Novuna (formerly Hitachi) business finance review

With more than 35 years of industry experience, Novuna offers a variety of business financing options.

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Novuna

Founded over 100 years ago, Novuna is a Japanese company with 11 different business components, including financial services. Its mantra is “Inspire the next”, and it was voted the UK’s Best Direct Loan Provider by Your Money for the past four years.

Novuna (formerly Hitachi) offers several different types of finance to support your business. It’s straightforward to apply via Novuna’s website.

Novuna business finance options

Novuna offers different types of financing for your business, including asset, invoice and franchise finance. Whether you’re starting a new business or looking for a boost to the next level, Novuna offers funding of up to £500,000.

  • Asset finance. If you’re a small or medium-sized enterprise (SME), asset finance can help you spread the cost of business purchases, such as manufacturing equipment or software.
  • Invoice finance. When you invoice a customer, Novuna will be able to pay you a chunk of the money straight away, with the rest of the money being paid to you when the customer pays. This means you won’t be left out of pocket when you are waiting for a customer to pay, although you will have to pay a small charge.
  • Franchise finance. This funding option from Novuna allows you to spread the cost of either starting or expanding your franchise.

How does Novuna compare to other providers?

Name Product Finder Score Loan type Loan amounts Loan terms Turnover/trading criteria Key benefit
Novuna Business loan
3.7
★★★★★
Asset finance loan
No specified loan amounts
No specified loan terms
No specified minimum turnover or time trading
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Compare invoice finance from lenders like Novuna

Name Product Finder Score Loan type Loan amounts Loan terms Turnover/trading criteria Key benefit
Nest Invoice Financing
4.0
★★★★★
Fixed rate Unsecured loan
£10,000 to £5,000,000
6 to 120 months
No specified minimum turnover or time trading
Penny Freedom
Penny Freedom
3.7
★★★★★
loan
£500 to £200,000
No specified loan terms
No specified minimum turnover or time trading
Unlock up to 100% of the capital in invoices, minus administration fee, within 24 hours.
Metro Bank Invoice Finance
3.7
★★★★★
Fixed rate loan
No specified loan amounts
N/A
No specified minimum turnover or time trading
Kriya Invoice Finance
2.0
★★★★★
Peer-to-peer loan
No specified loan amounts
No specified loan terms
£100,000 annual turnover,
1 year trading
Choose specific invoices to sell or leverage your entire sales ledger. Receive up to 90% of your invoice within 24 hours then the remainder, minus fees, when your customer pays.
Novuna Business loan
3.7
★★★★★
Asset finance loan
No specified loan amounts
No specified loan terms
No specified minimum turnover or time trading
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How can I apply?

Novuna offers a quick online application form, and says it will give you a decision in minutes.

If you want to apply, simply visit the website and fill in the online application form. You will need to provide both your personal and business details, and more information might be required before a decision.

When applying, it is helpful for you to have the following information close by:

  • Business name and address registration number
  • 3 sets of accounts filed at Companies House
  • Director guarantees

The bottom line

If you’re a new business or an SME looking to give your business finances a boost, Novuna (rebranded from Hitachi) offers a few loan options. Offering asset finance and invoice finance options, your business could take advantage of spreading the cost of your purchases or use unpaid invoices to help with your business’s cash flow.

However, for its business loans options, Novuna has received little reviews recorded on customer review sites like TrustPilot. But, many of its personal loans customers have complained of poor service and communication, giving the lender an overall rating of 2.6 out of 5 (updated May 2022) on TrustPilot.

Frequently asked questions

Asset finance

Invoice finance

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