The process begins when a consumer selects a finance offer presented at checkout. The credit application form is displayed. A'credit summary' displays the description of goods and finance details.
To complete the application, the consumer checks thee-signature box to sign their credit agreement and submit their application. A decision is returned in around 5 seconds, which means the consumer can complete their purchase, entirely online, in just a few minutes. As the agreement is executed online there is no paper, no delays.
It's as simple as clicking the finance option once you get to checkout. Just follow the steps and one you have completed the application you will get a decision in 60 seconds.
Due to the low margins on certain products, there are three levels of finance available.
0% finance means that we pay the finance charges on that item for you and you can spread the payments over 12 months.
4.9% finance means that we pay part of the finance to keep your repayments down over your given finance period.
19.5% classic finance means that our prices are already so low that the finance has to be paid for by yourself. However, at rates much lower than most credit cards these days, you will still find this option a great deal.
You can mix and match items from the various categories but when you come to check out, only the rate of finance will apply to the finance option in the cart.
If you have any questions then please feel free to email us on firstname.lastname@example.org with your questions.
Pay4Later is an online finance gateway that links e-commerce retailers and finance companies. We make it easy for finance companies and retailers to work together to offer consumers great finance deals including "e;interest free credit"e; and "e;classic credit"e;. Pay4Later works with reputable, established finance companies including Moneyway (part of Secure Trust Bank PLC) to offer secure and convenient online finance. Pay4Later is a UK limited company, licensed by the Office of Fair Trading (Consumer Credit Licence: 0616240). For more information please visit pay4later.com.
Moneyway is the finance company. Their address is One Arleston Way, Solihull, West Midlands B90 4LH. Moneyway is a Trading name of Secure Trust Bank Limited. Moneyway are authorised and regulated by the Financial Services Authority, licensed by the Office of Fair Trading and a member of the Finance and Leasing Association.
When you apply for credit online, Pay4Later securely captures, formats and transmits your application to the finance company. If your application is approved we keep the retailer and the finance company updated as your order is processed and delivered.
Simply complete our online credit application form then carefully read the agreement and related information. If you are happy to proceed, you can sign the agreement online and click a button to send it to the finance company for an instant decision. If you are approved we'll ask you to pay the deposit online using a credit or debit card. Upon receipt of your deposit payment, we'll authorise the retailer to proceed with your order.
If you have a question, If there is anything you do not understand or if you require any further information regarding the credit agreement, please call Moneyway on 0303 30 30 091 or seek free,independent advice from organisations such as the Citizen Advice Bureau(http://www.citizensadvice.org.uk/) or the Consumer Financial Education Body (http://www.moneymadeclear.org.uk/)
The Consumer Credit Directive (2010) stipulates that we provide you with an explanation of your credit agreement, information about the agreement and a copy of the agreement itself. We email this information to you when you commence the credit application process in order that you can review it before you enter into the agreement. We ask you to confirm that you have received, read and understood this information before completing the credit application.
Our online application form typically takes less than 3 minutes to complete. Your application is then instantly sent to the finance company and they will typically respond with their decision in around 10 seconds. Some applications may take longer to process. If for any reason we can't give you an instant decision, we'll send you an email the moment the finance company makes a decision.
We will authorise the retailer to process your order. The retailer will then notify us when they have delivered your order in full. The finance company will then write to you to confirm the repayment amounts and schedule.
You must be over 18 years old (there is no maximum age limit).
In regular full or part time employment (minimum 16 hours per week, unless you are retired or a house person with a spouse in full time employment).
Be a permanent UK resident and able to supply a UK address history for the last 3 years.
You must have a UK bank account capable of accepting Direct Debits.
No adverse credit history (no CCJ's, IVA's or bankruptcies)
The goods must be delivered to your home address.
The deposit must be paid using a credit or debit card.
Please contact your retailer who will advise you if they can arrange credit over the phone or in person.
We are not the business you have purchased from and therefore cannot supply a VAT receipt. Please contact the retailer you have purchased from and they should be able to assist you with your query.
With your permission, we will email you a copy of the credit agreement and other important information, updates to the status of your application and to confirm when your application is complete. We will send these emails to the email address you provide on the credit application form so please ensure you enter your address carefully. To ensure that you do not miss any important communication please add the following email addresses to your address book: email@example.com
If you have not received any email from us, please check your spam/junk mail filter.
Unfortunately we are not given the reason why a customer is declined for credit. The authorisation process is carried out by the finance company and Pay4Later has no part in the decision.The decline message is sent to us by the lender with no explanation or justification. The reason for a decline is often that incorrect information has been entered in the credit application form. Please ensure you carefully enter all required information. If you wish to find out more about your credit status please click here for a free copy of your credit report.
You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from this agreement without giving any reason before the end of 14 days beginning with the day after the day on which the agreement is made or, if later, the date on which we will tell you that we have signed the agreement. If you wish to withdraw you must give us notice by one of the following methods. Oral notice must be given to us by telephoning us on 0845 111 7107. Alternatively,if you send notice by fax it must be sent to 0845 111 7103, by email firstname.lastname@example.org or you may post notice to or deliver notice by hand to Moneyway Retail Finance, One Arleston Way, Solihull, B90 4LH. If you do give us notice of withdrawal, you must repay to us the whole of the credit without delay and in any event by no later than 30 days after giving notice of withdrawal. You will also have to pay interest accrued from the date the agreement was made until the date you repay it. If you wish to pay by debit card please telephone us on 0845 111 7107. If you wish to pay by cheque please send it by first class post to us at Moneyway Retail Finance, One Arleston Way, Solihull, B90 4LH and allow 10 working days from the day you post the cheque to us to allow us to process the payment.
Yes. A credit check forms part of the automated decision making process and is part of a responsible lending policy.
Responsible lending is providing credit, based on background checks and professional judgement, to people who can accommodate regular repayments without getting into financial difficulty. Before the finance company will offer credit, they will assess whether they feel you will be able to repay it. Finance companies endeavour to make their decisions as transparent and as objective as possible. Credit scoring is one of the decision-making tools they use: a technique used to assess the probability that customers can and will meet their financial commitments. Credit scoring uses data received from credit reference agencies. These systems help finance companies make decisions about opening accounts and granting credit by using statistical techniques to measure the likelihood that a customer applying for credit will be an acceptable credit risk. It can also help to accelerate the decision making process. The Finance companies responsibility to lend responsibly should be seen as a complement to customers' own obligations to borrow responsibly.
Borrowing from a finance company can be a very useful way to smooth out the gaps between your income and expenditure.Sensible borrowing has empowered generations of people to buy goods and services that would otherwise be well beyond their reach. Used sensibly, borrowing money can be a very good tool for managing your finances,such as spreading the cost of a purchase over a number of months. The key is to remain in control of your money and to make sure that you do not over-stretch yourself.
The finance company uses an automated credit check as part of their decision making process. If you have an adverse credit record it may affect their decision. To give yourself the best chance of acceptance, please ensure you complete the credit application form correctly. Please don't apply for credit unless you're sure you will be able to comfortably repay it.
When you send a credit application, we check the information you provide is complete before securely transmitting it to the finance company. The finance company will sometimes respond with an error. This is typically because your home address and/or bank account information cannot be validated. If this happens we return you to the credit request form and invite you to check the information you have entered and then resubmit the form. If you are still having problems please contact the retailer you are making your purchase from.
If you would like to make a complaint, in the first instance please call the Moneyway customer services team on 0845111 7107 who will try and resolve any problems. If you are dissatisfied with the result of that complaint, then please contact the Chief Executive Officer in writing at the following address: Moneyway Retail Finance, One Arleston Way, Solihull, West Midlands, B90 4LH.
If the Chief Executive Officer is unable to assist or if you feel the complaint has not been satisfactorily resolved, then you may refer it to the Financial Ombudsman for further attention. In any event, you have the right to make a direct complaint to the Financial Ombudsman if we have not dealt with your complaint satisfactorily within eight weeks. The Financial Ombudsman can be contacted on 0845 080 1800 or in writing at The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR or by email email@example.com. If you would like more information about complaints, please call our customer services team for written details of the Financial Ombudsman Service.
Pay4Later is the authorised finance gateway for the site you made a purchase from and not the owner of the site. Please contact the retailer who owns the site you have purchased from and they will be able to assist you with your query. If you have already contacted your retailer and you have not received a response after 48hours, please click here to open a support request.
Pay4Later is the authorised finance gateway for the site you made a purchase from and not the owner of the site. Please contact the retailer who own the site you have purchased from and they will be able to assist you with your query. If you have already contacted your retailer and you have not received a response after 48hours, please click here to open a support request.
Please review your payment receipt sent by the retailer immediately after your purchase. When contacting the retailer, please quote the reference shown on your email receipt. If you are still having problems contacting the retailer and you have not received a response after 48 hours, please click here to open a support request.
Answers to the most frequently asked questions are detailed in this section. If your enquiry cannot be answered by the FAQ please click here to contact us.
Yes. You must have a UK bank account capable of accepting Direct Debits.
Yes. If your credit application is accepted, you will be required to pay a deposit online, using a credit or debit card. The amount of the deposit is show in the credit summary (displayed on the top left hand side of the screen throughout the credit application form) and on the credit agreement itself.
Your monthly repayments are collected by direct debit.
You can settle the agreement at any time by paying off the amount you owe. The amount may be reduced by a rebate.Examples indicating the amount you have to pay appear in the agreement.The examples are illustrative only and are based on the assumption that all instalments are up to date. No account has been taken of any variation to this agreement.
The total cost of the loan is shown clearly on the finance agreement.
If you fail to pay any amount you owe under the Credit Agreement by the date it is due, the finance company may charge you interest on that amount until you pay it. They may also levy charges for:
processing any payment made other than by direct debit, sending arrears letters, reminders or documents to which you are not entitled
arrears telephone calls
tracing you if you move address without notifying them
cheques, standing orders or direct debits which are dishonoured, stopped or not paid by you
Please refer to the credit agreement for full details.
The finance company will write to you to confirm the date that your repayments will commence. The first payment is typically due 30 days following the date of delivery of your order.
The APR is shown clearly on the credit summary(in the top right hand corner of the screen) throughout the credit application process. It is also shown clearly on the credit agreement itself. The APR for Interest free credit is 0%.
If you are already experiencing problems meeting existing financial commitments, please do not apply for credit. Further borrowing will only add to your commitments and repayments will commence within a month. If you need help with your debts, we recommend you talk to theCitizens Advice Bureau or the Consumer Credit Counselling Service.
Yes. It is extremely safe to apply on-line. Your personal information is encrypted before transmission to ensure it cannot be viewed by any unauthorised third party. The Pay4Later finance gateway uses proven techniques to ensure the security and integrity of sensitive data. Our public web servers are certified by Thawte, a leading Certificate Authority, ensuring that both the consumer and the retailer can have confidence that nobody can impersonate Pay4Later to obtain confidential information. Data storage on Pay4Later systems and the communication between Pay4Later and our partner lenders, is regularly audited to the highest standards to ensure a secure transaction environment. This includes specific regular third-party testing for vulnerabilities and reviews of application security and access control procedures.
Yes. Your credit application is treated in the strictest confidence. We will not contact your employers, bank or any other third party.