Novuna (formerly Hitachi) loans calculator and review

Our verdict

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.

★★★★★

User survey

★★★★★

Finder score

Check eligibility

7.4% APR representative (Fixed)

Maximum loan

£35,000

Product fee

N/A

Early redemption fee

£0

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

Sort by:

Name	Product	Ratings	Finder rating	Customer rating	Total Payable	Monthly Repayment	Representative APR	Link
Novuna Personal Loan		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				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.	Compare	loading Fetching your data...

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How do Novuna loans compare against the competition?

How much do you need to borrow? £

10000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Ratings	Finder rating	Customer rating	Total Payable	Monthly Repayment	Representative APR	Link
Novuna Personal Loan eligibility		User survey ★★★★★	Not yet rated	★★★★★ User rating				Check eligibility View details	Compare	loading Fetching your data...
Fluro (formerly Lending Works) Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				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.	Compare	loading Fetching your data...
My Community Bank Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				Check eligibility View details	Representative example: Borrow £5,000 over 36 months at a rate of 26.2% pa (fixed). Representative APR 26.2% and total payable £7,014.45 in monthly repayments of £194.85.	Compare	loading Fetching your data...
Novuna Personal Loan		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				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.	Compare	loading Fetching your data...
thinkmoney Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Compare	loading Fetching your data...
Zopa Personal Loan		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £1,500.00 over 3 years at a rate of 22.9% p.a. (fixed). Representative APR 22.9% and total payable £2,028.60 in monthly repayments of £56.35.	Compare	loading Fetching your data...
Tesco Bank Personal Loan Finder Award		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 6.3% p.a. (fixed). Representative APR 6.3% and total payable £10,972.08 in monthly repayments of £304.78.	Compare	loading Fetching your data...
Barclays Existing Current Account Loan		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. (fixed). Representative APR 9.9% and total payable £11,527.92 in monthly repayments of £320.22.	Compare	loading Fetching your data...
Lendwise		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Compare	loading Fetching your data...
Plend personal loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Representative example: Borrow £5,000 over 36 months at an interest of 22.51% p.a. (fixed), you will repay 36 monthly payments of £192.27. Interest Payable £1,921.72. Total Repayable £6,921.72. 24.99% APR Representative.	Compare	loading Fetching your data...
Lloyds Bank Existing Customer Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 6.4% p.a. (fixed). Representative APR 6.4% and total payable £10,987.56 in monthly repayments of £305.21.	Compare	loading Fetching your data...
Tesco Bank Clubcard Personal Loan Finder Award		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.	Compare	loading Fetching your data...
Vanquis Bank Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 22.3% p.a. (fixed). Representative APR 22.3% and total payable £13,433.76 in monthly repayments of £373.16.	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 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

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.

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.

Pros and cons

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”.

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

• 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.