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Element is delighted to offer you the opportunity to buy contemporary designer jewellery with Own Art, the Arts Council England's new interest free loan scheme. Representative 0% APR
Own Art Loan Term
You can apply for an Own Art loan to finance your purchase by spreading the cost over 10 months.
Own Art eligibility
• To be eligible to apply for an Own Art loan you need to be:
• Over 18 years old
• A permanent UK resident
• In possession of a bank or building society account that can operate direct debit payments
Own Art loan application process
Please bring two proofs of identification with you - one for proof of signature, such as a debit or credit card, and the other for proof of address. This could be a bank statement, utility bill or driver's licence.
Element Jewellery will guide you through the loan application process which should only take 10 minutes or so. If your application is successful, you'll be able to sign the agreement and take your jewellery away with you immediately.
Own Art minimum and maximum borrowing
Loans are available up to £2,000 or as little as £100. The loan amount can be a part-payment towards an item that costs more than £2,000. Or you can buy several lower value items at a time with a combined value of up to £2,000 or more.
The amount you borrow is then paid back over 10 months in equal instalments – interest free.
There is no administrative charge or handling fee when you take out the loan so you will never be paying more for your purchase than the ticket price.
Frequently asked questions
Who runs Own Art?
Arts Council England runs the scheme through its trading company ArtCo Trading Ltd. Hitachi Capital Consumer Finance is the credit provider.
Can I purchase anything from Element Jewellery with the Own Art scheme?
You can only buy pieces of jewellery featured in our designer collections, bespoke pieces of jewellery, ethical wedding bands, and ethical jewellery collections.
If the customer doesn't pay interest on the loan, who does?
The cost of the loan is subsidised by the scheme funders Arts Council England, Creative Scotland and the Arts Council of Northern Ireland, making it affordable for our member galleries to operate as well as guaranteeing the 0% interest rate for customers..
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 jewellery is higher than £2,000?
Yes – the loan can go towards the payment of a piece of jewellery 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 your 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.
Is there a cooling off period?
Yes, you have a 14 day right to withdraw from the credit agreement as your preferred method of payment for the goods that you have purchased. The right to withdraw runs for 14 days from the day after the credit agreement has been executed.