It is a short term solution only and its purpose should be considered carefully. Be aware that if it is not used responsibly this type of financial product could create a larger financial burden.
As a responsible lender we want to ensure that you can repay your loan comfortably in a way that is affordable to you. Uncle Buck loans are not designed for long-term borrowing or keeping you in debt, but instead are to be repaid in the short-term. If you need to borrow over a longer period there are other, more suitable forms of credit available. An Uncle Buck instalment payday loan is a short term cash advance that is there to help you when unexpected expenses arise helping you manage your cash flow.
Uncle Buck is committed to responsible lending and we will lend responsibly at all times.
- Not charging more than 0.8% interest per day on the balance outstanding.
- Comprehensive affordability and employment checks including credit bureaux data, electronic income validation and income and expenditure information.
- Affordable and variable loan amounts based on available income.
- Assist you by never lending more than a maximum of £500 on your first loan (subject to status and assessment of affordability).
- Repay early – you have a legal right to repay your loan early without penalty before the contractual term of the loan has finished.
- As an existing customer, we may be able to consider applications for greater sums, but this cannot be guaranteed as we need to consider your circumstances on each occasion.
- We will contact you in the week leading up to your payday so you will be fully aware of what is due. You can also rest assured that providing the loan is repaid on time there are no additional charges.
- Not charge you more than £15 in total in default fees if you do not repay on time.
- Not charge you more than 100% of the total amount borrowed if you do not repay on time.
Be transparent, honest and open
All of the terms and conditions of the loan, as well as the charges, will be displayed clearly upfront before you make a decision about whether to borrow. The only way the cost can increase is if you don’t repay your loan on the dates agreed. Further details of charges we make in the event of default are shown in the pre-contract information and in the Loan Agreement.
Things you should consider
To assist in your decision please consider the following examples; an Uncle Buck instalment payday loan might be an appropriate product to fill a temporary cash shortage, to avoid becoming overdrawn at your bank or to avoid expensive charges for returned direct debits, to repair your car, washing machine or other unexpected expenses.
It is not appropriate to pay off another loan or to routinely cover your day to day expenses as this is an unsustainable form of borrowing.
Although we do not ask you to provide a reason for your loan, Uncle Buck does not support the use of payday loans for frivolous expenses. You should never borrow money unless you are sure you can pay it back otherwise you may incur further charges.
If you find that you are applying for another loan straight away after repaying the previous one, this may be a sign of financial difficulty. Please contact us to discuss ways we can help you to manage your repayments with us. You can also contact one of the not-for-profit organisations for free, confidential and impartial debt advice as detailed in the Good Practice Customer Charter – click here to view.
What if I fail to repay my payday loan?
It is important that you inform us as soon as possible if you think you may have difficulty making the agreed repayments in order that we can discuss your options with you. Contacting us at an early stage may help to avoid default charges and formal collection procedures. We will show forbearance and seek to assist you by agreeing alternative repayment arrangements.
The most important things to remember are:
i. If you think you cannot repay your loan, please don’t apply in the first place
ii. Communicate with us honestly and we will do our best to help you
You should also be aware that failing to repay on the agreed date may have a negative impact on your credit score as we provide payment performance information to credit reference agencies.
If you are having problems making a payment, please contact us on 01959 583979 during working hours and we will be happy to discuss your payment options with you.