beSavvi is a trading name of Novuna Finance (formerly Hitachi Capital (UK) PLC), a subsidiary of the Japanese manufacturing giant. It’s a direct lender (not a broker), regulated by the Financial Conduct Authority.
While Novuna will only offer finance to those with a spotless credit file, beSavvi will consider those who have a less-than-perfect credit score. However, if you have had a county court judgement (CCJ) or default registered against you in the last three years, you’re unlikely to be accepted.
Why is there an interest rate AND an APR?
The Financial Conduct Authority requires lenders like beSavvi to display an “Annual percentage rate” (APR). It’s an annual summary of the cost of a loan and takes into account both interest and any mandatory charges (for example an arrangement fee) over the duration of a loan.
beSavvi doesn’t charge an “admin” or “product fee” for arranging your loan. For loans with terms of a year or more that don’t have fees involved, the interest rate and the APR will usually be the same figure.
beSavvi is only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for a beSavvi personal loan?
You should only apply for a beSavvi personal loan if you’re certain you can meet the repayment terms. You must also:
Be aged 21 or over.
Have been a UK resident for at least 12 months.
Be able to provide 5 years address history.
Have a bank or building society current account.
Be in permanent paid employment or self-employment, or be retired with a pension.
beSavvi will consider applications from those who don’t have a great credit rating. However, if you have had a CCJ or default registered against your name in the last 3 years, you are unlikely to be accepted.
Frequently asked questions
You can manage your account online by logging into your beSavvi account (follow the link at the top right of the beSavvi website) or by going to my.hpf.co.uk
If you select the ‘Check my eligibility’ link and provide beSavvi with some simple information about yourself and your loan requirements, it will perform a soft search. This allows the lender to tell you how likely you are to be accepted for the loan amount you want. If you decide not to go ahead, this search will not affect your credit score.
If you select ‘Apply’, beSavvi will perform a hard search, collecting all of the data required to decide whether it can offer you a loan. It will also place a record with the credit reference agencies that will be visible to other lenders and financial institutions. This type of search could have an impact on your credit score.
No. Lenders can only see whether or not you have applied for loans, not if you were accepted or declined. If your loan is declined by beSavvi, you can try again after a recommended period of around 3 months, as a significant number of applications made in a short period can influence credit.
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