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
Late repayments can cause you serious money problems. See our debt help guides.
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:
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £35,000.00|
|Loan terms||2 Years to 7 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
What is APR?
The Annual Percentage Rate (APR) is designed to provide an annual summary of the cost of a loan, and takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan. All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement. Because Novuna doesn’t charge an arrangement fee, the interest rate and the APR are the same.
The APR can be a handy benchmark for consumers, but there’s a catch: lenders are 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.
Novuna offers a fairly competitive, low representative APR, with loans aimed at those with excellent credit. Its sister company, beSavvi, offers loans for people with lower credit scores.
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
What credit score do I need to get a Novuna Personal Finance loan?
Novuna Personal Finance typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Novuna Personal Finance will consider. However if you don't have a high credit score, you're very unlikely to get approved for a Novuna Personal Finance loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do Novuna Personal Finance loans give an instant decision?
Yes, Novuna Personal Finance offers instant decisions online in most cases (occasionally more information may be required).
Can I get a second Novuna Personal Finance loan?
Novuna Personal Finance doesn't allow you to run multiple loans at the same time. However, Novuna Personal Finance does allow you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan (you can call Novuna Personal Finance on 0344 375 5500 for details). There's no penalty for repaying ahead of time, but bear in mind that overpayments may be subject to up to two month's of interest beyond the date on which you overpay. Don't forget, each application for credit will be considered on its own merit.
Can I make overpayments on a Novuna Personal Finance loan?
Yes, you can make overpayments without incurring any penalty fee. However Novuna Personal Finance can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
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:
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
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