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EVERYTHING YOU NEED TO KNOW ABOUT OUR PERSONAL LOANS

Written by

Tara Covell

Friday 18th June 2021



When it comes to choosing the right finance option, personal loans are a great
choice for those wanting a flexible arrangement with a fixed APR and therefore,
a fixed monthly repayment.

However, before signing on the dotted line, it’s important to understand how a
personal loan works, so, here at Novuna Personal Finance, we’ve answered all the
important questions on our personal loans to help you make the right decision.

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HOW DOES PERSONAL LOAN WORK?

Personal loans are a form of unsecured finance. Lenders will assess your
creditworthiness and paying capacity via your credit report and open banking,
rather than asking you to provide collateral to borrow against, such as a car.

Unlike a credit card, our personal loans have a fixed rate and monthly repayment
amount meaning you’ll always pay the same amount every month for the duration of
your term with no nasty surprises.

As all the terms of your agreement are agreed up front; such as your rate, the
number of months over which you will make your repayments and the repayment
amounts, this is a structured way to ensure you're borrowing within your budget.

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WHAT CAN I USE A PERSONAL LOAN FOR?

Personal loans are a great way to fund a whole range of purchases in a way that
makes repayments manageable.

Some of the most common things our customers use their loans for include: home
improvements, financing a new vehicle, paying for a wedding, leisure activities
like a holiday, or consolidating high interest debts into a more affordable
payment.

However, as you would expect, there are some things we won’t lend you money for,
such as investing in cryptocurrencies, or for business purposes.

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WHAT DO I NEED TO APPLY FOR A LOAN?

Each lender has their own criteria when deciding whether to approve a loan, but
most will ask you for similar information. Online loan applications usually ask
for your employment details, annual income, bank account details and address
history from the last three years.

At Novuna Personal Finance, we require applicants to be aged 21 or over with
bank or a building society account, a good credit history, a permanent UK
resident and be in permanent paid employment or retired with a pension.

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HOW MUCH CAN I BORROW?

You can borrow any amount from £1,000 up to £25,000 and repay it over a term of
two to five years.

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HOW IS MY LOAN APR RATE CALCULATED?

We calculate the Annual Percentage Rate (APR) of your loan by combining the
amount of interest and any additional fees included with your loan. This gives
you a more accurate repayment amount. And if there are no fees, as is the case
with our loans, the APR remains the same as the interest rate.

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HOW MUCH INTEREST WILL I BE CHARGED ON MY LOAN?

Our low-rate personal loans start from just 3.1% APR Representative between
£7,500 and £25,000 and your rate will be fixed for the full term of your
agreement.

Most of our customers receive the advertised rate, but this may vary depending
on your personal credit history with us and other lenders.

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I HAVE AN EXCELLENT CREDIT SCORE, WHY DIDN’T I GET THE HEADLINE RATE?

The rate you are offered is based on your credit score including all the other
information received from the credit check and any history you have with us as a
lender.

Every lender has their own criteria with regards to generating a credit score
and so this will not necessarily be the same as what you see when you use one of
the credit bureaus to check your score.

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WHY DID THE ADVERTISED RATE CHANGE WHEN I SUBMITTED MY APPLICATION?

The advertised rate is a representative APR. This means that at least 51% of
paid out agreements are at this APR and other applicants may be offered a higher
APR based on their credit score and profile.

It's only at the point when your application is submitted that we do our checks
and are therefore able to let you know what APR we can offer you based on your
credit information.

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WHAT DOES IT MEAN WHEN MY APPLICATION HAS BEEN REFERRED?

When an application is referred, this means that at the point of submission the
data that we received was insufficient to make an instant Accept or Decline
decision.

Referred agreements are then reviewed by an individual who will complete
additional checks using the data we already have to see if we can make a
decision. If not, we will contact you by telephone or email to ask you to
provide supporting information such as bank statements or proof of income.

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HOW DO I APPLY FOR A PERSONAL LOAN WITH NOVUNA PERSONAL FINANCE?

You can apply for a loan with us here.


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© Novuna 2022. All rights reserved.

*The rate you are offered may vary due to personal circumstances and loan
amount. This loan is not permitted for business use. We reserve the right to
change the offer without notification. All loans are subject to status.

Novuna Personal Finance is a trading style of Mitsubishi HC Capital UK PLC.
Authorised and regulated by the Financial Conduct Authority. Financial Services
Register no. 704348. The register can be accessed through www.fca.org.uk
Registered Office: Novuna House, Thorpe Road, Staines-upon-Thames, Surrey, TW18
3HP. Registered in Cardiff under company no. 1630491. ICO registration reference
Z5360808.

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