Uncle Buck Payday Loans

DAVEYBOY2009

Got a loan in January 2009 for £150 (From Uncle Buck Payday Loans) and I extended it thinking it would be paid the following month, it is now June and they have been taking £45 per month off me until I rang them. My fault for probably not reading the contract right. But after using other similar serivices this is how it works. I now owe a final pay off figure of £190, one hell of an expensive loan. My advice is use, if you have no choice other payday loan companies that clearly state in the application all charges. , I would recommend (still high interest)Wonga or quickquid.

Enfieldian

Most, if not all PD loan companies operate this way, as clearly laid out in their T's & C's.....

They are all supposed to be paid off after a month to avoid these rollover fees.

Therefore I don't really understand why you have posted unless it is as an advert for anyone searching for a PD loan, steering them towards the last two companies in your post?

saintly_2

i am currently in the cycle of PD loans started from 1 x £100 loan and is now sat at 4, just paying a roll over fee every month!!! THANKFULLY i get a substantial payrise as of next month and backpay so am able to clear them and never get them again. if i didnt according to my budget it would be sept before i did it so anyone reading this PLEASE DO NOT EVER GET A LOAN WITH ANY OF THESE COMPANIES, IF YOU DO DON'T ROLL IT OVER!!!

fozmcfc

Most complaints/comments about these payday type loans seem to relate to roll over fee, which are of course in the T & C's.

The trouble is that in many cases, the T & C's are not clear or the important stuff seems to be buried in a lot of legal stuff.

However, I do think though that most people who end up with being charged can't afford to pay the initial interest back and that's what these companies rely on.

nomoneytoday

What did you expect them to do?
Their costs, whilst high, are clearly stated. The point of a pay day loan is to clear it on pay day, not roll it.

Enfieldian

Don't worry.

Daveyboy is another "one post wonder"

He is probably back on the "customer support" desk at some PD loan company threatening people with home visits as we speak.

recyclingbox

why would anyone want to use a company called Uncle Buck loans? Sounds a bit cowboyish to me .
Then again quickquid and wonga doesn't fill me with confidence.....

theartfullodger

Wonga??? Wot, the guys who only charge 2,689% APR???

IMHO a bunch of blood-sucking leeches like the rest of the PayDay loan scum.

Cheers!

Lodger

PS £2:50 to your nominated charity (not educational) if you can point me at anyone who is "legal" and charges a higher APR...

Treadmill

If your mate lends you £20 on monday to see you through to payday on friday on the condition you buy him a pint, you've just recieved a loan with an APR of 1000s of percent. APR does not always show the true picture.

Enfieldian

Yes Treadmill.

Your analogy is, as always, correct.

theartfullodger

Very good treadmill, so which part of

Wonga??? Wot, the guys who only charge 2,689% APR

- isn't true then please??

Cheers!

Lodger