What happened to Uncle Buck loans?
Uncle Buck began trading in 2004 and was a direct lender of payday loans, offering amounts between £100 and £1,000. Customers could choose to repay their loan across a term of either 4 or 6 months.
Uncle Buck Finance LLP went into administration on March 27, 2020.
Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery and Insolvency London Limited were appointed as administrators.
At the time of the administration, the FCA stated that any existing loans should continue to be repaid as usual.
The administrators later announced that from March 2021, any information regarding active loan repayments, arrears, and defaults would no longer be reported to the credit reference agencies (CRAs).
Could I still get a loan with Uncle Buck?
It’s no longer possible to get a loan with Uncle Buck, but there are plenty of other direct lenders – including those on the CashLady panel - who could consider your credit application.
Alternatives to Uncle Buck loans: how much could I borrow?
With CashLady, you could search for a loan from £100 to £10,000.
How long can I borrow my Uncle Buck alternative loan for?
Depending on the amount of money you apply to borrow, you could repay your loan over a term between 3 and 60 months.
How quickly could my money be sent?
Several of the lenders on the CashLady panel could send your money on the same day as your application is approved; however, please be aware that timescales vary between lenders. It’s also important to remember that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
Who can search for a loan with CashLady?
CashLady welcomes anyone who meets the following criteria to search for a loan.
You must:
- Be over the age of 18;
- Be a UK resident;
- Have a UK bank account and a valid debit card; and
- Have a regular source of income paid into your bank account.
I have bad credit; could I search for a loan with CashLady?
Yes, you could, although you should think very carefully before you do. While a number of the lenders we work with specialise in loans for people with bad credit, you should bear in mind that a bad credit loan could come with a higher rate of interest. This will directly affect the overall cost of the loan as well as your monthly repayments.
Will using a credit broker affect my credit score?
When you search for a loan with CashLady, we’ll complete a soft search with no impact on your credit score. The search will only be visible on your credit file to you and us.
If you’re matched with a loan and you choose to make a full application with the lender, they will complete a creditworthiness assessment, and this could include a hard search. A hard search will leave a visible footprint on your credit file, and if you undergo multiple hard searches in a short period of time, your credit score will be negatively affected.
I’m thinking of searching for an Uncle Buck alternative loan with CashLady; how will my repayments be made?
Your short-term loan will be repaid in monthly instalments throughout your chosen repayment term. Your repayments will include interest and must be made in full and on time each month. If you default on your repayments, your lender could charge you a fee, and your credit score will also suffer.
What if I can’t afford to repay my loan?
If you’ve taken out a loan and are finding it difficult to make your repayments, you should speak to your lender. They will be able to discuss any options that may be available to you. Depending on the lender, this could include a repayment holiday or temporarily reduced repayments.
Want to talk to someone confidentially about your finances? There are a number of organisations that offer free, impartial money and debt advice, including StepChange, MoneyHelper, Citizens Advice, and National Debtline.