What is a Novo Business Loan?

Novo offers Business Loans™ to its eligible Novo checking account customers, starting with as little as $2,000 up to the pre-approved amount mentioned in the Loan section of your Novo app.

Key Details:

• Instant Funding: Once approved, your funds are usually transferred instantly-or within 24 hours in some cases.
• One-Time Payout: Your business loan is transferred to your account all at once. Please select your required amount upfront. Once approved, you cannot request more funds or stack a second loan. If you choose an amount below your pre-approved limit, you cannot ask for the remaining limit later.
• Predictable Payments: You choose how you pay - monthly or biweekly. Installments cover both principal and interest, and they're automatically deducted from your Novo checking account so you can focus on running your business.
• 12-Month Term: Every loan is structured with a maximum term of 12 months.
• No Prepayment Penalties: You can make additional payments or pay off your loan in full at any time without penalty. This helps you to save money on interest.

The Novo Business Loan™ is issued by Continental Bank. All loans are subject to credit criteria and underwriting. Repayment terms and APR are determined by your creditworthiness and will be shared with your offer.