Frequently Asked Questions
If the customer doesn't pay interest on the loan, who does? The scheme is subsidised by Arts Council England. The Arts Council pays the interest to the bank instead of the customer.
Do I need to take photo ID with me to apply for a loan? No, you don't need photo ID. However, you will need to provide proof of signature (e.g. a debit or credit card) and proof of your home address (e.g. a driver's licence, bank statement or utility bill).
Can I use the scheme if I am a student or unemployed? No. However, if you living with a partner who is employed, then you are able to apply as a 'house person' quoting your partner's employment details. You may also apply if you are a student nurse, or a part-time student provided that you have regular paid employment of at least 16 hours per week.
Can I use Own Art to buy a piece of work directly from an artist? No. Own Art is only available through galleries, museums and other arts organisations that have been approved by Arts Council England (or Scottish Arts Council) as registered members of the scheme.
Can the loan be used when the value of the piece of art is higher than £2,000? Yes – the loan can go towards the payment of a piece of art that costs more than £2,000.
Will I be able to take my purchase home with me immediately? Yes, you can take your purchase home as soon as you have been approved and signed the loan agreement. If you have purchased something which is being presented as part of a special exhibition, the gallery may ask you to leave the work on display until the end of the show, for the benefit of other visitors.
Can I use the scheme more than once? Yes, there is no limit to the number of times that you can use the scheme. However, you will normally have to allow at least 4 months between loan applications in order to establish a repayment record with the bank.
Can I take out more than one loan at a time? You can borrow up to £2,000 at any one time, and this can be towards the cost of one or more pieces. You can also have different loans with different galleries running concurrently.
When will my first payment be made? Your first payment will normally be debited from you account around 4 weeks after the date on which you signed the agreement.
Can I change my monthly payment date? Yes. You'll need to contact Hitachi Capital directly in order to arrange this.
Can I pay off the loan early, i.e. before the 10 months have passed? Yes. You can pay off the balance of your Own Art loan at any time by contacting Hitachi Capital directly. There are no penalties for early settlement.
Can I cancel the loan once I've signed the agreement? No. Unless you have made your purchase by mail order, in which case you can cancel the agreement within 14 days.