Hitachi Personal Finance personal loans review May 2019

Hitachi Personal Finance believes in keeping things simple, and offers competitive fixed-rate personal loans so that you don’t have to put your dreams on hold.

With its simple application process and quick payment times, Hitachi Personal Finance is a regular winner of the Your Money UK’s Best Direct Loan provider award. Proudly stating “We are not a bank”, it aims to put the “personal” back into “personal finance”. We’ve put together a page to check out what all the fuss is about.

Hitachi Personal Finance started out over thirty years ago providing manufacturers with innovative finance solutions. It now lends to UK borrowers too, with the mantra of keeping things as simple for you as possible. Call it Japanese minimalism if you like! Whether you’re buying a car, making home improvements, or celebrating a special event, Hitachi have a competitive loan that could get you there sooner.

Key features of Hitachi personal loans at a glance

• Borrow from £2,500 to £25,000.
• Loan terms from 2 to 5 years.
• Personalised quick quote with no impact on credit rating. Hitachi’s website has a loan calculator and eligibility checker that will let you know what you can expect from Hitachi with no risk to your credit rating.
• Maximum APR. Whilst most people will be offered the advertised APR, Hitachi also sets a maximum on rates to ensure you never pay over the odds for your loan.
• Fixed monthly repayments. With a fixed rate of interest for the full term, you’ll know exactly how much your loan will cost each month, and in total.
• Quick decision. Hitachi’s application process takes a mere 10 minutes, and a decision is made immediately.
• Quick access to funds. Once your loan is accepted, Hitachi will have the money to you within 48 hours.
• No set-up fees. Hitachi charges no arrangement fees or hidden fees at all.
• Repay some or all of your loan early at any time. Hitachi doesn’t charge for early repayment or overpayment, however you should check the terms of your specific loan offer to see if you can save money on interest by doing so.

Am I eligible for a Hitachi personal loan?

You should only apply for a Hitachi personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

• You are aged 21 or over
• You have a bank or building society account
• You are a permanent UK resident (and have been living in the UK for at least 12 months)
• You are in permanent paid employment, self-employed or retired with a pension
• You have a good credit history

How can I apply?

One of the best things about Hitachi personal loans is the super-simple and quick application process. Before you start, have these personal details ready:

• Annual income
• Employment details
• Bank account details
• Last 5 years’ address history

Alternatively, you can also apply by phone if you call 0343 351 9112, although this may take a little longer.

Frequently asked questions

• Can I withdraw from a Hitachi loan?

  Yes, Hitachi gives you 30 days from the day a loan is accepted to sign the loan agreement. If you don’t sign the agreement in this time, you will automatically be withdrawn from the loan and will have to start the process again.

  Once you have signed the agreement, there is a further 14 day cooling off period when you can decide against the loan, and cancel by calling the Hitachi customer service team on 0344 375 5500. You must then return the full sum of money within 30 days.

• Will I need to sign a paper agreement?

  No, if you complete your application online, you can e-sign the loan agreement, making the whole process of getting your loan paper-free.

• If I already have a Hitachi loan, can I borrow further money from Hitachi?

  That depends on the status of your current loan and on your eligibility, but Hitachi does sometimes offer existing customers “top-up” loans, which you can arrange by calling the loans team on 0343 351 9112 or by emailing loansteam@hitachipersonalfinance.co.uk and arranging a callback.