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.