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                                                                    EXHIBIT 23.1
 
                         INDEPENDENT AUDITORS' CONSENT
 
   
     We consent to the incorporation by reference of our opinion dated February
29, 1996 appearing in this Annual Report on Form 10-K/A-2 of United Companies
Financial Corporation for the year ended December 31, 1995 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. 33-60367 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 and Registration Statement No.
33-63069 on Form S-8 pertaining to the United Companies Financial Corporation
Management Incentive Plan.
    
 
DELOITTE & TOUCHE LLP
 
Baton Rouge, Louisiana
   
May 15, 1996
    
 
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