What loans does Novuna offer?
If you’re exploring personal loan options, Novuna might not be the most familiar name, but could prove a savvy choice. Our guide explains what it offers
Who is Novuna Loans?
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:
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.
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.
Can help spread the cost of your dream vacation or family’s summer break, holiday loans feature competitive rates and manageable repayments.
Covering expenses for your special day, wedding loans offer flexible terms, helping you manage costs associated with venues, clothing and more.
For minor expenses or unexpected costs, small loans provide quick access to funds with a simple online application process.
Specifically for purchasing bicycles, these loans support eco-friendly transportation choices with affordable repayment options.
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.
Aimed at combining multiple debts into a single manageable payment, debt consolidation loans help simplify your finances and potentially reduce overall interest costs.
Car loans
Home improvement loans
Holiday loans
Wedding loans
Small loans
Bike loans
Caravan loans
Debt consolidation loans
How much can I borrow with Novuna?
You can borrow £1,000 up to £35,000 with Novuna for an unsecured loan, which is higher than many other UK lenders. Payment terms can run from two to seven years.
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
How quickly will I receive the money?
Once your loan application is approved, you could receive the funds in your account within 48 hours.
Are there any fees or charges?
There are no arrangement fees to set-up a Novuna loan.
If you wish to pay back some or all of your loan early, the following terms may apply:
You can settle your loan early without penalty fees, but interest up to 58 days may be charged, depending on your remaining loan term.
Making extra payments is free of charge. Overpayments exceeding your regular monthly amount reduce your outstanding balance and you could pay less interest overall.
Full settlement
Partial overpayments
Novuna does not impose fees for late or missed payments, but if you’re struggling to make payments, you should contact the lender promptly.
They might be able to help you restructure your payment plan, for example. Ignoring the problem will mean interest builds up and it could damage your credit rating, making accessing credit more difficult in the future.
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.
Why compare loans with MoneySuperMarket?
MoneySuperMarket streamlines your loan comparison by providing access to a wide range of loan products from reputable UK lenders. Our eligibility checker reviews your credit profile to show loans you're likely to be approved for, without affecting your credit score.
We highlight essential loan details upfront, including interest rates and terms, and you can filter by total cost and chance of approval, ensuring you find the optimal loan for your financial situation.
