Personal Loans

A personal loan allows you to borrow money (in our case, between £1,000 and £35,000) and pay it back in monthly instalments over a fixed term. You’ll be charged a fixed rate of interest, which will be added to your repayments. Paying back the exact same amount each month helps to manage your outgoings and ensures you’re borrowing within your budget.

Personal loans give you access to money quickly so you can achieve a variety of goals. Whether you want to buy a new car, convert your loft or go all out for the wedding of your dreams, a personal loan is a great way to spread the cost of a big purchase.

Our personal loans guide is the place to go if you want to find out more.

Because repayments are the same each month, a personal loan is a great way of funding a whole range of purchases. Some of the most common things our customers take loans for include home improvements, financing a new car, paying for a wedding, leisure activities like a holiday, or consolidating high interest debts into one more manageable payment.

Making a personal loan application is simple and should take less than ten minutes to complete:

• Use our online loan calculator to get a quote, providing you with an estimated monthly repayment figure
• Fill out our quick and easy online application form
• If your application is accepted, read and sign your online credit agreement
• Expect the money in your account within two working days

Our online loan application is designed to be simple to use, and we’ll give you an instant lending decision. No paperwork, no hassle.

As part of your personal loan application, we’ll ask you to tell us your employment details (including annual income), your bank account details and your address history from the last three years. So please have the information to hand to speed things up.

You can also open a new application by telephone if you’d prefer to speak to one of our loan experts. Just give our team a call on 0343 351 9112.

Before hitting ‘apply now’, read over the questions you need to ask yourself before applying for a loan.

A good APR for a personal loan would be below the current average interest rate - the lower the better, however it will all depend on your credit report.

Scoring a ‘good’ rate will depend on several factors such as your credit history, current financial circumstances and the amount you want to borrow.

Here at Novuna Personal Finance, you’ll get access to our lowest rate when you apply directly with us. Giving you peace of mind that you’ve come to the right place if you’re looking for a great loan combined with outstanding service.

Every lender has their own criteria when deciding whether to approve a loan, but most will ask you for the same sort of information. For a personal loan application, you’ll need your employment details, including annual income, your bank account details and your address history from the last three years.

At Novuna Personal Finance our criteria also require borrowers to be aged 21 or over. You must have a bank or a building society account, a good credit history, be a permanent UK resident, be in permanent paid employment, self-employed or retired with a pension and have an income greater than £10,000.

If you have a change in circumstance and decide you want to make extra payments on your loan, you can do so at any time, free of charge. Loan overpayments will be used to reduce the duration of your agreement, so you’ll continue to pay your monthly Direct Debit as normal but the payments will end sooner.

The quickest and easiest way to make loan overpayments is by managing your account online. Using our online tools, you can make a one-off payment or increase your monthly payment. Alternatively, speak to our Customer Service Team on 0344 375 5500.

Once you’ve completed the application, you cannot change the amount of the loan. However, for a period of 14 days you do have the right to withdraw from the agreement. You must then repay in full the amount borrowed within 30 days, and your agreement will be cancelled.

If we haven’t heard from you after the 14 day period, we’ll assume you’re happy with everything and you will be bound by the terms of your loan. Once you’ve requested a cancellation, you can apply again to increase loan amount. To do so, contact our Customer Service Team on 0344 375 5500.

If you’re unable to repay your loan, we’re here to help. It’s important that you contact our Collections Team on 0344 375 5488. Once we understand your current circumstances, we’ll be able to advise the most suitable option or establish a payment arrangement that is affordable for you. We may ask for information about your financial situation to ensure we put the most suitable arrangement in place.

If you’re experiencing financial difficulties, we may signpost you to a free debt charity called Step Change, who will be able to offer you confidential support.

Unsecured loans allow you to borrow money without putting up collateral, such as your house or car. Our lending decision is entirely based on your personal circumstances, credit history and loan amount.

An unsecured loan is therefore much less risky for you as the borrower, as important assets won’t be repossessed should you fail to make your repayments. However, failing to pay back your loan will of course damage your credit score and could make it difficult for you to borrow money in the future. Read our advice to help you understand your credit report and the impact of your credit score.

Novuna Personal Finance offers unsecured personal loans rather than secured loans. This allows us to provide a smooth and simple lending process. Just decide on the amount you need to borrow (between £1,000 and £35,000) and pay it back over the agreed loan term at a fixed monthly repayment cost.

If you want to know more, read our guide on the difference between secured and unsecured loans.