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In this paper we present a novel algorithm for onboard radial distortion correction for unmanned aerial vehicles (UAVs) equipped with an inertial measurement unit (IMU), that runs in real-time. This approach makes calibration procedures redundant, thus allowing for exchange of optics extemporaneously. By utilizing the IMU data, the cameras can be aligned with the gravity direction. This allows us to work with fewer degrees of freedom, and opens up for further intrinsic calibration. We propose a fast and robust minimal solver for simultaneously estimating the focal length, radial distortion profile and motion parameters from homographies. The proposed solver is tested on both synthetic and real data, and perform better or on par with state-of-the-art methods relying on pre-calibration procedures.