Updated September 28, 2026 · BorrowCue Editorial Team
Novo vs Sofkredit
Novo vs Sofkredit: the differences
| Compare |  Novo |  Sofkredit |
|---|---|---|
| Loan amount | up to $50,000 | €12,000 to €300,000 |
| Arrangement fee | 0 (none: application, origination, servicing fees: None) | 6% to 9% of the loan; on a 15,000 EUR mortgage-guaranteed loan the commission is 900 EUR minimum and 1,350 EUR maximum, charged by the collaborating lender; Sofkredit's own service costs the user nothing |
| Credit check | Hard | Soft prequal |
| Funding time | Instant: funds land in your Novo account instantly, same day as approval | 15-20 days after approval; same day as the notary signing, about one week if documentation is sent quickly |
| Lender type | Direct lender | Broker |
| 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 | Natural or legal persons of legal age (+18) with Spanish nationality or residence, holder of a bank account; for mortgage-guaranteed loans a property must be owned, free of charges or with at least 70% of the mortgage repaid |
| Origination fee (%) | 0%Lower | 6% to 9% |
| Loan types | Business | Secured, Debt consolidation, BusinessCovers more |
| APR | Not confirmed | 10.74% to 18.06% |
| Term | Not confirmed | 6 to 240 months |
| Representative example | Not confirmed | a 15,000 EUR loan at 9% interest over 5 years returns a total of 21,750 EUR |
| Rate type | Fixed | Not confirmed |
| Free early repayment | Yes | Not confirmed |
| Credit needed | Not confirmed | Poor |
| Use cases | Not confirmed | Home improvement |
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Key differences
- Novo scores higher overall: 9.1 vs 8.6.
- Sofkredit is licensed in 1 more country.
- Sofkredit is available in 2 more countries.
- Origination fee (%) is lower at Novo: 0% vs 6% to 9%.
- Support channels: only Sofkredit offers Phone.
- Features: only Novo offers Credit line.
- Loan types: only Sofkredit offers Secured, Debt consolidation.
Our verdict on each
Novo
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.
Sofkredit
Sofkredit suits Spanish borrowers who want property backed finance and can wait for a notary appointment. The headline cost is an arrangement fee of 6% to 9% of the loan, while Sofkredit's own service adds nothing beyond it.
Score breakdown
| Area | Novo | Sofkredit |
|---|---|---|
| Cost | 9.4HigherFees of 0 (none: application, origination, servicing fees: None) for application, origination and servicing. | 8.5 |
| Offer | 8.5 | 9.3HigherRanges cover €12,000 to €300,000, 6 to 240 and 10.74% to 18.06%, with home equity and remortgage and home improvement on the same application. |
| Trust | 9.2Higher | 8.3 |
Choosing between them
Pick Novo if cost, trust, and origination fee (%) matter most.
Pick Sofkredit if offer and loan types matter most.
How they place
| Ranking | Novo | Sofkredit |
|---|---|---|
| Business loans | 12 of 435 | 1 of 435 |
Every fact side by side
| Fact | Novo | Sofkredit |
|---|---|---|
| Pricing model | Fixed rate | Not confirmed |
| Features | Same day funding, Credit lineCovers more | Same day funding |
| Legal entity | Novo Platform Inc. | Kova Finance, S.L. |
| Headquarters | Not confirmed | Spain |
| Support channels | Email, Help centre | Email, Phone, Help centreCovers more |
Mortgages
| Fact | Novo | Sofkredit |
|---|---|---|
| Initial rate | Not confirmed | 8% to 14% |
| APRC | Not confirmed | 10.74% to 18.06% |
| Fixed period | Not confirmed | 0.5 to 20 years |
| Maximum loan to value | Not confirmed | 30% |
| Product fee | Not confirmed | €900 to €1,350 |
| Purpose | Not confirmed | Home equity, Remortgage |
Where each stands against the rest
| Fact | Novo | Sofkredit | Median |
|---|---|---|---|
| APR | Not confirmed | 10.74% to 18.06%above the median | 8.99 |
| Term | Not confirmed | 6 to 240 monthshighest quarter | 60 |
| Origination fee (%) | 0%below the median | 6% to 9%highest quarter | 0.25% |
Median across 1005 listed lenders.
Pros and cons
Novo
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.
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.
Sofkredit
Pros
- Sofkredit's own service costs nothing, so the only charge to weigh is the lender's arrangement fee of 6% to 9%.
- The loan range €12,000 to €300,000 and the term range 6 to 240 suit both renovation projects and debt consolidation.
- Eligibility leans towards weaker files, with the credit needed listed as poor, and the credit check is soft prequal.
Cons
- The arrangement fee of 6% to 9% is a large share of the loan, and the product fee on a small mortgage guaranteed loan runs €900 to €1,350.
- Maximum loan to value is 30%, well below the 90% across listed lenders, so equity of your own is required.
- Sofkredit is a broker, so the contract sits with the collaborating lender rather than the site you apply through.
Who each suits
Novo
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.
Sofkredit
Who it suits
- Spanish residents and nationals who own a property that is free of charges or has most of its mortgage repaid
- Borrowers consolidating several debts into one payment, since debt consolidation is among the secured, debt consolidation and business
- Homeowners funding renovation work, as home improvement is the main listed use case
Who should look elsewhere
- Anyone who needs money the same week without a notary appointment, against the stated funding time
- Borrowers who want to borrow more than a low share of their property's value, given the 30% cap
- Small lenders wanting a quick online application rather than the documentation and notary steps this route involves
Country by country
| Country | Novo | Sofkredit |
|---|---|---|
| France | No | Yes |
| Italy | No | Yes |
| Spain | No | Yes |
| United States | Yes | No |
Questions about each
Novo
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.
Sofkredit
What does Sofkredit charge to arrange a loan?+
The arrangement fee runs 6% to 9% of the loan and is charged by the collaborating lender. On a small mortgage guaranteed loan the commission falls within €900 to €1,350. Sofkredit's own service costs the borrower nothing beyond that lender charge.
How much can I borrow and for how long?+
Loan amounts run €12,000 to €300,000 and terms run 6 to 240, so the range is wide enough for a renovation or a debt consolidation. Terms and amounts are set by the collaborating lender rather than by the site you apply through.
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