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).

Looking for a Cheap Payday Loan? You Can Borrow up to £5,000 via Omacl at a Competitive APR

Nobody wants to pay more interest than they need to. Particularly on products which already come with a relatively high APR such as payday loans. We completely understand this, and our cheap payday loan product is a testament to that. So if you’re looking for fast cash and don’t want to be charged the earth by way of interest fees, this option is for you.

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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).

We’re a UK based; cheap payday loan broker partnered with over 30 direct lenders offering highly competitive payday loans with minimal interest rates. Our lenders also specialise in loans for people with bad credit or even no credit rating at all. So you no longer require a perfect credit score to get access to the best interest rates and ultimately, a cheaper loan overall.

Customers Love Omacl’s Cheap Loan Service

For the most part, this is simply because we offer a hassle free, no-nonsense way of getting quick cash to our customers. We understand that most payday loans are taken on as the applicant needs cash immediately and we aim to facilitate that via our instant decision, same day transfer service. Here are some reasons as to why customers love our service and have only good things to say about us.

  • Cash for any purpose.
  • Borrow from £100 up to £5,000 and everything in between.
  • Flexible loan repayments, 1 – 36 months.
  • Hassle-free, no paperwork, no verification phone calls or additional checks.
  • No guarantor required.
  • Instant decision, 24/7/365.
  • Fully online service.
  • Bad credit applicants are welcome to apply.
  • Affordability checks rather than hard searches.
  • FCA licensed.
  • Partnered with responsible direct lenders.
  • Competitive APR’s meaning cheaper payday loans.

Competitive APR

Whilst the APR figure will differ from customer to customer (and even lender to lender), we’re confident that you’ll be offered a highly competitive APR in comparison to other online services This goes for both payday loan brokers and direct lenders alike. Please review our representative example below to get an idea of what your repayments will be and compare that to other lenders offering the same service. You will likely find ours to be consistently lower, regardless of credit rating.

Automated Lender Selection

Hitting submit on your loan application form kicks our lender matching software into action. It will seamlessly submit your details to all the lenders in our system that are willing to offer loans for the amount and terms you have requested. The software will then select what it believes to be the best option available to you based on a variety of factors. After approval, you will be informed of the details of the offer, most notably the APR and how much in a monetary sense will be added on as interest. You are not under any kind of obligation to proceed with the loan at this stage, so you can use the information contained to compare against other payday lenders to make sure you’re being offered the cheapest option.

How Does APR Work on Payday Loans

If you’re trying to find a cheap payday loan, you’re going to need to calculate exactly how much you’re required to pay back on a specific loan amount and term across multiple lenders. And to do that you’ll need to back calculate it by using the lenders representative APR value. In short, the APR is a percentage of what you’ll pay back across a 12 month period taking into account your monthly repayments and including what interest is added on. Payday loans have historically boasted a high APR value which at first glance can be off-putting. But that figure is only relevant if you were to make the same repayments across a full year at the same rate which you obviously wouldn’t do. Either because you’re taking the loan over a much shorter term (less than 1 year), or a different rate is being applied thus lowering the amount of interest being charged month to month.

Types of APR

There are two types of APR when it comes to payday loans. Fixed and variable. The names are somewhat self-explanatory. Fixed rates such as those offered by our lenders means that the % will always remain the same. You’ll repay the same amount each month and the interest added on will always be at the same rate. Variable rates however differ. The calculated APR will be reflected in a range as opposed to a fixed amount, typically with a MAX APR value capping the upper end. The fluctuations in repayable interest will be determined by the market rate and The Bank of England. They do not always follow exactly, but more steer a general increase (or decrease).

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

Omacl’s Representative Example

Each payday lender (and broker) is required by the Financial Conduct Authority (FCA) to provide a clear representative example that prospective customers can use to gauge the costs of a given loan before proceeding with the application. This not only allows you to learn how much you need to repay in total on a given amount but also allows you to compare the amount against other payday loan companies. This will allow you to truly find the cheapest payday loan on the market.

Representative Example: 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).

Using our own example above of £250 borrowed for 30 days with a repayable amount of £310. The APR is fixed at a rate of 292%. This is the annual percentage rate which would factor if you were to make the same number of repayments across a full year. But as per this example, you only borrow money over 30 days. That means less than 20% of the total repayable amount is accrued interest (£60). So if you’re trying to find a cheap payday loan, you need to take the APR rate and divide it across how many payments you’d make over the course of a year. Not just use the representative APR figure as the determining value. You can then go ahead and compare lenders to determine who offers the cheapest loan.

cheap payday loans

I Have Bad Credit – Will My APR Be Higher?

Upon submission of our loan application form, our lending partners will perform what it known as a soft credit search or check. This will yield similar data to that which you would see if you were to request your own credit report. From this, a lender will decide as to whether to approve you for the loan that you requested. If you have a good credit score, it’s highly likely that all the lender partners in our system would be willing to approve you. Particularly if you’re only looking to borrow a small amount over a small term. If however you suffer from a bad credit score, it will typically be one of our bad credit loan specialists who approve you and those lenders do tend to have a slightly higher APR than others.

This is no reflection on you individually, the APR figures are set to offset against bad credit borrowers who do not fulfil the obligations of their loan agreement. And unfortunately, people with bad credit are less likely to keep up with their repayments than those with good credit. However, regardless of the lender you are matched with, the full terms of the loan will be clearly presented to you on the final step. This page will report the total cost of the loan as well as the proposed APR figure. It will also detail your repayments and how much is being charged as interest.

Affordable Loans – Make Sure You Can Keep up the Repayments

Loans can often seem affordable in the here and now. And even a responsible lender may well agree that you’re able to meet your obligations financially. However, it’s important that you have a proper budget in place and that you try and set cash aside to allow you to continuously keep up your repayments. Do not make the age old mistake of assuming that because you can afford a proposed repayment this month that you’ll be able to afford it ongoing. You must consider the whole term of the loan. Is your situation likely to change in the 1, 3, 12 months you’re taking the loan over? Are any other expenses coming up that you’re aware of which may limit your ability to repay? Will you still boast the same surplus income in 6 months’ time as you do now? These are all questions that you need to ask yourself even if you have found what you think is a cheap, easily affordable loan.

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.