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                                                                    EXHIBIT 23.1


INDEPENDENT AUDITORS' CONSENT

   
We consent to the incorporation by reference of our opinion dated February 28,
1995 (May 1, 1995 as to Note 13 and Item 14, Schedules V and VI) appearing in
this Annual Report on Form 10-K/A-1 of United Companies Financial Corporation
for the year ended December 31, 1994 in the following:   Registration Statement
No. 33-15326 on Form S-8 pertaining to the United Companies Financial
Corporation 1986 Employee Incentive Stock Option Plan, Registration Statement
No. 33-17366 on Form S-8 pertaining to the United Companies Financial
Corporation Employees' Savings Plan and Trust, Registration Statement No.
33-29994 on Form S-8 pertaining to the 1989 Stock Incentive Plan and the 1989
Non-Employee Director Stock Option Plan, Registration Statement No.  33-54955
on Form S-8 pertaining to the 1993 Stock Incentive Plan and the 1993
Non-Employee Director Stock Option Plan, Registration Statement No. 33-68626 on
Form S-3 pertaining to the registration of 1,951,204 shares of United Companies
Financial Corporation Common Stock, Registration Statement No. 33-55227 on Form
S-3 pertaining to the registration of $200 million of United Companies
Financial Corporation Debt Securities and Preferred Stock, and Registration
Statement No. 33-52739 on Form S-3 pertaining to the registration of 200,000
shares of United Companies Financial Corporation Common Stock.
    




Baton Rouge, Louisiana
   
May 22, 1995
    





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