moneyhelper.org.uk<\/a>.<\/p>Please note:<\/strong> High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.<\/p><\/div><\/article>Key features of a Fernovo loan<\/h3>Borrow up to \u00a31,000.<\/strong> With a short term loan, you can borrow up to \u00a31,000 or up to \u00a3400 with a payday loan (where you pay back the full amount in one lump sum on your next payday). Consider carefully which option will suit you best before you apply.<\/li>Choose your repayment schedule.<\/strong> For instalment loans, the minimum duration is 2 months and the maximum is 6 months. For payday loans, the minimum is 5 days and the maximum is 38 days.<\/li>Soft searching.<\/strong> Fernovo\u2019s \u201cNOVOQuote decision engine\u201d provides you with a pre-approval response within 60 seconds. Your details are kept totally anonymous, so the search will not affect your credit rating.<\/li>Fixed, high interest rates.<\/strong> At significantly less than the maximum interest rate allowed by the Financial Conduct Authority, Fernovo\u2019s rate is lower than many of its competitors. However, it is still high compared to mainstream financial institutions, and this is realistically an expensive way to borrow money.<\/li>\u201cSmart Money\u201d advice.<\/strong> Fernovo\u2019s \u201cSmart Money\u201d web section has useful information about the loans market and how to sort your finances, as well as lots of money-saving tips and hacks.<\/li>No hidden charges or late repayment fees.<\/strong> If you are late with a payment, Fernovo does not charge you a penalty. However, you will continue to pay the same rate of interest until you have paid off the loan, up to a maximum of 100% of the amount borrowed. Missing payments will also damage your credit record.<\/li>Early repayment.<\/strong> You will not be penalised for repaying your loan early. This is recommended if you can afford to do so, as you will only be charged interest for the number of days you have had the loan.<\/li><\/ul>How does a Fernovo loan work?<\/h3>Complete the simple application form by providing your personal, banking and employment details.<\/li> Receive a pre-approval quote without affecting your credit rating.<\/li> Once you click \u201cApply\u201d, Fernovo uses the details you provided as well as information gained from credit reference agencies to automatically assess your creditworthiness and ability to pay back the loan.<\/li> If you pass the automated checks, you will be sent some electronic documents with important information about your loan to read and e-sign.<\/li> Once you have been approved, you can expect the money in your bank account within 15 minutes.<\/li><\/ol><\/div><\/div><\/div>How do I pay back my loan?<\/h3>Like most short term loan providers, Fernovo uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.<\/p><\/div><\/div><\/div>
\n
\n
\n \n \n <\/circle>\n <\/path>\n <\/svg>\n <\/span>\n What is a Continuous Payment Authority (CPA)? <\/span>\n <\/h4>\n \n
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis. CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish and to take payments of different amounts without consulting you.<\/p>
Most \u201cpayday\u201d loan companies will use CPAs to collect your repayments. However, you can cancel this at any point by either contacting your provider or your bank.\n <\/p><\/div>\n <\/div>\n<\/div>\n
How much does a Fernovo loan cost?<\/h3>The cost of your Fernovo loan depends on factors like your loan size, rate and terms, as well as whether you take out an instalment loan or short term loan. <\/p>
Fernovo offers a special rate for returning customers, which is 10% below the cap rate. <\/p>Representative example<\/h4> Loan amount: \u00a3300
Total cost: \u00a3450.57<\/strong><\/p><\/div><\/article><\/div><\/div><\/div>Pros and cons of Fernovo loans<\/h3>\n
\n
Pros<\/h4>\n \n Discounted rate available<\/li>\n Multiple repayment options<\/li>\n <\/ul>\n <\/div>\n \n \n
Cons<\/h4>\n \n Really expensive!<\/li>\n Limited loan terms<\/li>\n <\/ul>\n <\/div>\n <\/div>\nIs Fernovo safe?<\/h3>Fernovo is the trading name of Quidie Limited, which is a registered lender and also fully authorised and regulated by the FCA. While it is safe to take out a loan with Fernovo from a regulatory standpoint, these types of short term loans can cause serious financial issues, especially if you fail to make your repayments on time. <\/p><\/div><\/div><\/div>
What are the eligibility requirements?<\/h3>You should only apply for a Fernovo loan if you are certain you can meet the repayment terms. You must also:<\/p>
Be 18 or over.<\/li> Be in regular full-time or part-time employment, or self-employed.<\/li> Live in the UK.<\/li> Be able to afford the repayments.<\/li><\/ul><\/div><\/div><\/div><\/div>Additional Borrowing Options<\/h4> Fernovo does not allow you to top up, extend or rollover your loan, or to take out multiple loans at the same time. If you get into difficulties with repayments, contact a Fernovo advisor as soon as possible. They will work with you to find a solution.<\/p>
Customer reviews<\/h3> Fernovo has an \u201cexcellent\u201d rating on review platform Trustpilot, scoring 4.6 out of 5, based on over 3,500 reviews (updated July 2023). Many customers commended the customer service as well as the easy and fast application process.<\/p>
Customer support information<\/h3> You can give Fernovo a ring on 020 3476 5171 if you have any queries or need support.<\/p>
Our verdict<\/h3> Fernovo could be a good option if you\u2019re looking to get fast credit, with their quick timeline from submitting your application to receiving your funds, providing you\u2019re accepted. They\u2019ve also received many good customer reviews for all parts of the loan application process, from start to end. However, as it\u2019s offering a short term loan, it has a very high APR, which makes it expensive and unsuitable for borrowing over longer periods. <\/p>
Loans like Fernovo<\/h3>