Take It Away Loan

Take It Away At Promenade Music

Take away a musical instrument today on interest free credit (yes, 0%!) with 'Take it away'

- Promenade Music can now offer 9 Months Interest Free Credit on any musical instrument costing between £100.00 and £2,000.00.
- Simply pay a 10% Deposit followed by 9 equal monthly payments!

Take it away is an Arts Council initiative designed to help more people get involved in learning and playing music. The scheme allows individuals aged between 18 and 25 to apply for a loan of up to £2,000 for the purchase of any kind of musical instrument, and pay it back in nine monthly instalments, completely interest free.

So for example: you could buy a musical instrument today for say £500.00 ... you pay only £50.00 now ... and then 9 subsequent monthly payments of £50.00.

What Is Take It Away?

Take it away is an Arts Council initiative designed to help more people get involved in learning and playing music. The scheme allows individuals to apply for a loan of up to £2,000 for the purchase of any kind of musical instrument, and pay it back in nine monthly instalments, completely interest free.

How much can You borrow?
Loans are available up to £2,000, or as little as £100.00. The loan amount can be a part-payment towards an item that costs more than £2,000.00, or you can buy several lower value items with a combined value of up to £2,000.00 or more.

Do you have to pay a deposit?
You will need to pay a minimum 10% of the loan amount at the point of sale. The rest is then paid back over nine months in equal instalments. 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.

How do you Take it away?
Find an instrument that you want to buy. If you don't know what you're looking for, staff in the store will be able to give you help and advice in selecting the right instrument for your needs. Once you've made your decision, you can apply for a Take it away loan to finance your purchase. You will need to bring a credit or debit card with you in order to pay the 10% deposit. The application process takes no more than a few minutes and, if approved, you can take your purchase away with you there and then.

What do you need to apply for a Take It Away loan?
- 18 years old or over*
- A permanent UK resident
- Hold a bank or building society account capable of handling direct debit payments.
* if you are under 18, your parent or guardian can apply for a Take it away loan on your behalf. Loans are subject to status. Terms and conditions apply.

What can I buy?
You can use Take it away to finance the purchase of any kind of musical instrument, whether new or reconditioned, from a tabla to a tenor horn, a bass guitar to a berimbau. You can also include music stands, stools, sheet music, amplifiers, equipment and sometimes tuition as part of your loan.
Recorded music, PA systems and computer hardware are not eligible to purchase under the scheme.

What items are eligible for a Take It Away loan?

Take it away loans are designed to assist individuals with the purchase of new or reconditioned musical instruments.

What you can buy ...  the following associated goods and services may be included as part of the loan, provided that these items are purchased at the same time as the instrument itself and can be supplied by the retailer at the point of sale. Drum heads, Drum sticks/brushes, Effects pedals, Instrument amplifiers, Instrument cases Instrument, cleaning materials, Leads, Metronomes, Mouthpieces, Music/instrument stands, Mutes, Plectrums, Reeds, Rosin, Sheet music, Shoulder rests, Silencers, Stools, Straps, Strings, Tuition & Tuners

What you can cannot buy ... PA systems, Recording equipment, DJ Equipment, Microphones, Non tuition CDs and DVDs, Non tuition music books, Concert tickets,

A few more Questions and Answers you might have ...

Who runs Take it away?

Take it away is an Arts Council England initiative operated by its trading company, ArtCo Trading Ltd. Secure Trust Bank (trading as Moneyway) is the credit provider.

If the customer doesn't pay interest on the loan, who does?
The scheme is subsidised by Arts Council England. This means that the Arts Council pays the interest to the bank, instead of the customer.

Do you need to take proof of address or photo ID with me?
No, you just need to have your credit or debit card with you. However, if you are paying your deposit by Cash or Cheque, then photo ID is required.

Can you use the scheme if you are unemployed?
Unfortunately, we are unable to accept applications from people who are unemployed and in receipt of state benefits.

Can you use the scheme if I am a student?
Students are eligible to apply, provided that they have a part-time job working 16 hours a week or more. Students who don't qualify under this provision can still benefit from the scheme, but must ask a parent or guardian to apply for the loan on their behalf. Once the loan has been approved, you can contact the bank to arrange for the monthly direct debit to be changed to your bank account, rather than being charged to your parent/guardian.

Can you take your new instrument home immediately?
Yes. Once you have signed the agreement and paid your deposit you can take your new instrument away with you immediately.

Is the scheme available outside England?
At the moment Take it away is only available through retailers based in England. However, the scheme may be extended to cover other parts of UK in the near future, in partnership with the Arts Councils of Scotland, Wales and Northern Ireland.

Can the loan be used when the value of the instrument is higher than £2,000.00?
Yes. The loan can go towards the payment of an instrument that costs more than £2,000.00.

Can you take out more than one loan at once?
You can borrow up to £2,000.00 at any one time, and this can be put towards the cost of one or more instruments. You can also have different loans with different outlets running concurrently.

Can you use the scheme more than once?
Yes, there is no limit on the number of times that you can use the scheme. However, you will normally have to allow at least three months between loan applications in order to establish a repayment record with the bank.

Can you use the scheme to buy instruments for other people?
Yes, you can use the scheme to buy instruments for other people including children and young people under the age of 18. However, please remember that you will remain responsible for repaying the full loan amount to the bank and that the loan is not transferable to a third party.

Can you use the scheme to purchase a second hand or reconditioned instrument?
Yes, provided that the instrument is being sold through an approved Take it away outlet.

Can you use the scheme to pay for music services such as tuition?
This will depend on the services available through the shop in which you are making your purchase. Some stores are able to provide lessons and other music services which can be added to your loan. Please ask for details when making your purchase.

Can you use the scheme in conjunction with the AIPS VAT free scheme operated through schools?

No. The two schemes are distinct and because Take it away is only available to individuals (rather than through schools or other organisations). We would advise customers to make their own decision about which scheme best suits their needs based on their individual requirements and circumstances.

What happens if you don't pass the credit check?
You would need to speak with the bank directly. The sales person in the shop would give you the contact details.

Can you cancel the loan once you'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.

Can you pay the loan off early i.e. before the 9 months have passed?
Yes. You can pay the balance of your Take it away loan early and there will be no penalty charge for this. You would just need to call the bank directly on 0845 111 7107 to arrange this. This applies to both in-store and mail order loans.

When will my first payment be made?
This will normally be around 30 days from the date of your purchase, or the expiry of the cooling off period if you have made your purchase by Mail Order.

Can I change my monthly payment date?
Yes, providing that the new date is no later in the month than the original due date.

Typical 0% APR
Offer subject to age and status. Terms and conditions apply. Take it away is operated by ArtCo Trading Ltd, a wholly owned subsidiary of Arts Council England and a limited liability company registered in England & Wales under No. 2758433. Registered address: Arts Council England, North East, Central Square, Forth Street, Newcastle upon Tyne, NE1 3PJ

Call Promenade Music on 01524 410202 for more info.

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