Product Name: How Does Uncle Warbucks Loans Stack Up?
Product Description: They are an online lender that specializes in short-term installment loans. They claim to be owned by the 'SpeedyLoan" network, however we were unable to verify that information. That said, is a loan from them worth it in the end? We investigate...
Cost of Loan
They offer short-term installment loans to individuals with bad credit. However, this lender isn’t very transparent, which raises alarms for us. They do not identify who the owner of this company is. That said, you can borrow up to $1,000, but the PAR can be as high as 780%, depending on your financial situation. This type of loan should only be used as a last resort and for small financing needs, such as a car repair or medical bill.
User Review( votes)
- Decent option if you have bad credit and exhausted all other resources
- Offers loans up to $1,000
- Typically funds within 24 business hours
- Lender is not transparent with their operations
- APR is considerably high–a whopping 550% to 780%
- Not a good solution for long-term financing needs
- Website is outdated and causes concern for consumer information protection
With a clever business name, Uncle Warbucks is a lender that specializes in unsecured short-term installment loans. These type of loans are a better alternative to payday loans due to their flexibility in repayment and more efficient than traditional lending because of their expedited application process.
Installment loans help in the event of an emergency or you need funding for an unexpected bill. They are not for a long-term financial solution and are an expensive form of credit. This article will be an in-depth review of Uncle Warbucks and help to determine if they are a reputable company.
Overview of Uncle Warbucks Loans
On the homepage, you will notice everything appears in a professional manner, allowing for easy access. With the expected information at the top and the start of the application to the right, you can navigate to what you need in a few easy clicks.
Slightly down the homepage, you will see reviews from individuals who’ve used Uncle Warbucks. While this is hit or miss on tribal lending sites, take it with a grain of salt because the validity or source of the reviews can be less that independent.
At the very bottom of the page, you will find the fine print and details regarding the Uncle Warbucks products. While they mention they do not work with every state, they do not mention which states are eligible to apply for a note. Reaching out to verify seems to be the best course of action.
Loan Rates and Terms: How Much Will it Cost?
As previously mentioned, Uncle Warbucks specializes in unsecured installment loans, designed for an emergency situation.
The amounts you can borrow from Uncle Warbucks ranges from $100 up to $1,000. However, if you are a first-time borrower with the company you may borrow up to $700. The interest rates associated with the notes can range from 550% to 780%, which are lower than many tribal lenders on the market.
Costs associated with the product depends on the amount borrowed and your history with the company. Once your loan application settles, you will receive exact information in your loan documents.
The Application Process
The application process with any tribal lender should not take more than ten to fifteen minutes, as they are for an emergency. To being the process with Uncle Warbucks, you will click the apply now button at the top of the page
In the first section, you will input all your personal information, including name, address, phone number and social security number. The next section is for your employment verification, which includes your job and pay information. This allow Uncle Warbucks to determine if your current financial situation meets the requirements, as well as determining when your payments will be due.
The final two sections are your banking information and references. Uncle Warbucks states that your references will not be contacted to qualify your loan. While it isn’t clear what they’re for, it could be means of validating another piece of information.
After you’ve completed the application process, you will submit your information and wait for your approval.
What Happens After I Submit My Application?
After you submit your application you will be notified instantly with the decision of your application. Once you’re approved you will be sent your loan documents to sign and return electronically. Proceeds from your loan are deposited into your account on the next business day.
Loan Repayment Terms
Repayment of your loan is as simple as following the amortization schedule provided to you in the loan documents. However, one item missing from the FAQ page of Uncle Warbucks website includes early repayment information.
While many in the industry allow and even encourage early repayment, you will likely want to check with Uncle Warbucks to ensure there are no prepayment penalties. Prepayment is important because if you are able, you can pay down the loan early, saving you money on interest expenses.
If I Change My Mind, Can I Cancel My Loan?
Another bit of information missing from the FAQ page is any cancellation information. Typically you will find in the loan documents a right of rescission, which allows you to cancel the loan within a certain timeframe. If you anticipate you might need to cancel your loan, you will want to reach out to Uncle Warbucks and ask, because every lender is slightly different in the timing of things.
Overall, Uncle Warbucks is your straight forward, no frills type of tribal lender. While they are missing some information on their FAQ many would find useful it’s not the end of the world. By providing their contact information you can quickly reach out and request any additional information.
Uncle Warbucks is certainly not the top of the line but they are not the bottom either. They certainly have high interest rates, but are not an illegal loan shark. Comfortably situated in the middle of the pack, they are certainly worth a look if you are simply wanting to get in and get out with the loan you need.