Let our Novuna loans calculator do the work

Award-winning stuff from this straightforward fixed-rate personal loans outfit, who’ll dish out between £1,000 and £35,000 starting from 7.4%.

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Novuna Personal Finance

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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Name Product Finder score Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan
4.5
★★★★★
Check eligibility
View details
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.
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How do Novuna loans compare against the competition?

1 - 4 of 12
Name Product Finder score Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan eligibility
Novuna Personal Loan eligibility
Not yet rated
Check eligibility
View details
Novuna Personal Loan
4.5
★★★★★
Check eligibility
View details
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.
My Community Bank Personal Loan
4.5
★★★★★
Check eligibility
View details
Representative example: Borrow £5,000 over 48 months at a rate of 24.9% pa (fixed). Representative APR 27.9% and total payable £7,939.24 in monthly repayments of £165.40.
Fluro (formerly Lending Works) Personal Loan
4.0
★★★★★
Check eligibility
View details
Representative example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.
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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.

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.

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.
Novuna Personal Loan
4.5 ★★★★★
Finder score
Check eligibility

7.4% APR representative (Fixed)

Maximum loan

£35,000

Product fee

N/A

Early redemption fee

£0

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 7 years, 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 typeUnsecured Personal Loan
Loan amounts£1,000.00 to £35,000.00
Loan terms2 Years to 7 Years
Loan rate typeFixed
Product fee0%
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 methodsDirect 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 4.6, an “excellent” rating based on over 3,700 reviews (updated May 2024). 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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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