Novuna (formerly Hitachi) loans calculator and review
Novuna Personal Finance provides straightforward fixed-rate personal loans so that you don't have to put your dreams on hold. Loan amounts between £1,000 and £35,000 starting from 7.4%.
If you’re looking to get an instant decision on whether you’re eligible for a Novuna personal loan and for which rate, Novuna’s eligibility checker can help you out - your results will not show pre-approved loans and the rates you could be offered when you apply may change. It’s important to bear in mind that a good credit score is required to qualify for Novuna’s lowest rates, but there are potential options for those with lower credit scores. Funds may take up to two working days to be received, so if you need funds sooner, there are other lenders who offer same day or next day funding.
Best for: Low rates
Pros
Competitive interest rates
Fixed-rate monthly payments
Choose the monthly repayment date
Instant credit decision
Receive money within two working days
Cons
You’ll need a good credit history for their lowest rates
Pre-approved loans unavailable
Representative example: Borrow £10,000.00 over 3 years at a rate of 7.4% p.a. (fixed). Representative APR 7.4% and total payable £11,142.00 in monthly repayments of £309.50.
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
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How do Novuna loans compare against the competition?
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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 7.4%APR representative on loans between £7,500 and £25,000. Novuna Personal Finance offers the loan with repayment terms between 2 and 7years, and applicants can apply to borrow from £1,000 to £35,000.
Quick overview of Novuna Personal Finance personal loans
Loan amounts
From £1,000 to £35,000
Loan terms
From 2 months to 7 years
Age eligibility
21 years and over
Application fee
No application fee
Repayment holiday
Repayment holiday not permitted
Key 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.
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
Product fee
0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
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 considers. 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 2 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 2 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:
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.
Pros and cons
Pros
Competitive interest rates
Fixed-rate monthly payments
You can choose your monthly repayment date
No-fee early repayments available, depending on application
Instant credit decision
Eligibility checker
Potential loan options for those with lower credit scores
Receive money within two working days
Cons
You’ll need a good credit history for their lowest rates
Pre-approved loans unavailable
Novuna Personal Finance customer reviews
In our 2023 customer satisfaction survey, Novuna scored 4 out of 5 stars with 77% of its customers saying they’d recommend the brand to a friend.
Customers in our survey commented positively on Novuna’s overall service. One commented: “Helpful customer service and website”. Another commented: “Easy to apply for and very secure”.
On review site Trustpilot, Novuna has a score of 4.7, an “excellent” rating. Customers praise the Novuna app and customer service.
How do I contact Novuna’s customer services?
If you’re an existing customer with an retail finance or personal loan agreement, you can call the customer helpline on 0344 375 5500.
Our verdict
If you’re looking to get an instant decision on whether you’re eligible for a Novuna personal loan and for which rate, Novuna’s eligibility checker can help you out – your results will not show pre-approved loans and the rates you could be offered when you apply may change. It’s important to bear in mind that a good credit score is required to qualify for Novuna’s lowest rates, but there are potential options for those with lower credit scores. Funds may take up to two working days to be received, so if you need funds sooner, there are other lenders who offer same day or next day funding.
Frequently asked questions
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.
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.
No, if you complete your application online, you can e-sign the loan agreement, making the whole process of getting your loan paper-free.
“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.
A decision should be instant once your application has been submitted, although in some cases some extra information may be needed.
No, Novuna doesn’t currently offer preferential rates.
No, Novuna does not charge application/arrangement/product fee.
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.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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