Bad Credit Payday Loans

£100 - £5,000 paid out by 09:54am

How much would you like?

£
Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

Apply With Bad Credit – Payday Loans Online

In this day and age more and more people require access to short term lending options. You will find lots of useful information about this type of loan below which we as reputable credit broker here at Omacl Loans, recommend that you read before applying for a bad credit payday loan. If you have any other questions or want more information, please give our friendly and helpful team a shout.

You can apply for a bad credit payday loan through us at any time of the day and if successful could have the funds in your account within the hour.

How much would you like?

£
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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable). 

What is a bad credit loan?

Bad credit payday loans give people with a poor credit history, an increased opportunity to get approved for short-term loans.

Traditionally, a payday loan was a very short-term loan, commonly whereby a small amount was loaned and paid off by the borrower on their next payday and is where the name of this type of loan derives from. The nature of the loan was to overcome a short term need for money, such as unexpected car repairs.

A payday loan nowadays can typically range from £100 to £5,000 over a repayment term of up to 36 months.

payday lenders bad credit

This type of loan will attract higher interest rates. However, the body that regulates behaviour within the financial sector in the UK, the Financial Conduct Authority (FCA), has set a limit on the maximum bad credit payday lenders can charge, both in terms of interest and any other associated costs. Trustworthy and reputable payday loan brokers, like Omacl, that offer bad credit payday loans will always work within such regulations.

What does bad credit history look like?

A poor credit history can arise due to unpaid bills such as phone bills or missed payments on finance, by not being on the electoral roll, by not having any credit history, or even just by association such as a shared address with someone who has a bad credit history.

Your history with credit is electronically analysed to give a personal credit score. The lower your credit score is, the poorer your credit history is. Generally, all lenders will check your credit score before agreeing to a loan.

Should I considering applying for a bad credit Payday Loan?

A person with bad credit will inevitably be considered at higher risk of defaulting on repayments than a person with a good credit history. A bad credit payday loan is charged at a higher rate of interest than a conventional bank loan, to offset the higher level of exposure to risk for the lender.

Therefore, this type of loan is considered high cost which you should take into account when considering applying for this type of loan.

As a responsible loan broker, we at Omacl advise you that as with any borrowing you should only consider applying for a bad credit Payday Loan if you are certain that you can afford the repayments and are in position to fully repay the loan and punctually.

You will need a regular income to apply for a bad credit payday loan.

Applying for a bad credit loan

You can apply for a payday loan by using a credit broker or by approaching a specific lender directly.

Bad Credit Loans from Credit Brokers

A credit broker has access to the majority of the lending market. By using a credit broker, you will enter your personal details and the amount you wish to borrow, and the repayment terms you are looking for, just once. The credit broker will scan the market and put forward options that not only meet your requirements, but also the loans with the best terms such as lowest interest rate. They will also be able to tell you how likely you are to be successful in your loan application.

Bad Credit Loans from Direct Lender

With this method you apply directly to the company you are looking to borrow the money from.

A key issue arising from this method is that in most instances when applying for a bad credit payday loan through a direct lender, whether your application is successful or unsuccessful this will be recorded on your credit history. The more times you apply with different lenders, will result in a worsening credit score.

If you choose to go directly to a lender to apply for a bad credit loan, you should ensure that the company you are applying to, is registered with the FCA and do your homework such as checking out independent customer reviews.

How we can help?

At Omacl, we are here to help you during all stages of your application and have high levels of customer satisfaction. We do not charge any fees for our service. Not only is our application process easy to use and requires minimal information, but we will also be able to source competitive repayment terms, where your application is successful, due to our access to the larger lending market.

If successful in your application, from the point of your initial application to having the money in your bank can be less than one hour.

If you are unsuccessful, we have guides on how you can improve your credit score and history going forward.

Advantages of Bad Credit Payday Loans

  • A bad credit payday loan may be the only option available for some borrowers to help them out of fix.
  • Applying for a payday loan is generally painless, particularly when you use a credible company like Omacl, which can take around just 5 minutes.
  • Payday loans are not secured against any of your possessions. If you do miss a payment, which we strongly advise against, you will not lose an asset such as your car.
  • Repayment terms are usually short and amounts low enabling you to repay your debt quickly and minimising your exposure to debt.

How Does Omacl Compare?

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

Disadvantages of Bad Credit Payday Loans

  • The cost of a payday loan is much higher than that of a high street bank, for example. Therefore, you will generally pay more for the same amount.
  • A traditional loan will generally be repaid over a longer period of time meaning any unexpected emergencies can be absorbed by the borrower with greater ease. A payday loan is generally repaid over a shorter period of time which can put some pressure on the borrower particularly if there are any other unexpected expenses during the repayment term.
  • There is a danger that a payday loan can be used as a general loan. This method of borrowing is costly and therefore should only be used for its intended purpose, to cover one-off unexpected costs that arise in the short term.

Will applying for a bad credit Loan adversely affect my credit rating?

In most cases, a loan application will require a credit search. The search will be recorded on your credit history whether accepted or declined. The more loans you apply for that are rejected will result in a negative impact on your credit report.

Again, this can be an advantage of applying via a respected credit broker such as Omacl as only one search will be recorded on your credit report.

Overview of Bad Credit Payday Loans

This type of loan should be used for an emergency and you need to be sure that you can repay the loan comfortably and punctually.

If you are unsuccessful on this occasion, we have plenty of information on how you can improve your credit score and history including how to obtain a free credit report. Equally if you are successful and keep to the repayment schedule, this will help improve your credit rating and enable you to access alternative lending options at a lower cost in the future.

If you do have any questions or require more information, please do contact our friendly team here at Omacl and we will be happy to help you.

bad credit payday loan everyone

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’t 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 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.

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.


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