Fernovo short-term loans review

Fernovo offers instalment loans of up to £1,000 to be repaid over 2 to 6 months, or smaller "payday" loans which must be repaid in full in up to 38 days.

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Fernovo, a trading name of Quidie Limited, claims to be the “faster, fairer, smarter” future of short-term and payday loans. With interest rates significantly less than the maximum allowed by the Financial Conduct Authority (FCA), Fernovo could prove cheaper than many of its competitors in this market.

Fernovo’s fancily-named “NOVOQuote decision engine” can give you a pre-approval decision in 60 seconds, and keeps your details anonymous so your credit rating is not affected. Once approved, you can expect the money to be in your bank account within 15 minutes. Additionally there are no hidden charges and Fernovo will not penalise you if you repay your loan early. Sounds promising, but is Fernovo really a different breed of short-term lender? Let’s take a closer look.

warning icon Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon Please note: high-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

How do Fernovo’s loans compare against other lenders’?

Table: promoted deals, sorted by total payable

If you’ve used the Fernovo site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:

How much do you need to borrow?

How long do you need to borrow for?

Name Product Available Amounts Monthly repayment Total payable
£50 to £800
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£300 to £800
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.

Compare up to 4 providers

Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
The Money Platform Short Term Loan

Is high-cost, short-term borrowing a good idea?

Short-term/payday loans offer a fast fix when you get into difficulty with your finances, but are a very expensive method of borrowing. You should only consider this as a last resort. These loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or for sustained borrowing. Make sure you’e considered other options carefully, and that the expenditure that you’re planning is truly essential and urgent. Read more about alternatives to payday loans at moneyadviceservice.org.uk website.

Key features of a Fernovo loan

  • Borrow up to £1,000. Borrow up to £1,000 with a short-term loan or up to £400 with a payday loan (where you pay back the full amount in one lump sum on your next payday). Consider carefully which option will suit you best before you apply.
  • Choose your repayment schedule. For instalment loans, the minimum duration is 2 months and the maximum is 6 months. For payday loans, the minimum is 5 days and the maximum is 38 days.
  • Soft searching. Fernovo’s “NOVOQuote decision engine” provides you with a pre-approval response within 60 seconds. Your details are kept totally anonymous so the search will not affect your credit rating.
  • Fixed, high interest rates. At significantly less than the maximum interest rate allowed by the Financial Conduct Authority, Fernovo’s rate is lower than many of its competitors. However, it is still high compared to mainstream financial institutions and this is realistically an expensive way to borrow money.
  • “Smart Money” advice. Fernovo’s “Smart Money” web section has useful information about the loans market and how to sort your finances, as well as lots of money-saving tips and hacks.
  • No hidden charges or late repayment fees. If you are late with a payment, Fernovo will not charge you a penalty. However, you will continue to pay the same rate of interest until you have paid off the loan, up to a maximum of 100% of the amount borrowed. Missing payments will also damage your credit record.
  • Early repayment. You will not be penalised for repaying your loan early. This is recommended if you can afford to do so as you will only be charged interest for the number of days that you have had the loan.

How does a Fernovo loan work?

  1. Complete the simple application form by providing your personal, banking and employment details.
  2. Receive a pre-approval quote without affecting your credit rating.
  3. Once you click “Apply”, Fernovo uses the details you provided as well as information gained from credit reference agencies to automatically assess your creditworthiness and ability to pay back the loan.
  4. If you pass the automated checks, you will be sent some electronic documents with important information about your loan to read and e-sign.
  5. Once you have been approved, you can expect the money in your bank account within 15 minutes.

How do I pay back my loan?

Like most short-term loan providers, Fernovo uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.

What is a Continuous Payment Authority (CPA)?

A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis. CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you.

Most “payday” loan companies will use CPAs to collect your repayments, however you can cancel this at any point by either contacting your provider or your bank.

What are the eligibility requirements?

You should only apply for a Fernovo loan if you are certain you can meet the repayment terms. You must also:

  • Be 18 or over
  • Be in regular full-time or part-time employment, or self-employed
  • Live in the UK
  • Be able to afford the repayments

Additional Borrowing Options

Fernovo does not allow you to top-up, extend or rollover your loan, or to take out multiple loans at the same time. If you get into difficulties with repayments, contact a Fernovo advisor as soon as possible, who will work with you to find a solution.

Did you know?

In 2015 the Financial Conduct Authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Frequently Asked Questions

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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