8-K

                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, D.C.   20549



                                  FORM 8-K

                               CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15(D) OF
                    THE SECURITIES EXCHANGE ACT OF 1934

     Date of Report (Date of earliest event reported):  March 4, 1999      
                                        

                      UNITED COMPANIES FINANCIAL CORPORATION
                     (Exact name as specified in its charter)

          Louisiana                      1-7067              71-0430414   
(State or other jurisdiction of (Commission File Number)    (IRS Employer  
       incorporation)                                   Identification No.)

4041 Essen Lane, Baton Rouge Louisiana                           70809  
- ---------------------------------------------------------------------------
(Address of principal executive offices)                       Zip Code  

Registrant's telephone number, including area code       (225) 987-0000


                                 Not Applicable
        (Former name or former address, if changed since last report)

                                PAGE 1


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Item 5.   Other Events.

     The Registrant files herewith the exhibit listed in Item 7(c) below.

Item 7(c).     Exhibits.

     The following exhibit is furnished in accordance with Item 601 of
     Regulation S-K:

          99   Press Release dated March 4, 1999



 3                         
                              SIGNATURES




Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by 
the undersigned hereunto duly authorized.

                          UNITED COMPANIES FINANCIAL CORPORATION
                                         (Registrant)

           
Date:     March 4, 1999        By:     /s/  Dale E. Redman
                                     ----------------------------------------
                                     Dale E. Redman, Executive Vice President
                                     and Chief Financial Officer

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                          INDEX TO EXHIBITS

EXHIBIT                                               SEQUENTIALLY
NO.                      EXHIBIT                      NUMBERED PAGE
- -------                 ---------                   ----------------
99        Press Release dated March 4, 1999
                                                          

EX-99

                                                   EXHIBIT 99
                                                   ----------

[UNITED COMPANIES LOGO]                       For More Information,
                                              Contact:
                              
                                              Dale E. Redman
                                              Executive Vice President &
                                              Chief Financial Officer
             
                                              225-987-2385 or 800-234-8232 
                              
RELEASE DATE: March 4, 1999    

                                            


     United Companies Receives Court Approval of Financing Agreement
                  with Greenwich Capital and The CIT Group

     BATON ROUGE, LA - United Companies Financial Corporation (NYSE:
UC) announced today that it has received approval from the U.S.
Bankruptcy Court of its previously announced financing commitments
from Greenwich Capital Financial Products, Inc. and The CIT
Group/Business Credit, Inc. 

     Under the terms of the agreements, the Company has available an
interim aggregate of $225 million in debtor-in-possession
financing which will provide working capital while the Company
seeks to reorganize to operate in a whole loan sale environment. 
Greenwich Capital and The CIT Group will provide an interim
secured warehouse facility of $150 million and Greenwich Capital
has committed to an interim revolving flow-through purchase
commitment of $75 million. The financing commitments will go up to
$300 million under the warehouse facility and $200 million under
the purchase facility upon satisfaction of certain conditions and
final approval of the bankruptcy court at a hearing presently
scheduled for March 18, 1999.

     United Companies Financial Corporation is a specialty finance
company that provides consumer loan products nationwide through
its lending subsidiary, UC Lending(R). 

     The following is a "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995: The statements contained
in this release that are not historical facts are forward-looking
statements based on the Company's current expectations and beliefs
concerning future developments and their potential effects on the
Company.  There can be no assurance that future developments
affecting the Company will be those anticipated by the Company. 
Actual results may differ from those projected in the
forward-looking statements.  These forward-looking statements
involve significant risks and uncertainties (some of which are
beyond the control of the Company) and are subject to change based
upon various factors, including but not limited to the following
risks and uncertainties: changes in the asset securitization
industry and in performance of the financial markets, in the
demand for and market acceptance of United Companies' products,
and in general economic conditions, including interest rates; the
presence of competitors with greater financial resources and the
impact of competitive products and pricing; the effect of the
Company's policies including the amount and rate of growth of
Company expenses; the continued availability to the Company of
adequate funding sources; actual prepayment rates and credit
losses on loans sold as compared to prepayment rates and credit
losses assumed by the Company at the time of sale for purposes of
its gain on sale computations; the effect of changes in market
interest rates on the spread between the coupon rates on loans
sold and the rates on securities backed by such loans issued by
the Company in securitization transactions and on the discount
rate assumed by the Company in its gain on sale computations;
timing of loan sales; the quality of the Company's owned and
serviced loan portfolio including levels of delinquencies,
customer bankruptcies and charge-offs; ratings; and various legal,
regulatory and litigation risks.  The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future
events or otherwise.  For a more detailed discussion of some of
the on going risks and uncertainties, see Item 7. Management's
Discussion and Analysis of Financial Condition and Results of
Operations - Investment Considerations in the Company's Annual
Report on Form 10-K for the year ending December 31, 1997, as well
as other Company filings with the Securities and Exchange
Commission.