Novuna

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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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.

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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 asset finance providers?

1 - 4 of 4
Name Product Asset finance options Asset finance amounts Asset finance terms
Lombard Business Finance
Hire Purchase
Contract Hire
Finance Lease
Residual Value Lease
£5,000 to £250,000
1 to 7 years
Borrowing £10,000 over 60 months will have a month repayment of £181.25, with a total repayment of £10,875. Representative APR 3.4%, fixed interest rate 3.4% per annum.
Bibby Financial Services Asset Finance
Leasing
Hire Purchase
Refinancing
£25,000 to £1,500,000
2 - 5 years
Bibby can offer you lower initial payments as well as payment holidays to help you business during quieter periods when your equipment is not earning.
Arkle Finance Asset Finance
Fixed Term Rental
Finance Lease
Hire Purchase
Marine Mortgage
Loan & Chattel Mortgage
£5,000 to £500,000
1-7 years
Arkle Finance allows you to adjust your repayments in line with your seasonal income.
Funding Circle Asset Finance
Hire Purchase
Hire
£10,000 to £250,000
6 months to 5 years
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Compare invoice finance from lenders like Novuna

1 - 4 of 4
Name Product Maximum percentage of invoice Invoice terms Turnover/trading criteria
Penny Freedom
Penny Freedom
100%
From 10 days to 90 days
No minimum turnover,
no specified minimum time trading
Unlock up to 100% of the capital in invoices, minus administration fee, within 24 hours.
Clear Factor
Clear Factor
90%
From 15 days to 90 days
No minimum turnover,
minimum 6 months trading
Release cash trapped in outstanding invoices (invoices between £100-£10,000) within 24 hours. No Debentures or Personal Guarantees.
Bibby Financial Services Invoice Finance
100%
From 30 days to 90 days
No specified minimum turnover,
minimum 6 months trading
Release up to 100% of the capital in invoices within 24 hours of raising them. Manage your own credit control and sales ledger or let Bibby do it for you.
MarketFinance Invoice Finance
90%
From 30 days
£100,000 minimum turnover,
minimum 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.
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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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