Novuna Personal Finance (formerly Hitachi Personal Finance) is today launching a market leading personal loan rate, topping the best buy tables with 2.7% APR. The new offering comes as families struggle with a cost of living crisis that is pushing prices up to 40 year highs, leading the Bank of England to raise the base rate last month to 0.75%.
The new product, which has been cut from the rate of 2.8%, is available to new and existing Novuna customers from today (April 4) for a minimum of two weeks and applies to personal loans from £7,500 to £15,000.
The new rate is the lowest Novuna has ever offered to its customers, at a time when the cost of living crisis is creating an uncertain borrowing environment for consumers.
Vincent Reboul, MD of Novuna Consumer Finance says: “We are launching this market-leading rate at a time when families up and down the country are grappling with an alarming increase in the cost of living. Household bills are rising at their fastest pace in 40 years, all of which makes access to affordable credit incredibly important. In the face of rising prices, millions of people are relying on affordable credit to spread the cost of important purchases over a longer period.
“This new rate is line with Novuna’s commitment to sensible lending and has the relevant tools to help customers work out their affordability and ability to pay back the loan before applying.”