Fernovo offers instalment loans of up to £1,000 to be repaid over 2 months to 6 months, or smaller "payday" loans that must be repaid in full in up to 38 days.
Fernovo, a trading name of Quidie Limited, claims to be the “faster, fairer, smarter” future of short term and payday loans. With interest rates significantly less than the maximum allowed by the Financial Conduct Authority (FCA), Fernovo could prove cheaper than many of its competitors in this market.
Fernovo’s fancily named “NOVOQuote decision engine” can give you a pre-approval decision in 60 seconds and keeps your details anonymous so your credit rating is not affected. Once approved, you can expect the money to be in your bank account within 15 minutes. Additionally, there are no hidden charges, and Fernovo does not penalise you if you repay your loan early. Sounds promising, but is Fernovo really a different breed of short term lender? Let’s take a closer look.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Key features of a Fernovo loan
Borrow up to £1,000. With a short term loan, you can borrow up to £1,000 or up to £400 with a payday loan (where you pay back the full amount in one lump sum on your next payday). Consider carefully which option will suit you best before you apply.
Choose your repayment schedule. For instalment loans, the minimum duration is 2 months and the maximum is 6 months. For payday loans, the minimum is 5 days and the maximum is 38 days.
Soft searching. Fernovo’s “NOVOQuote decision engine” provides you with a pre-approval response within 60 seconds. Your details are kept totally anonymous, so the search will not affect your credit rating.
Fixed, high interest rates. At significantly less than the maximum interest rate allowed by the Financial Conduct Authority, Fernovo’s rate is lower than many of its competitors. However, it is still high compared to mainstream financial institutions, and this is realistically an expensive way to borrow money.
“Smart Money” advice. Fernovo’s “Smart Money” web section has useful information about the loans market and how to sort your finances, as well as lots of money-saving tips and hacks.
No hidden charges or late repayment fees. If you are late with a payment, Fernovo does not charge you a penalty. However, you will continue to pay the same rate of interest until you have paid off the loan, up to a maximum of 100% of the amount borrowed. Missing payments will also damage your credit record.
Early repayment. You will not be penalised for repaying your loan early. This is recommended if you can afford to do so, as you will only be charged interest for the number of days you have had the loan.
How does a Fernovo loan work?
Complete the simple application form by providing your personal, banking and employment details.
Receive a pre-approval quote without affecting your credit rating.
Once you click “Apply”, Fernovo uses the details you provided as well as information gained from credit reference agencies to automatically assess your creditworthiness and ability to pay back the loan.
If you pass the automated checks, you will be sent some electronic documents with important information about your loan to read and e-sign.
Once you have been approved, you can expect the money in your bank account within 15 minutes.
How do I pay back my loan?
Like most short term loan providers, Fernovo uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.
What is a Continuous Payment Authority (CPA)?
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis. CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish and to take payments of different amounts without consulting you.
Most “payday” loan companies will use CPAs to collect your repayments. However, you can cancel this at any point by either contacting your provider or your bank.
How much does a Fernovo loan cost?
The cost of your Fernovo loan depends on factors like your loan size, rate and terms, as well as whether you take out an instalment loan or short term loan.
Fernovo offers a special rate for returning customers, which is 10% below the cap rate.
Fernovo is the trading name of Quidie Limited, which is a registered lender and also fully authorised and regulated by the FCA. While it is safe to take out a loan with Fernovo from a regulatory standpoint, these types of short term loans can cause serious financial issues, especially if you fail to make your repayments on time.
What are the eligibility requirements?
You should only apply for a Fernovo loan if you are certain you can meet the repayment terms. You must also:
Be 18 or over.
Be in regular full-time or part-time employment, or self-employed.
Live in the UK.
Be able to afford the repayments.
Additional Borrowing Options
Fernovo does not allow you to top up, extend or rollover your loan, or to take out multiple loans at the same time. If you get into difficulties with repayments, contact a Fernovo advisor as soon as possible. They will work with you to find a solution.
Customer reviews
Fernovo has an “excellent” rating on review platform Trustpilot, scoring 4.6 out of 5, based on over 3,500 reviews (updated July 2023). Many customers commended the customer service as well as the easy and fast application process.
Customer support information
You can give Fernovo a ring on 020 3476 5171 if you have any queries or need support.
Our verdict
Fernovo could be a good option if you’re looking to get fast credit, with their quick timeline from submitting your application to receiving your funds, providing you’re accepted. They’ve also received many good customer reviews for all parts of the loan application process, from start to end. However, as it’s offering a short term loan, it has a very high APR, which makes it expensive and unsuitable for borrowing over longer periods.
Did you know?
In 2015, the Financial Conduct Authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Frequently asked questions
A poor credit rating will not necessarily mean Fernovo will turn you down for a loan. It will want to make sure you can afford to pay back the loan, however. Fernovo considers a variety of affordability factors when making a lending decision, such as income, expenditures and recent credit behaviour alongside your credit score.
You can speak with an advisor to help you understand the application form. However, you cannot complete the form over the phone.
When you apply for a loan, Fernovo will check your credit history using the NOVOQuote check. This is only a quote check and will not show on your credit records unless Fernovo grants you a loan.
It is a possibility. Fernovo’s systems automatically check the information available online before the e-sign stage. From time to time, its underwriters might need to complete a full assessment of your credit-worthiness and affordability.
We compare payday/short term loans from
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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