Fernovo Loans | www.fernovo.com Reviews
Fernovo is a fresh newcomer for the 2017 year, released by Quidie Ltd who are otherwise known for Quidie Online Lending that has been active since 2015. The owner in fact started up back in June 2012 and so they certainly took their time to get up and running. Quidie’s initial market progress was good, but they soon began to fade out. Google Trends data however shows a recent spike in popularity across 2017 and now we have also seen Fernovo’s recent launch that highlights the owner’s raised ambitions. This new company has some impressive product features, but it is their low interest rate that stands out the most at just 0.5% daily.
Brand: Fernovo (aka: Fernovo Online Lending).
Company: Quidie Ltd.
Founder: Morisso Taieb.
Offers: Instalment, payday.
Opening Hours: Monday to Friday (9am-6pm).
Other Projects: Quidie.
Address: Marco Polo House, 3-5 Lansdowne Road, Croydon, CR0 2BX.
Phone: 0203 476 5171.
Alexa Rank (Local): No Ranking.
Facebook Page: Under 100.
£15 /£100 (1m).
£92.85 /£300 (3m).
£172.98 /£300 (6m).
Amounts: £100 to £1000 (new applicants).
Amounts: As above (when reloaning).
Amount Selections: Unclear.
Late Payment Fee: £0.
Terms: 1 to 6 months.
*There is no calculator and so the incremental changes are unclear. You can type in a desired amount, but whatever is selected doesn’t validate on the next page. No more than £400 is available with their short term loan.
There has already been several new lenders popping up in 2017 such as Dot Dot, Tappily and Track. Newcomers generally launch with features that can help them to stand out against the many established lenders out there. Fernovo’s key feature is seen in pricing at 0.5% per day. Whilst most applicants would have their payday approaching sooner, when compared at 30 days just £15 would be payable that is a good price. Their 3 month instalment charge at £92.85 is also reasonable that may be preferential to help spread the balance out. This lender can deliver speedy decisions through their NOVOQuote decision engine. There are also no late fees and self-employed workers are considered.
The loan specs measure up well against the competition, but this company is unlikely to compete against the major firms seen on TV like Lending Stream, QuickQuid, Sunny and Wonga. The concern would be whether they can make their mark ahead of other newcomers. If we take Tappily that was developed by the team behind SafetyNet Credit, they offer a 24/7 line of credit, low interest charged at 0.34% that is capped at 75 days plus overdraft protection. Can Fernovo gain that initial traction and manage to compete? Quidie didn’t manage to do this and with few online reviews for that original release, it was always tricky to determine how well their service was being perceived.
Similar Lenders Like Fernovo…
There are many similar instalment loan services out there. The main players that are targeting the same 1 to 6 month term range are Wonga and WageDayAdvance. WDA would be a better shout on term flexibility since they offer any month between the range, whilst Wonga have fixed 3 and 6 month options besides their flexible short terms. Fair Finance, SafetyNet and The Quick Loan Shop would all be good alternatives when competitive pricing is essential. Satsuma and Sunny are examples of other no late fee lenders.
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