Novuna Loans

Novuna personal loans

Novuna Personal Finance currently offers personal loans ranging from £1,000 to £35,000.

You can repay these loans over a period of two to seven years.

Interest rates on Novuna loans are fixed, which means your repayments will stay the same each month for the duration of your loan term.

Novuna loan rates

The interest rate on your Novuna loan will depend on how much you borrow and the length of time that you choose to repay the loan over. Your credit score and the overall state of your finances will also affect the rate that you receive.

To help you compare the cost of loans, lenders will use a percentage called APR. This stands for annual percentage rate and tells you how much it will cost you to borrow from a lender over the course of one year, taking into account the interest rate and any standard fees.

However, bear in mind that the APR you receive may differ from the representative APR that lenders may advertise. The representative APR is the rate that 51% of customers receive on their loan, which means the remaining 49% may face a higher rate.

When using APR to compare loan products and providers, you should use it as a guide, not a guarantee of the potential cost of any loan.

Can I get a secured loan from Novuna Personal Finance?

Novuna Personal Finance doesn’t offer secured loans. It only offers unsecured loans.

Secured loans are different to unsecured loans as you need to provide the lender with some form of security, such as your house. This property acts as collateral for the loan and the lender is entitled to repossess it if you fall behind with your repayments and haven’t been able to arrange a new payment plan with the lender.

How do Novuna loans work?

You can fill in your Novuna loan application form online. Once you have submitted the form, Novuna should give you a decision relatively quickly.

If Novuna approves your loan application and you decide to go ahead, you will need to repay the loan in fixed monthly instalments until the end of the agreed term.

Can I pay off my Novuna loan early?

You can make extra repayments on your Novuna loan. If your extra payment is larger than your monthly payments, your next monthly payment will stay the same but you will reduce your total outstanding balance.

If your extra payment is smaller than your usual monthly payments, this amount will be taken off your next monthly payment.

You can also ask for a settlement figure from Novuna if you want to pay off your loan in full. You will need to pay this sum to clear your debt. There are no early repayment charges.

What if I miss a payment?

You should contact Novuna if you think you will miss a loan repayment. They may be able to help work out the best solution for your individual circumstances, such as potentially making a new repayment plan or directing you to a debt charity, for example.

How to apply for a loan from Novuna

You can apply for a personal loan from Novuna online. You will need to provide a range of information to help Novuna work out whether to offer you a loan, including the following details:

• name
• address history for the last three years
• contact details
• date of birth
• residential status
• employment information
• annual income
• bank account details

Once you submit your application, Novuna will review this information. It will also run a hard credit check. This check will leave a mark on your credit history and could affect your credit score.

» COMPARE: Personal loan rates

How long does it take to get a Novuna loan?

You should receive a decision on your loan application within a few minutes. Once the loan is approved, Novuna says it aims to transfer the money to your account within 48 hours. It could take longer if you apply over a weekend or bank holiday.

Does Novuna affect your credit score?

When you apply for a loan, Novuna will run a hard credit check. This could temporarily affect your credit score.

Your loan repayments will also be recorded on your credit history. Making all your payments on time could help to improve your score, while late or missed payments could damage your score.