About our unique application process

Thursday 11th May 2023

Young woman typing on a laptop while filling out an application

We do things differently here at Novuna Consumer Finance. With a firm belief that applying for finance should be quick and convenient, we’ve designed an application process that will more than meet your customers’ expectations.

Once an application has been signed for and complete, our unique tailoring options give both you and your customer as much flexibility as possible without any further credit checks.

Andy Brown, an onboarding expert, explains what makes our retail finance application process different.

1. Quick online application

Customers can apply online or in-store with ease. Our application form is designed to be simple and streamlined, with just a small number of questions to answer. Customers will get an instant decision on their application so there’s nothing standing in the way of you making a sale.

2. Soft search

Our soft search feature tells customers if they’ll be accepted for retail finance. No footprint on their credit file. No impact to their credit score. This makes applying for finance much more appealing. If the decision comes back as an accept, it’s 100% guaranteed that customer will be accepted when they sign their agreement and a full credit search is carried out.

3. Tailoring options

Customers can change their loan amount without needing to reapply. For example, if a customer applies for a specific monthly instalment that isn’t deemed affordable, we will automatically suggest a lower amount. This allows you to turn a declined application into an accept, ultimately helping you make that sale.

Our accept tailoring further supports customers and you, the retailer. If the customer is accepted, our system will allow them to shorten the term which lowers the overall cost too. This could in turn reduce the amount you will pay to us through fees.

It’s simple to amend applications through our proprietary CreditMaster3 system without any further credit checks for your customer. Once they’ve completed and signed their application, simply click ‘amend’ and make the necessary adjustments.

4. Max loan offering

Once a customer has completed their application, our max loan feature presents whether the customer is eligible to take out more finance. This gives your sales team an ideal upsell opportunity, allowing them to open a further dialogue with customers.

Make the most of new opportunities

Our credit solutions support both your customers and your team, helping you to increase sales and average order value.