Uncle Buck was a short term loan provider that sought to assist customers in financial distress. Their loans were repayable over four to six months.
Unfortunately, they entered administration in March 2020 after the Financial Conduct Authority (FCA) raised alarm about their expanding loan book and declining financial position. Administrators Harrison Business Recovery have been appointed to try and recoup money to pay creditors and satisfy compensation claims.
Costs
When it comes to short-term borrowing, there are plenty of options available. Whether you need an emergency loan or one to help cover an unexpected bill, make sure you shop around before applying for a payday loan.
Typically, payday loans come with higher interest rates than longer-term loans and may be costlier to repay. Therefore, it’s essential to compare them before determining which is the most advantageous for you.
Furthermore, make sure that you can afford to repay the loan in full. Unfortunately, many people struggle with managing their debt over time, leading to loans costing more than their actual value.
Uncle Buck offers an instant decision on your application, meaning you’ll get the money as soon as it’s approved. They transfer funds every 15 minutes between 08:00 and midnight, helping to eliminate long waits for funds to arrive.
Fees
Payday loans can be a great source of short-term financial relief, but you should weigh other options before committing to one. Moneyboat, for instance, provides loans up to PS1,500 with interest rates that are fair and transparent.
Uncle Buck was a payday loan provider that operated from 2004 until March 2020, licensed by the Financial Conduct Authority (FCA). They offered unsecured personal loans of up to PS1,000 which borrowers could repay over four or six months.
Although this was a more accommodating way of borrowing, some customers may have ended up repaying over longer periods than necessary. Others could have paid an excessive amount in interest and found it harder to afford payments without resorting to reborrowing.
In 2019, the FCA issued a warning about Uncle Buck’s failure to meet adequate resources threshold conditions, and on March 27th they were placed into administration. Paul Boyle, David Clements and Anthony Murphy from Harrisons Business Recovery LLP were appointed joint administrators to manage the company’s affairs.
Repayment terms
Uncle Buck loans were generally inflexible in nature and many borrowers may have found it difficult to meet repayments. Authorized by the Financial Conduct Authority (FCA), these short term loans could range up to PS1,000 that needed to be repaid over four or six months.
They used a Continuous Payment Authority (CPA) to automatically collect your payments on the date specified during your application. This meant there were no calls or manual arrangements necessary – just sit back and wait!
However, this could mean paying more in interest than intended. This could have presented issues for some borrowers, especially those with poor credit histories.
Unfortunately, Uncle Buck ceased lending in March 2020 and was placed into administration by Harrison Business Recovery. This means they are no longer taking new applications; however, existing borrowers should still be able to make their repayments as usual.
Customer service
Uncle Buck payday loan has earned numerous positive reviews from satisfied customers. They provide short-term loans of up to PS1000, with a customer service team available 24/7 to answer any queries you may have.
The company provides an online account service that enables customers to apply for loans, view outstanding loan details and update personal information. Once approved, funds can be deposited into their designated bank accounts in as little as 15 minutes.
The company has earned a stellar reputation for customer service, earning them several awards in the process. Before applying for a loan, be sure to visit their website and read customer reviews. Furthermore, they are licensed and regulated by the Financial Conduct Authority, using advanced security measures to safeguard your personal information.
