Who are Pay4Later?
Pay4Later is an online finance gateway that links retailers and finance companies. We make it easy for finance companies and retailers to work together to offer consumers fast and convenient point of sale finance. Pay4Later works with reputable, established finance companies includingr works with reputable, established finance companies including Close Brothers Limited T/as Close Brothers Retail Finance. Pay4Later is a UK limited company, licensed by the Financial Conduct Authority (Consumer Credit Licence: 0616240). For more information please visit http://www.pay4later.com/
Example Finance Option (Classic Credit 19.5% APR)
Cash Price £660.00
Deposit £66.00 (10%)
Amount of credit £594.00
Payable by 12 monthly instalments of £54.45
Typical APR 19.5%
Example Finance Option (Interest Free)
Cash Price £660.00
Deposit £198.00 (30%)
Amount of credit £462.00
Payable by 12 monthly instalments of £38.50
Typical APR 0%
Who are Close Brothers Retail Finance?
Close Brothers Retail Finance is a trading name of Close Brothers Limited. Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority – firm reference number 124750. For more information please visit www.closebrothersretailfinance.co.uk
How does Pay4Later work?
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.
How do I apply for credit?
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.
How do I ask a question about the Credit Agreement?
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 Close Brothers Retail Finance on 0844 880 6542 or seek free, independent advice from organisations such as the Citizen Advice Bureau or the Money Advice Service.
Why did you send me an email titled "Important Pre-contract Information"?
The Consumer Credit Act 1974 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 it and are aware that you should read and understand this information before completing the credit application.
How long does it take to apply online?
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.
I've been approved for credit and paid the deposit. What happens next?
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.
What are the requirements for finance?
You are a permanent UK resident and able to supply 3 years address history
You are in employment or retired and receive a gross annual income of at least £10,000
You have a good credit history
You have a debit or credit card
You must have a UK bank account capable of accepting Direct Debits.
The goods must be delivered to your home address.
The deposit must be paid using a credit or debit card.
Can I apply for credit over the phone or in person?
Please contact your retailer who will advise you if they can arrange credit over the phone or in person.
Where do I obtain a VAT invoice?
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.
Email communication problems?
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 protected].
If you have not received any email from us, please check your spam/junk mail filter.
Why was I declined?
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. Sometimes, the reason for a decline is 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.
Can I cancel my credit agreement if I change my mind?
You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from the 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 the finance company notice in writing or by telephone or email. The name of your finance company will be clearly shown on your credit agreement (see contact details below). Please note that if you do give notice of withdrawal, you must repay to 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 the finance company. If you wish to pay by cheque please send it by first class post to the finance company. Please allow 10 working days from the day you post the cheque to allow time to process the payment.
Close Brothers Retail Finance
St Davids Park
Telephone: 0844 880 6542
Email: [email protected]
Will the finance company perform a credit check?
Yes. A credit check forms part of the automated decision making process and is part of a responsible lending policy.
What is responsible lending?
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.
What is responsible borrowing?
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.
What if I have bad credit?
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 I apply for credit I get an error. What should I do?
When you submit your credit application, we check the information you provide is valid and complete before securely transmitting it to the finance company. We develop and test our software very thoroughly but sometimes errors can still occur. To report an error, please email [email protected] giving a concise description of the problem and attaching a screenshot if possible.
What if I have a complaint about the finance copany?
If you would like to make a complaint, in the first instance please contact your finance company by post, email or telephone (see below). Their customer service team will try and resolve any problems.
Close Brothers Limited, 10 Crown Place, London, EC2A 4FT.
Telephone: 0844 880 6542
E-mail: [email protected]
I have not yet received my goods/services
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 48 hours, please email [email protected] to open a support request.
I have a question, problem or need to return my product
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 48 hours, please email [email protected] to open a support request.
I am having trouble contacting my retailer
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 email [email protected] to open a support request.
What if my enquiry is not answered by the FAQs?
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.
Do I need a bank account?
Yes. You must have a UK bank account capable of accepting Direct Debits.
Do I need to pay a deposit?
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.
How do I repay the loan?
Your monthly repayments are collected by Direct Debit.
Can I pay my agreement off early?
You have the right to repay all or part of the credit early at any time.
How much does the loan cost?
The total cost of the loan is shown clearly on the finance agreement.
Are there any other charges?
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.
How long before I have to repay a loan?
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.
What APR will I be charged?
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%.
What if I'm already in debt?
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 the Citizens Advice Bureau or the Consumer Credit Counselling Service.
Is it safe to apply on line? Will my details be secure?
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.
What personal information do you need?
Do I have to provide ID?
Please note that for security measures we may require a proof of ID after your application has been approved and your deposit has been paid. This step is to verify your transaction, and a check will be done on any ID provided. If your ID fails the check or you are unable to provide a valid proof of ID the retailer will be in contact with you. Should you need to provide ID you will be notified via email from Pay4Later.
Is the application confidential?
Yes. Your credit application is treated in the strictest confidence. We will not contact your employers, bank or any other third party.