High-cost short-term lender enters administration

26th October 2023

Online high-cost short-term lender Novaloans (trading as Cash4UNow)  has entered administration.

Novaloans Ltd is a family-run business founded in 2011, employed 38 people according to its total exemption. Its offices are at Limewood Business Park, in Seacroft.

The Financial Conduct Authority (FCA) has confirmed that the firm is no longer lending. However, all existing loan agreements remain in place and the Joint Administrators will update customers as soon as possible.

Mike Kienlen and Daryl Warwick of Armstrong Watson LLP have been appointed as Joint Administrators.

The Joint Administrators have instructed Credit Resource Solutions (COEO) to collect all outstanding loans