Words by Adam
Published on 09/09/2013 08:01:00
Rutland Cycling offers flexible finance options, to make online shopping more convenient for you.
You can spread the cost of items you want to buy immediately, over a time period to suit your budget. Our finance is supplied by Pay4Later Finance, who will provide you with a decision online in seconds.
3 Simple Steps
- Select your product(s) from our huge range (basket total over £350).
- Choose ‘Finance’ as your payment method at checkout and follow the online application process. If finance isn’t available as an option on your order, it won’t appear as a payment method.
- If you’re approved, just sit back and await your delivery.
Which products can I buy on finance?
- We offer finance on all orders over £350
- Selected products are available at 0% interest, for 6 or 12 monthly payments
- All other orders over £350 can be financed by 12 monthly payments (representative 23.9% APR) or 24 monthly payments (representative 19.5% APR)
- Please note that you cannot use voucher or other discount codes in conjunction with a finance order
Will I qualify for credit?
We can only consider your application if:
- You are over 18 and employed at least 16 hours per week
- You have a good credit history with no late payments, debt relief orders, CCJ's, IVA's or bankruptcies
- You are a permanent UK resident and able to supply a UK address history for the last 3 years
Applications from students (unless employed at least 16 hours per week), unemployed and single house persons will not be considered.
Applications also welcome from retired individuals, in receipt of a private or company pension (aged 50 or over at date of application).
Meeting the criteria does not guarantee acceptance.
Goods can only be delivered to your home address. If your application is accepted, the deposit must be paid by credit or debit card.
Can I apply for credit in your shops?
Yes, you can. We offer the same finance options as above, at the discretion of our store managers.
For in-store Pay4Later applications, you will need to bring one of the following as proof of address. With the exception of the driving licence, the forms should be dated in the last 3 months:
- A valid UK driving licence
- Bank statement (not internet statement)
- Credit card statement (not internet statement)
- Gas, Water or electricity bill
- Mortgage statement
- Landline telephone bill (not mobile)
An example of 0% Finance
Buy a bike for £1,000, on 6 months interest free credit.
- Pay an initial deposit of 10% (£100)
- Spread the balance over 6 monthly payments of £150
- Total amount payable: £1,000
- Representative rate of interest: 0% APR (fixed)
An example of Representative Finance
Buy items for £1,000, on 24 months credit.
- Pay an initial deposit of 10% (£100)
- Spread the balance over 24 monthly payments of £44.90
- Total amount payable: £1,177.71
- Representative rate of interest: 19.5% APR (fixed)
Finance: your questions answered!
How quickly will my application be approved?
All finance decisions will be made within a few minutes. Once you are approved, we will contact you (during working hours Monday to Friday) to arrange delivery.
Will you credit score me and if so, what does this mean?
Yes. Credit scoring is the process used by financial services companies to evaluate the credit risk of new applicants. This technique will be applied to your application for online finance. Credit scoring works by awarding points for each answer given on the application form such as age, income and occupation, together with information obtained from credit reference agencies. This information allows us to produce consistent decisions, ensuring all our applicants are treated fairly. Credit scoring does not discriminate on the grounds of sex, race, religion, disability or colour.
If you decline/refuse my application, what is the reason?
In addition to credit scoring, confirmation of your identity, validation of certain application details, existing commitments and information held at the credit reference agencies are all taken into account. Though you will not be provided with a main reason for decline of your application, it is usually based on one, or a combination of the following:
- Your credit score (note that every finance company will score you differently)
- Adverse credit reference agency information
- You are considered to be overcommitted
- You are aged under 18
- Your existing account performance with other lenders
What type of information do credit reference agencies hold about me?
Some of the information is public information, for example electoral roll, County Court Judgements and bankruptcies. Other lenders may also file information about accounts you hold with them for instance this could include your payment history and outstanding balance on these accounts. Any requests for credit, where a credit reference search has been undertaken, will also be filed, although the result of the request is not recorded.
How do I obtain a copy of this information?
The two main UK credit reference agencies are Experian and Equifax. Both agencies will provide details of the information they hold about you. To obtain this information, send a cheque for £2, made payable to the relevant agency, together with details of all addresses at which you have lived over the last 6 years, to:
- Consumer Help Desk Experian LTD P.O. Box 8000 Nottingham NG1 5GX
- Equifax Department 1E P.O. Box 3001 Glasgow G81 2DT
You can also find out more about credit decisions by visiting the above companies' websites: Experian and Equifax. If you believe that the information they hold about you is incorrect, you can ask the agency to correct it.
If my application is not successful, can I re-apply?
Yes. We acknowledge that your circumstances change and just because a previous application has been refused, it does not mean that a further request will be automatically turned down. We do suggest, however, that you leave at least 3 months between applications.
Can I request delivery to an address other than my home?
In order to safeguard against fraudulent applications, we regret that we're only able to deliver goods to the home address of the applicant.
Can I change my order in part or whole after applying for online finance?
To ensure your chosen products are correctly delivered to you, if you need to change your order in any way, we will need to cancel your order and re-key it as if it were new. We apologise for any inconvenience this may cause. If you've already received confirmation of approval for online finance via Rutland Cycling, by the time you decide to change your order, then the decision will stand from your original application so long as the order value has not increased. If however, you then go on to make subsequent orders funded via online finance, then each will be treated as a new application and will be processed in the normal way.
Are the goods I’ve ordered set aside for me until the approval process is complete?
We don’t allocate your order until we know your credit application has been approved, so there's a very small chance that the item you’ve ordered becomes out of stock while we’re awaiting your approval. In this unlikely event, we will offer you an alternative or cancel the agreement.
Terms & Conditions
- Consumer finance on RutlandCycling.com is provided by Pay4Later in association with Moneyway.
- The finance option is applicable on any RutlandCycling.com order over £350, including VAT. It is also available in our shops, at the discretion of our store managers.
- All offers of finance are subject to acceptance by Pay4Later. Rutland Cycling accepts no liability in relation to the credit analysis and resulting contractual obligations. Please direct all enquiries in writing to: Pay4Later.
- Please keep a copy of the Terms and Conditions as well as your invoice for your records. We advise applicants to keep the documents relating to the financing application.
- If any provision of these Terms shall be unlawful, void or for any reason unenforceable, then that provision shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions.
- Rutland Cycling reserves the right to change these Terms and Conditions at any time.
Consumer credit service provided by Pay4Later in association with Moneyway. Pay4Later is licensed by The Office of Fair Trading (Consumer Credit Licence:0616240). For more information, please visit www.pay4later.com
Moneyway is a Trading name of Secure Trust Bank PLC. Secure Trust Bank is authorised and regulated by the Financial Services Authority, licensed by the Office of Fair Trading and a member of the Finance and Leasing Association. For more information please visit http://www.securetrustbank.com