1

                                                                    EXHIBIT 12.1


UNITED COMPANIES FINANCIAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)



                                                Six Months                  Year Ended December 31,             
                                               Ended June 30,  -------------------------------------------------
                                                   1994        1993        1992       1991       1990       1989 
                                                   ----        ----        ----       ----       ----       ----
                                                                                           
Income from continuing operations
      before income taxes                        $43,582     $44,372     $21,370     $8,376     $7,267     $12,146

Add
      Portion of rents representative of
            the interest factor                      712       1,085         745        735        775         651              
      Interest on indebtedness                     5,699      10,158      12,082     17,679     19,938      20,700              
      Proportionate share of interest on                                                                                        
            indebtedness of 50%-owned                                                                                           
            investee                                 188         380         383        430         99           0              
      Less: intercompany interest                   (188)       (380)       (383)      (430)       (99)          0              
                                                    ----        ----        ----       ----        ---           -
                                                                                                                                
                  Income as adjusted             $49,993     $55,615     $34,197    $26,790    $27,980     $33,497              
                                                 =======     =======     =======    =======    =======     =======
                                                                                                                                
Fixed charges                                                                                                                   
      Portion of rents representative of                                                                                        
            the interest factor                     $712      $1,085        $745       $735       $775        $651              
      Interest on indebtedness                     5,699      10,158      12,082     17,679     19,938      20,700              
      Proportionate share of interest on                                                                                        
            indebtedness of 50%-owned                                                                                           
            investee                                 188         380         383        430         99           0              
      Less: intercompany interest                   (188)       (380)       (383)      (430)       (99)          0              
                                                    ----        ----        ----       ----        ---           -
                                                                                                                                
                  Fixed charges                   $6,411     $11,243     $12,827    $18,414    $20,713     $21,351              
                                                  ======     =======     =======    =======    =======     =======
                                                                                                                                
Ratio of earnings to fixed charges                  7.80        4.95        2.67       1.45       1.35        1.57              
                                                    ====        ====        ====       ====       ====        ====