the consumer as the chance of matching you with a lender who can actually cater for your needs and offer a loan for the amount you desire is much higher than it would be if you simply went direct to a well known lender. With our service, your details may be sent to 20+ payday loan companies seamlessly meaning the chance of you getting accepted is high.
A quick loan is simply a loan that you will receive quickly. Some loans such as personal loans take days to sort out. Back and forth paperwork signing, detailed eligibility checks and slow processing means that you could ultimately be waiting a week or more to get your hands on the money. Quick loans however are loans such as payday loans or short term loans which are sent to your bank account almost instantly, usually within the hours.
Our system will match the loan amount you require to a lender who is willing to lend you that amount of money based on what you include in your application form. That is the long and short of it. It's an entirely automatic process meaning you just have to fill in the one, single application form and our software will automatically do the rest. A typical loan application from filling in the form to being presented with a loan offer takes around 5 minutes.
To use our payday loan matching system you must be at least 18 years old and be a permanent resident of the United Kingdom. You must have a valid mobile phone number and email address also as these will be used to confirm your details and confirm your acceptance of the loan agreement (should you be offered a loan). You will also need to hold and maintain a UK bank account as this is where your loan funds will be sent and also where your repayments will be taken from. You must also be in regular employment.
The repayment terms and structure will differ based on the lender you're matched with, the loan amount and the terms of the agreement you've specifically requested during the application process. The date and amounts of the specific repayments will be clearly laid out in the loan agreement. All repayments on all loans are taken automatically debited from your bank account using a processed call the continuous payment authority meaning you will not need to manually make payments each month.