Novuna (formerly Hitachi) loans calculator and review

With its simple application process and quick payment times, Novuna (formerly 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.

Calculate the cost of a Novuna loan

How much do you need to borrow? £

10000

How long do you need to borrow for?

3

years

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Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Novuna Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 4.5% p.a. (fixed). Representative APR 4.5% and total payable £10,694.16 in monthly repayments of £297.06.	Compare	loading Fetching your data...

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Our calculator lets you pick how much you want to borrow, over a timeframe that suits you, to estimate how much you would pay back each month and overall. We base our calculations on Novuna Personal Finance’s representative APR, but it’s important to note that credit is subject to status, and the actual rate you are offered will depend on Novuna’s assessment of your circumstances.

Novuna Personal Finance loan rates at a glance

The Novuna Personal Loan charges 4.5% APR representative on loans between £7,500 and £25,000. Novuna Personal Finance offers the loan with repayment terms between 2 and 7 years and applicants can apply to borrow from £1,000 to £35,000.

Overview of features

Novuna personal loans come with a fixed rate – meaning your monthly repayment figure won’t change throughout the term of the loan, and you’ll know in advance how much the loan is going to cost you overall. Here’s a quick overview of the loan:

Am I eligible for a Novuna personal loan?

You should only apply for a Novuna 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?

First, you can use this eligibility checker to find out if you'd be likely to get approved for a Novuna Personal Finance loan . This won't impact your credit score.

One of the best things about Novuna personal loans is the super-simple and quick application process. A decision on your application is usually made immediately. Before you start, have these personal details ready:

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

Once your loan is accepted, Novuna will have the money to you within 48 hours.

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

What is Novuna Personal Finance?

Novuna 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, Novuna have a competitive loan that could get you there sooner.

Novuna Personal Finance customer reviews

Novuna has received positive customer reviews, based on review platforms like TrustPilot and Feefo. It currently has a “poor” TrustPilot rating, with a score of 2.7 out of 5, based on over 910 reviews, and a Feefo score of 4.9 out of 5, based on more than 4,000 reviews (updated August 2022).

Many customers praised the simple and quick loan application process, but others reported issues when using the Novuna online portal and a lack of customer service.

The Novuna app, MyHPF, has received mixed reviews from customers, with a rating of 2 out of 5 on the Google Play store, based on over 160 reviews, and a rating of 1.5 out of 5 on the Apple App Store, based on over 150 reviews (updated 31 March 2021).

Frequently asked questions

• Why was my loan approved then declined?

  If your loan was approved and later declined, Novuna may need more information to verify and approve your loan application. We recommend ringing Novuna Personal Finance to provide the required information. You might need to complete a security check before getting accepted.

• Can I withdraw from a Novuna loan?

  Yes, Novuna gives you 30 days from the day a loan is accepted to sign the loan agreement. If you don’t sign the agreement at 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 Novuna customer service team on 0344 375 5500. You must then return the full sum of money within 30 days.

  During the course of the loan, Novuna doesn’t charge a penalty 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 this.

• 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.

• What is meant by the term 'mortgage age' on the Novuna application form?

  “Mortgage age” on Novuna’s application form simply refers to the total time you have held a mortgage at the address that you are using for your application. Similarly, “time at bank” is the total time that you have been a customer of the bank that you are using on your application.

• When will I hear about the outcome of my application?

  A decision should be instant once your application has been submitted, although in some cases some extra information may be needed.

• Do Novuna offer preferential rates or discounts for new or existing customers?

  No, Novuna doesn’t currently offer preferential rates.

• Does Novuna charge an application fee?

  No, Novuna does not charge application/arrangement/product fee.

• What does a credit search involve?

  If you apply for a loan through Novuna, it will conduct a search of your credit file via a Credit Reference Agency in order to assess your past and present financial commitments and their payment history. A record of Novuna’s searches will be shown on your credit file, so that other lenders are aware of Novuna’s requests.