Uncle Buck short-term loans review

Uncle Buck entered into administration as of March 2020. Prior to going out of business, Uncle Buck offered short-term loans of up to £1,000, repaid over 4 months or 6 months designed to cover emergency expenses.

Updated

Uncle Buck

Uncle Buck went into administration as of 27th March 2020. Uncle Buck has advised that all new lending activity has ceased and, if you’re an existing Uncle Buck customer, you should continue to make payments for your outstanding loans in the usual way.

Uncle Buck was a direct lender (rather than a broker) which traded from 2004 until March 2020, authorised by the Financial Conduct Authority (FCA).

Unlike traditional “payday” loans, where the amount you borrow would be due in one single repayment on your payday, an Uncle Buck loan split repayment into manageable monthly instalments over a 4 or 6 month term.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

How did Uncle Buck’s loans hold up against the competition?

Table: promoted deals, sorted by total payable
How much do you need to borrow?


How long do you need to borrow for?


Name Product Available amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
QuidMarket Short Term Loan
£300 to £1,500
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
Savvy.co.uk Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
Sunny Loan
£100 to £2,500
Representative example: Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 568% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.
The Money Platform Short Term Loan
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
Auden Short Term Loan
£200 to £500
Representative example: Borrow £500 for 91 days at a rate of 178.85% p.a. (fixed). Representative 430.77% APR and total payable £652.33. You’d pay two monthly instalments of £217.45 and your third and final payment would be £217.43.
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Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
QuidMarket Short Term Loan
Savvy.co.uk Personal Loan
Sunny Loan
The Money Platform Short Term Loan
Auden Short Term Loan

What were Uncle Buck loans?

Product NameUncle Buck Short Term Loan
Available amounts£100 to £1,000
New customer maximum£500
Loan terms4 months to 6 months
Soft search eligibility check
Funding speedUncle Buck says that funds are transmitted every 15 minutes between the hours of 6am to 11pm, 7 days a week, and that if your application is approved after 11pm, funds will be sent the following day.
Repayment period optionsMonthly
Default repayment methodContinuous payment authority
Additional repayment methodsOnline payment
Repay early at any point
FCA registration number673545
More Info

How did a short term loan from Uncle Buck work?

Uncle Buck’s online calculator enabled you to select your loan amount and loan term, plus your preferred repayment day. You would then get a good idea of how much the loan would cost you each month and overall.

Applications were submitted online, after which Uncle Buck would complete an eligibility, creditworthiness and affordability assessment. Using your personal details, employer details, bank details and address history, as well as details of income and expenditure information, Uncle Buck would ensure your loan repayments were affordable and approve or decline your application accordingly.

Funds for applications approved between 6am-11pm were sent within 15 minutes, and applications approved after 11pm were sent the following day.

Like most payday/short-term lenders, Uncle Buck used a Continuous Payment Authority (CPA) to take your payment automatically on the repayment date you chose during your application.

What is a Continuous Payment Authority (CPA)?

With a CPA you give a company permission to withdraw money from your account on a regular basis.

CPAs differ from a direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday/short-term lenders will use a CPA to collect your repayments. You can cancel this at any point by either consulting with your loan provider or your bank.

What were the eligibility requirements?

Uncle Buck loans were an option for you if you met the following criteria:

ResidencyUK resident
Minimum age18
Applicant with bankruptcyYou must confirm that you are not currently signed to or anticipating entering a Debt Management Plan, Individual Voluntary Arrangement or a debtor under any bankruptcy proceedings
Additional eligibility notesYou must be employed.
You must have your salary paid directly into your bank account.
you must have a valid debit card for this account.
You must have a valid email address and mobile phone.

Changing your loan: Additional borrowing options and early repayment

Uncle Buck didn’t offer top ups, rollovers or extensions. Although some other lenders do offer these options, Uncle Buck believed it can lead to severe debt problems for customers and therefore didn’t offer the facility. Instead, it encouraged you to speak to customer service to discuss repayment options.

Repay early at any point
Repaying early can reduce overall interest
Interest is only applied to days where funds are outstanding
Multiple loans allowed at the same time
Option to extend loan term
Phone number01959 543400
More Info

What if I missed a payment?

If a payment didn’t go through, Uncle Buck would email and text you. They would also attempt to call you. If you were having financial difficulties Uncle Buck would help you set up an alternative, more manageable, repayment plan. This may have involved breaking down repayments into smaller amounts over a longer period of time and freezing the interest.

If you did not respond to correspondence and no payment had been made three days after the due date you would incur a £15 fee. In addition to this you may have been charged a daily interest rate of up to 0.8% on the outstanding amount.

Did you know?

In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Is high-cost, short-term borrowing a good idea?

Payday/short-term loans from lenders like Uncle Buck offer a fast fix when you get into difficulty with your finances, but are a very expensive method of borrowing. You should only consider this as a last resort – they’re unlikely to solve your money problems in the long term, and aren’t suitable for borrowing over longer periods, or for sustained borrowing. Before you apply for a short-term loan, make sure you have considered all other options carefully. Find out more at moneyadviceservice.org.uk.

Frequently Asked Questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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