At Uncle Buck, we have been providing short-term cash loans since 2004 and are one of the most established lenders on the market. We understand that when it comes to taking out any form of loan or credit – the first things you might want to know are the basics, such as:
- What are payday loans and how do they work?
- What does the application process entail?
- What are the eligibility criteria for your chosen loan?
- What are the repayment terms and interest rates?
- Are there any hidden fees?
- What’s the customer service and support like?
Having the above information is crucial to making an informed borrowing decision – and while we clearly display all the necessary information on our website, we wanted to make it even easier for you to understand the essentials of our loans to make an informed borrowing decision.Looking to apply for a short-term cash loan and have questions that you need answered? Check out our payday loans FAQ eBook and make an informed decision today.
How do our payday loans work?
What is an Uncle Buck payday loan and how does it work?
An Uncle Buck instalment/payday loan is a small cash advance repayable in instalments. The application process is convenient and simple. If approved, the money will be sent to the account specified (we transfer funds every 15 minutes between 7am and 7pm).
We offer four or six-month loan terms and repayments will be set to your pay dates. If you choose to settle your loan early, you may be entitled to a rebate of interest.
Our application process
Applications can be made online, 24/7. To make an application, please click here. You will receive a provisional decision straight away and if your loan is approved, and funds are transmitted every 15 minutes between the hours of 7am to 7pm.
To process your application, we will need your personal details, your employer’s details, your bank information (including sort code, account number and debit card number) and your current address. In addition, we will need your income and expenditure, including any current financial obligations to ensure that your loan repayments are affordable. You will also be subject to a credit and affordability check.
We process payments daily between the hours of 7am to 7pm, so you will get access to your funds as quickly as possible. We will not take any upfront payments from your debit card. Your details are only used for collecting your repayments.
We will only lend to those who fulfil the following Uncle Buck payday loan requirements:
- Are aged 18 or over
- Are employed and resident in the UK
- Have their salary paid directly into their bank account and have a valid debit card for that account
- Can confirm that they are not signed up to or anticipating entering a Debt Management Plan, Individual Voluntary Arrangement or debtor under any bankruptcy proceedings
How are repayment, interest and other fees managed?
Repayments will be set to your pay dates, allowing you to spread repayment over regular instalments. Rather than a typical payday loan or loan that lasts one month, you have the opportunity to repay your loan over a period of time (either four or six months) giving you some breathing space.
You also have the freedom to repay your loan early – which can either be done by calling or emailing our customer service team to request early repayment. Standard repayments are collected from your debit account using a process called Continuous Payment Authority – you can find more on that here. When payment is due, we will collect the amount owed from your debit account. This is the most convenient way to manage recurring payments, allowing for smooth transactions and means that you don’t have to worry about calling up or making a manual payment each month.
There are no hidden fees. You may be charged a one-off default fee for your first late or missed instalment if you have not responded to any of our communications and your payment is still outstanding three days after the scheduled collection date. Default interest will be charged for every day that your loan is in arrears, subject to the price cap.
Our customer service and support
Treating Customers Fairly (TCF) is at the heart of what we do – and to achieve it, we ensure that our customer service team and call centre agents receive regular training. We have quality assurance programmes in place to ensure high standards of customer service are maintained, and routinely review and update our policies to continue providing a quality service.
If you have any issues or changes in your circumstances, we ask that you contact us immediately. Problems can then be met with understanding and flexibility, and tackled quickly and honestly. Our customer service team is UK based, so a customer service representative will always be on hand to help. If you have any other concerns or queries, we have a comprehensive Help & Support section on our website which you can access by clicking here.
Choose an established, trusted lender
When it comes to taking out a short-term cash loan, it’s important to carefully consider whether or not it’s necessary and if you are in a position to repay. It’s about making responsible borrowing decisions, finding a lender you can trust, and ensuring they have an experienced customer service team you can turn to when you need help or assistance regarding your loan. The above information should give you a good idea of how our payday loans work and our payday loan requirements.
To find out more about our short-term cash loans, download our free FAQ eBook