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What is Novuna Loans?
If you’re exploring personal loan options, Novuna might not be the most familiar name, but could prove a savvy choice.
Novuna, formerly known as Hitachi Capital, has been operating in the UK for over 40 years, offering a range of financial services, including consumer finance, business and asset funding solutions and vehicle leasing.
Following the merger of its parent companies, the company rebranded as Novuna in 2022 and provides personal loans with a focus on delivering outstanding customer experiences. It is based in Staines-upon-Thames, Surrey.
What types of loans does Novuna offer?
Novuna offers a range of unsecured personal loans with flexible repayment terms. Its website promotes loans for the following categories:
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Car loans
Tailored for purchasing new or used vehicles, car loans provide fixed monthly repayments, enabling you to manage your budget effectively while buying your desired car outright.
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Home improvement loans
Designed for funding renovations or upgrades, these loans offer a straightforward application process, allowing you to enhance your living space and potentially add value to your home. Home improvement loans.
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Holiday loans
Can help spread the cost of your dream vacation or family’s summer break, holiday loans feature competitive rates and manageable repayments.
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Wedding loans
Covering expenses for your special day, wedding loans offer flexible terms, helping you manage costs associated with venues, clothing and more.
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Small loans
For minor expenses or unexpected costs, small loans provide quick access to funds with a simple online application process.
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Bike loans
Specifically for purchasing bicycles, these loans support eco-friendly transportation choices with affordable repayment options.
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Caravan loans
Designed for financing the purchase of static and touring caravans, motorhomes and campervans, these loans offer fixed repayments to support your travel and leisure plans.
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Debt consolidation loans
Aimed at combining multiple debts into a single manageable payment, debt consolidation loans help simplify your finances and potentially reduce overall interest costs.
What is the eligibility criteria?
To qualify for a personal loan with Novuna, you need to meet the following criteria:
Applicants must be 21 years old or above
You should be a permanent UK resident and have resided in the UK for at least three years
Applicants must be in permanent paid employment, self-employed or retired with a pension
A minimum annual income of £10,000 is required
You must hold a bank or building society account
A good credit history is essential
Not make multiple loan applications in quick succession. If you have an existing personal loan application that no longer meets your needs, contact Novuna’s loans team instead of submitting a new application
Frequently asked questions
How much can I borrow with Novuna?
You can borrow from £1,000 up to £35,000 with Novuna with an unsecured loan, which is higher than many other UK lenders. Payment terms can run from two to seven years.
How quickly will I receive the money?
Once your loan application is approved, you could receive the funds in your account within 48 hours.
Does applying for a Novuna loan affect my credit score?
Applying for a loan typically involves a hard credit check, which can temporarily lower your credit score.
However, many lenders offer soft searches to check eligibility without affecting your credit score. If the check shows you’re unlikely to be approved for borrowing, you don’t have to proceed with the application.
On a positive note, successfully managing a personal loan by making timely payments can improve your credit profile, demonstrating responsible debt management.
Conversely, missed or late payments can negatively affect your credit score for up to six years, making future borrowing more challenging.
Is there a cooling off period for a Novuna loan?
Yes, you have the standard 14 days to withdraw from the agreement. If you don’t wish to continue, contact Novuna within this period and you can return the loan amount without penalty.
Can I make overpayments or repay a Novuna loan early?
Yes, you can repay your Novuna loan early or make extra overpayments at any time. Overpayments help reduce your outstanding balance, which means you’ll save on interest and may finish your loan term sooner.
If you decide to settle the loan in full early, Novuna will give you a settlement figure that reflects your current outstanding balance plus interest up to the settlement date. That settlement date is typically 28 days after you request it. If more than 12 months remain on your loan, Novuna may extend the settlement date by an additional calendar month.
For overpayments:
You’re free to make extra payments (via the website, app or by calling Novuna) at no fee.
If your overpayment is less than or equal to your normal monthly instalment, your next monthly payment may be reduced.
If your overpayment is greater than your usual instalment, the extra amount is applied to reduce the outstanding balance and shortens the term of the loan. Your regular monthly payment then remains the same, but the loan ends sooner.
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Reviewed on 8 Dec 2025
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