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Frequently Asked Questions

Am I eligible for an Art Money loan?

To be eligible to apply for an Art Money loan, you will need to:

  • Be an individual applying in your own name
  • Be a U.S. citizen or resident, of minimum signing age in your State of residence
  • Have an income of at least $30,000 p.a. from all sources, including investments
  • Provide your Social Security Number
  • Provide current Photo ID (eg U.S. passport, driver's license or other Photo ID)
  • Have a clear credit history (no dishonors, defaults, court judgements or bankruptcies within the last 5 years and not be an undischarged bankrupt)
  • Have a nominated account or credit card that we are able to debit

Art Money is not available at this time for companies, partnerships, trusts, corporations or institutions.

How much can I borrow?

Art Money provides interest free loans from $1,000 to $50,000.

Art Money is a responsible lender so exactly how much you are able to borrow will depend on a number of factors that we assess including your income, credit history and your ability to repay the loan. The maximum amount anyone can borrow from Art Money at any one time is $50,000. This may be spread across more than one loan.

What is the term of the loan and how many payments will I need to make?

Payment is spread over 10 monthly installments. Your first payment is the deposit paid directly to the gallery.

Your Art Money loan covers the remaining balance of 9 equal payments over 9 months, interest free. Your first loan repayment to
Art Money will be debited one month after purchase.

For example with an Art Money loan, an artwork that costs $5,000 is only $500 per month over 10 payments (the first payment is the deposit).

How do I apply and how long will the application process take?

Applications are made online and only take a few minutes. You can apply for Art Money credit at any time so you are ready to go when you find a work you love. Or apply for an Art Money loan on the spot, at the gallery or Art Fair, when you find a work you’d like to purchase.

What can I buy?

You can buy any artwork available for sale from participating art galleries. There are no restrictions on the kind of artwork you can purchase.

Who pays if the loan is interest free?

Art Money partners with galleries to make the loan interest free. Art Money receives a discount from the gallery in lieu of the interest charge that would otherwise be payable on the loan.

Where is Art Money available?

Art Money will shortly be offered in participating galleries in the U.S. and is currently offered in Australia and New Zealand. Visit the Find a Gallery page and sign up to the e-news for updates – new galleries are partnering with us daily.

Can I buy more than one work?

Yes, you can use Art Money to buy multiple artworks as long as you do not exceed your approved credit limit.

Can I increase my loan if I find a higher priced artwork?

You can apply to increase the loan amount at any time via your Art Money account dashboard. We will need to reassess your application. In most cases this only takes a few seconds.

What if I can’t come to the gallery in person?

If you would like to use Art Money but are unable to visit the gallery in person, you may need to be identified by Art Money prior to completing your purchase. Please contact Art Money or the gallery and we will facilitate the identification process.

How long will the application process take?

Applications are made online and only take a few minutes. When you are ready to buy a specific artwork, you will need to visit the gallery in person and complete the transaction.

What happens if my loan application is referred?

An application may be referred for a number of reasons, including being unable to identify you or verify your personal details. If your application is referred we will contact you with more information.

Are there any setup charges or ongoing fees?

There are no setup charges or ongoing fees to use Art Money.

How are payments made?

You can choose to repay your loan by ACH or wiring straight from your bank account, or with your credit card. Art Money accepts Visa, Mastercard and Amex.

Your first payment or deposit is made directly to the gallery by any method.

For the remaining 9 payments, you can choose to repay your loan by direct debit straight from your bank account, or with your credit card through our recurring payment plan. Your first payment will be processed one month after your loan is activated. You will receive an email informing you before the payment is drawn.

Do I own the work whilst I pay it off?

Yes, once your loan has been approved and you pay your deposit you own the work. As part of the credit agreement Art Money may hold a Security Interest over the artwork until it has been fully paid off.

Can I use Art Money to buy a work that costs more than $50,000?

Yes, as long as the amount of the loan is no more than $50,000. For example an artwork that costs $55,000 could be paid for with a $10,000 deposit and an approved Art Money loan for the balance of $45,000 ($5,000 x 9 payments).

Will my application affect my FICO®/credit score?

Your application may or may not affect your FICO®/credit score. For many people, one additional credit inquiry may not affect their credit score at all. For others, one additional inquiry would take less than 5 points off their credit score.

The information about inquiries that can be factored into your credit score includes:

• Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account.

• Number of recent credit inquiries.

• Time since recent account opening(s), by type of account.

• Time since credit inquiry(ies).

• A credit score does not take into account any involuntary inquiries made by businesses with whom you did not apply for credit, inquiries from employers, or your own requests to see your credit report.

Where can I view my loan details?

You can review your loan details, check your outstanding balance and view upcoming payments at any time by logging into your Art Money account and navigating to ‘Current Loans’ on your user dashboard.

How do I change my loan payment method?

If you would like to change your payment method, please contact us at accounts@artmoney.com or on 888 886 8725.

Can I change my loan payment schedule?

If you would like to change the date of your monthly payments, please contact us at accounts@artmoney.com or at 888 886 8725.

Can I pay my account off early?

Yes, you can pay some or all of the outstanding balance of your account at any time and there is no penalty for doing so. To do this simply contact Art Money at accounts@artmoney.com or call us at 888 886 8725.

Do I need to insure the artwork?

Yes, you will need to keep the artwork insured as part of the Terms and Conditions of the loan. Most household insurance policies will be adequate.

Can I buy a work in foreign currency?

Yes, Art Money allows for purchases in different currencies. Your loan will be converted to your local currency calculated at the exchange rate at the time you accept the loan contract.

Can framing, shipping, installation etc be included in the artwork price?

Yes, assuming the gallery is happy to include those additional services in the final sale price. As the gallery is making the sale to you, it is between you and the gallery as to how you arrive at the final price.

What happens if I have a problem making a repayment?

Please contact Art Money immediately to discuss your circumstances at accounts@artmoney.com or at 888 886 8725.

Why does the gallery need to take a copy of my photo ID?

Art Money has an obligation to identify its customers accurately under U.S. anti-money laundering and counter-terrorism finance laws, which is why galleries are required to take a copy of your photo ID.

What if I have a complaint about my Art Money loan?

Art Money has both internal and external arbitration procedures that are intended to deal with any customer complaint concerning our loans.

If you are a customer and have a complaint then you should first contact us at 888 886 8725 or complaints@artmoney.com

If we are unable to resolve your complaint, Arbitration procedures may be commenced under the Federal Arbitration Act. These processes are detailed in the credit contract that is made available in the loan offer.

Who is behind Art Money?

Founded by Australian art entrepreneur Paul Becker, Art Money is a U.S. company that grew from an initiative of Paul’s Australian business 10 Group, specialists in art engagement. Paul is passionate about increasing access to contemporary art and culture through building a sustainable creative economy.