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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Novo's loan

Finanso.Multilogin™

How to apply

After clicking the "Get Started" button, applicants will be required to provide their security number (SSN), a US address, and a US cell phone number. When completing their application, the clientele will need to attach other documents depending on their business program.

Requirements

To apply for a service, you must have a copy of your signed personal identification, a phone number, a Social Security number, and a US address. The minimum age for applying is 18 years old. Other conditions depend on your business type.

If you apply for an account as a Sole Proprietorship, generally, no documents will be required. Nevertheless, you may need a copy of your ID, utility bill, mortgage/lease to prove your address, DBA certificate, and an SSN.

To apply for an account as a limited liability company (LLC), it is necessary that your business has been registered within the state and that you have a person's name and a signature on the documents. In addition, clientele should take into account that an Operating Agreement and Articles of Organization may be required to accomplish the application process.

If you apply for a Partnership, you may need to have all partners sign the application if they own more than 25% of the business. Furthermore, you may be requested a Certificate of Partnership and a Partnership agreement.

If you are applying as a corporation, your documents will be searched on the state's Secretary of State's website. They are all to be registered within the state with your name and a signature on them as well. Also, you should have with you articles of Incorporation and Company Bylaws.

Application details

To apply for an account, you will need to be a permanent resident of the US, have your business located in the US, and be able to provide a valid mailing address within the US and your Social Security Number. Usually, the application period takes from 3 to 5 days.

Reasons for rejection

Even though the process of applying for Nova services is commonly very smooth, there are still some tangible points and significant conditions you should take into account while applying for Nova services.

  • Complex business structure. One of the common reasons an application may be denied is due to the business having a complicated ownership structure. Regrettably, Novo is unable to support Series LLCs.

  • Previous closure or obligations. If your checking account was closed by another financial institution, your application might be rejected if it is confirmed that you were repeatedly spending more than your account balance or not paying off negative balances. Your account may also be declined if you have been attempting to open a high number of accounts within the previous year.

  • Business is out of scope for accounts. Your application may be rejected if your business is confirmed to be illegal.

Note that all submitted applications Novo keeps for up to five years.

FAQ

How do I get a Novo account?

To sign up for a Novo account, the clientele is to click the "Get started" button and write down their name, email, and password.

Can you deposit checks with Novo?

You can deposit checks within the Novo app. For that, you will need to click on 'Move Money' and then 'Deposit a check.' Note that the check deposit limit per day is $20,000 and per month is $40,000. If your deposit stretches beyond the limit, you will need to get in touch with a support group through the Novo app to expand your check deposit limit.

How long does Novo take to deposit?

Commonly, it takes five days for Novo to deposit money orders and cashier's checks.

What to focus on before applying for a loan with Novo

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Novo and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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