Novo review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Novo suits US business owners who already bank with it and can let eligibility build. The line reaches up to $50,000 at a fixed rate, with fees of 0 (none: application, origination, servicing fees: None) across application, origination and servicing, and approved funds land in the Novo account the same day.

Key facts

Best for
US businesses with a Novo checking account that want a fee-free fixed-rate line.
Loan amount
up to $50,000 (Source, checked September 26, 2026)
Arrangement fee
0 (none: application, origination, servicing fees: None) (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
Instant: funds land in your Novo account instantly, same day as approval (Source, checked September 26, 2026)
Rate type
Fixed (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
US business owners must hold a Novo business checking account; eligibility builds over about six months of account activity and is based on credit history plus real-time cash flow, final Novo determination (Source, checked September 26, 2026)
Origination fee (%)
0% (Source, checked September 26, 2026)
Loan types
Business (Source, checked September 26, 2026)
Legal entity
Novo Platform Inc. (Source, checked September 26, 2026)
Support channels
Email, Help-centre (Source, checked September 26, 2026)
Pricing model
Fixed rate
Features
Same-day funding, Credit line
Official website
novo.co

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
LinkedInXapps.apple.com

Pros and cons

Pros

  • Fees of 0 (none: application, origination, servicing fees: None) for application, origination and servicing.
  • Rate type is fixed and the product is fixed rate, so a budgeted payment holds.
  • Free early repayment, so a strong month can clear the balance.
  • Approved funds land in the Novo account the same day as approval.

Cons

  • Eligibility is reserved for US business owners holding a Novo business checking account.
  • A hard credit check sits behind every application, with credit history and real-time cash flow both weighed.
  • Support runs on email and help centre only, with no phone route for urgent questions.
Novo

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Scored 9.1 / 10 by BorrowCue.

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Who it suits

  • US business owners who keep a Novo business checking account and can let eligibility build.
  • Owners who need cash the same day as approval and plan to clear the line early.
  • Companies that prefer a single direct lender and one banking relationship.

Who should look elsewhere

  • Businesses unwilling to open a Novo business checking account, since the account and its activity sit inside eligibility.
  • Owners after a personal rather than company product, with Vivus ES at €50 to €1,400 the nearer comparison.
  • Borrowers needing less, where Plazo ES at €500 to €5,000 sits closer to the need.

How your money is protected

Novo is a direct lender, so the decision and the money sit with the same party rather than a broker or marketplace. The loan is issued by Continental Bank as the loan issuing bank, with Middlesex Federal Savings, F.A. as banking partner, and the bank is an FDIC member.

How Novo compares

Where Novo is available

Available
United States
Licence in United States
Continental Bank (loan issuing bank) / Middlesex Federal Savings, F.A. (banking partner), FDIC member, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What is Novo, and who can borrow from it?+

Novo is a direct lender, so it lends from its own balance sheet rather than passing applications to third parties. The legal entity is Novo Platform Inc., and borrowing goes to US business owners who hold a Novo business checking account.

How much can I borrow?+

The line reaches up to $50,000, well above the €1,315.44 median in the business loan comparison. It works as a credit line rather than a single advance, so a company draws what it needs and repays as revenue arrives.

What fees does Novo charge?+

Fees of 0 (none: application, origination, servicing fees: None) apply to the application, origination and servicing, and the percentage charge is 0%. Cost therefore sits with the interest rather than with fees, which keeps a budgeted payment predictable.

What rate will I pay?+

Rate type is fixed and the product is priced as fixed rate, so a budgeted payment holds rather than moving with the market. The site business loan comparison shows a median APR of 11.7%, which frames where a line like this sits.

How fast do funds arrive?+

Approved money lands in the Novo account the same day as approval, and same day funding and credit line lists same-day funding alongside the credit line. That suits an owner with a supplier to pay or a payroll date that will not wait.

Does Novo run a credit check?+

The credit check is hard, and eligibility also weighs credit history alongside real-time cash flow through the Novo account. Novo makes the final decision, so a strong balance sheet and steady deposits matter as much as the file.

Is my money protected?+

The loan is issued by Continental Bank as the loan issuing bank, with Middlesex Federal Savings, F.A. as banking partner, and the bank sits within FDIC membership. Novo itself is a direct lender, which keeps the decision and the money on one side.

How do I get help?+

Support runs on email and help centre, so written requests and a help centre carry the load. Owners who want a phone conversation are better served elsewhere, and eligibility questions are easier to answer once the account has some history.

Sources

  • novo.co/business-loans checked September 26, 2026

    Backs: Loan amount, Credit check, Eligibility, Features, Free early repayment, Funding time, Loan types, Pricing model, Arrangement fee, Origination fee (%), Rate type

    “you could qualify for a Business Loan up to $50,000”

  • novo.co/legal checked September 26, 2026

    Backs: Legal entity, Support channels

    “Copyright (c) 2026 Novo Platform Inc.”

  • novo.co/legal/disclosures checked September 26, 2026

    Backs: Lender type, Licences

    “The Novo Business Loan is issued by Continental Bank”

Compiled from 3 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: APR, Term, Representative example.

Novo

Novo

US businesses with a Novo checking account that want a fee-free fixed-rate line.

9.1/10Visit

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