Uncle Buck Review 2021 – READ THIS BEFORE Applying!

Do you need an Uncle Buck loan for an unexpected expense? Fine, but how well do you know the payday loan provider, or how do you know it’s the best fit for your needs?

There’s plenty of things you need to learn before you can decide whether to proceed or turn back. While a personal bank loan would be more appropriate, a payday loan is a more suitable option for tackling a small short term financial hiccup. For a lot more, here is a comprehensive review of Uncle Buck.

Try Our Recommended UK Payday Loan Provider 2020:

• Get an Instant Quote
• Apply within 2 Minutes
• Friendly Support Service
• FCA Regulated

Apply Now!

*Subject to lender requirements and approval.

What is Uncle Buck?

Uncle Buck, incepted in 2004, is a loan service provider authorized by the Financial Conduct Authority as a short-term lender. It lends up to £1,000, designed for emergencies and short-term expenses, with repayment spread across four or six months.

Like most payday loans, Uncle Buck accumulates interest daily. But it employs instalment repayment, which encourages splitting the payments into multiple equal portions to make the repayment manageable.

While the lender gives customers up to £1,000, new customers can only receive up to £500 subject to your ability to repay and credit history. What’s more, the service is available any time of day, any day of the week, including weekends.

Features of PiggyBank Quick Loan

Pros and Cons of a PiggyBank Loans

Here is what Uncle Buck offer?

While Uncle Buck offers short term loans like other payday loan service providers, it allows its customers to repay in manageable monthly instalments spread over four to six months.

How does Uncle Buck’s short-term loan work?

Before you even head out to fill the form, you meet Uncle Buck’s online calculator, which helps you calculate the total cost of your loan based on your preferred repayment date. So, you apply with a pretty good idea of the total cost of the loan and how much Uncle Buck expects from you as monthly installment.

The online application form is relatively simple. The application form has four sections, namely, personal details, income and expenditure, bank and card details, and the decision. You only fill out the three-section, after which the lender carries out an eligibility, affordability and credit checks using the information you’ve provided.

The decision section is Uncle Buck’s response to your loan request. It bases its decision on your income and expenditure, and your credit history. It ensures the loan repayments are affordable to you.

You get ‘Provisionally Accepted’ before the actual approval. What this means is that based on the information you provided in your application, you have passed the lender’s initial credit assessment. However, the final approval is subject to verify your income, which they do by using your bank statement.

Uncle Buck transfers the funds to your account in about 15 minutes of its approval of your requests. Time is a factor in funding speed, though. You only receive the money within the quoted waiting window if the authorisation occurs from 6 am to 11 pm on any day of the week. But, if it approves your application after 11 pm, or earlier than 6 am, it sends you the funds after the subsequent 6 am.

The interest on the loan accumulates a maximum of 0.8% daily on the principal outstanding over the agreed period. But if you pay ahead of time, you get a reprieve of interest, translating to a lower overall cost of the loan.

Details asked by Uncle Buck for an Instant Loan

Uncle Buck’s short-term loan application includes personal details, income, and expenditure information, bank and card details, and the decision. In essence, the lender demand that you furnish its team with the following details:

You also have to answer questions relating to your income and personal expenditure. This information includes rent or mortgage, utility bills, travel, food, and any other monthly commitment.

The data enable Uncle Buck to calculate an amount that you can realistically afford, in line with FCA’s regulations, which requires all lenders to practice responsible lending.

Eligibility requirements

Only potential borrowers who meet specific conditions qualify for Uncle Buck’s same-day loan. The criteria include:

Uncle Buck Loan Repayment

The lender collects repayment regularly through your debit account using continuous payment authority (CPA) on the agreed payment date, which you declare on the application form. Even so, the lender notifies you via SMS, email, or a call a few days to each repayment date.

Unlike most payday loan providers that require their money back as a one-off payment, Uncle Buck offers you flexible instalments that make repayment manageable. There’s no rush to repay your entire loan plus the accumulated interest.  You can spread your payments across four to six months into equal adaptable monthly contributions, which offers you some breathing space with your finances. Also, similar amounts make it very straightforward and transparent for you to follow.

While the monthly instalments give you a chance to plan your finances well, it is expensive, since the longer you take to repay the loan, the more considerable the amount you pay as interest.

Uncle Buck Debt Modification and Early Repayment

In our reviews, we have previously covered emergency loan providers that offer top-ups, rollovers, and extensions. Unfortunately, Uncle Buck offers none of these options. But still, its customers enjoy the flexibility that comes with repaying their loans in instalments.

Also, you can choose to repay your loan early without any penalty — all you have to is call or email Uncle Buck’s customer support. So, if you borrowed money but afterward things worked out for you, reach out to the team and clear your debts than you had earlier planned. It saves you money that would have gone to interest.

Uncle Buck doesn’t offer debt modification like loan extension or an additional loan, which it believes can put you into severe debt problems. However, you can negotiate repayment options if you feel too hard-pressed.

The Checks Carried Out by Uncle Buck

There are three invaluable checks that FCA, which oversee the conduct of over 25,000 financial firms, insists on before any lender can extend a loan to any customer. Failure to comply with these standards may lead to harsh penalties on the lender. These checks include:

Identity verification

Uncle Buck carries out a series of checks before it approves any loan. Identity check is an invaluable solution to reduce the risks of identity theft and ensures whoever is applying for the loan is who they claim they are.

Credit checks

They also review your credit repayment habits, but this is in their best interest. Here they work with the UK credit reference agencies TransUnion and Lending Metrics. The company is, therefore, able to trace and review your credit file and how study how well you’ve paid other loans and credit cards in the past. It also informs them of your outstanding debt.

Affordability checks

Last but not least is the affordability check based on your actual monthly expenses. It factors costs like rent, mortgage, travel, utility bills, food, and other commitments. Being a direct lender, Uncle Buck is directly responsible if it sells you affordable. Thus, to avert the situation, it ensures you are in a position to pay back the loan it lends you.

Uncle Buck strikes a balance between quick loan approvals, and we aim to transfer funds as quickly as possible and comply with the regulations. These checks are almost instant, and hardly take 10 minutes, which only means it takes about 15 minutes to authorize or decline the loan request.

The Cost of an Uncle Buck Loan

Like any other loan or mortgage, your Uncle Buck accumulates interest, and so your repayment constitutes of both elements.  For example, if it approves you a credit of £300 for four months, you pay an interest of nearly 0.8% per day on the principal outstanding.

Any payment you make first goes into paying the monthly interest, and the remaining amount, if any, reduces the principal amount you borrowed. In our case, the total amount repayable is £442.95, which rounds down to an APR of 1244.0%. Consequently, the earlier you pay your loan, the better for you.

We don’t need to mention that payday loans offered by lenders like Uncle Buck are costly. People, however, choose them for many reasons, including bad credit history. These loans are a quick fix, and as it is with such solutions, they are simple remedies, but never address the underlying problems. So, they’re unlikely to solve your money problems truly. That’s why they should be your last option.

How Uncle Buck Deals with Defaulters

When you take a loan, you often have a plan to repay it. But life has its surprises, and sometimes things don’t just seem to work out as you planned. Loss of a job, health complications, or other factors can throw you off balance. So, it is good to know how Uncle Buck handles worst-case-scenarios.

Once your payment CPA fails to go through, Uncle Buck will notify you through an email or an SMS. They may also attempt to call you. Their concern would be how to recover their money. So, if you are in a financial pit hole, you will work with them to come up with a more manageable repayment plan like breaking down the instalment into even smaller amounts for an extended period. Remember, FCA freezes the interest to not more than half the amount you borrowed.

Nevertheless, the restructuring of the repayment plan only comes into play if you reach out. Otherwise, if you don’t make any attempt to clear your arrears within three days after it is due, you incur a £15 fee. This fine is compounded together with the outstanding balance and subject to a daily interest rate of up to 0.8%.

If you remain unresponsive, Uncle Buck involves the help of external debt collectors. But before this move, you’ll receive a notice in writing, including the details of the agency contracted to handle your case. But this is the last option. It is in your best interest to talk to the lender if you feel you are not in a position to repay your loan as expected.

Uncle Buck Customer Support

The Uncle Buck customer support is available to help you, whether it is with your loan application or repayment. They are available on the phone, and email between 8 am and 2130 hours on weekdays or between 9 am and 1800 hours on Saturdays & Sundays.

For applications, the lender offers loads of content and has a comprehensive frequently asked questions page where they tackle almost every concern you might have concerning the registration process and the service as a whole.

But if that doesn’t help, you can apply for your loan when the customer support during the working hours as indicated above. For those who don’t have any problem filling out the form, you can apply for the loan at any time of the day and seven days a week.

Bottom Line

Payday loans are short term solutions to cash flow problems, and Uncle Buck is one of them. The company has survived this highly volatile market for offering innovative loan products that help its customers manage unexpected expenses that pop up in between paycheques. But as always, they are unsecured loans, preferably for people with bad credit, and as such come with high fees and interest. It is advisable to evaluate other options before choosing to take the loan.

Try Our Recommended UK Payday Loan Provider 2020:

• Get an Instant Quote
• Apply within 2 Minutes
• Friendly Support Service
• FCA Regulated

Apply Now!

*Subject to lender requirements and approval.

FAQ