Apply for a season ticket loan (this is my first application)
You can apply for aÌýloan to cover the cost of an annual season ticket for your journey from work to home. The loan isÌýinterest-free and will only cover public transport.Ìý
Before you start
You can apply for a travelÌýseason ticketÌýloanÌýif:
- you're a Ïã¸ÛÁùºÏ²Ê staff memberÌý
- yourÌýemployment contract or external funding does not end before the ticket expiry date (a minimum of 12 months),Ìýand
- you earn enough to cover the monthly loan paymentÌý
You'll need:
- a login for the MyFinance system
- the bank account that you need theÌýloan to be paid into already set up in MyFinance as a 'Reimbursement Account'.
If you don't have a MyFinance login please follow the instructions at MyFinance Setup: New staff member, temp or contractor.
- 1. Gather the relevant documentation
Make sure you have the relevant supporting documentsÌýso that you can complete the next steps.Ìý
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You will need one of these two things:
- A link to the web page showing the cost of your season ticket
- A screen print of the web page with the ticket cost.
- 2. Log into MyFinance
Log intoÌýMyFinanceÌýusing your Ïã¸ÛÁùºÏ²Ê login details.Ìý
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- 3. Create an expense claim
You’ll need to create an expense to apply for the loan.
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- Go to the ‘Internet Expenses’ page, if you’re not there already.Ìý
- °ä±ô¾±³¦°ìÌý‘Create Expense Claim’Ìýin the top right-hand corner of the ‘Expenses Home’ screen.Ìý
- A ‘Create Expense Claim: Claim Header’ window will pop up:
- EnterÌý‘Annual Train Ticket’Ìýin the ‘Purpose’ box.Ìý
- Select ‘Ïã¸ÛÁùºÏ²Ê Season Ticket Loan’ from the dropdown list in the ‘Expense Template’ box.Ìý
- Check that your ‘Reimbursement Account’ details are correct. It should display something like:Ìý
Your NameÌý
****1234Ìý - If the details areÌýwrong, click on the torch symbol and choose another account, or contact theÌýFinance Payables Team.Ìý
4. °ä±ô¾±³¦°ìÌý‘n±ð³æ³Ù’Ìýto move onto the next stage.Ìý
- 4. Fill in an expense claim line
You should now be on the ‘Create an Expense Claim: Claim Lines’ screen.
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Enter the following information in the top line:Ìý
- Today's dateÌýÌý
- The cost of your season ticket in the ‘Loan Amount’ box (write it as a number without the pound symbol, e.g. 2,400).Ìý
- ChooseÌý‘Season Ticket Loan’ from the ‘Expense Type ’dropdown list.
- Click on the 'details' iconÌýto the right.
- Enter details of the 'Travelling from' and 'Travelling to' stations and enter 'Y' in the T&C agree box.
- EnterÌý'STL travel to work' in the 'Justification' box.
- Enter 'TFL' as the 'Merchant name'.
- Click 'add' and enter 'STL travel to work' in the description box and either
- Click onÌý'URL' and attach the URL link to the webpage showing the cost of your season ticket, or
- Click onÌý'file' and attach your previously saved screen print of the webpage with the ticket cost, or
- Click on 'text' and enter 'no attachments – hard copy documents have been sent'.
- Click on 'apply'.
- °ä±ô¾±³¦°ìÌý‘r±ð³Ù³Ü°ù²Ô’Ìýin the top right of the screen. You’ll be brought back to the ‘Create Expenses Claim: Claim Lines’ screen.Ìý
- °ä±ô¾±³¦°ìÌý‘n±ð³æ³Ù’. This will take you to the ‘Create Expenses Claim: Accounting’ screen.Ìý
- °ä±ô¾±³¦°ìÌý‘n±ð³æ³Ù’.Ìý
Associated links
- 5. Review your claim
You should now be on the ‘Create Expense Claim: Review’ screen.
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- Click on the attachment icon under ‘Attachments’ to add a screenshot of the cost of your ticket.ÌýAn ‘Add Attachment’ box will pop up.ÌýÌý
- ³§±ð±ô±ð³¦³ÙÌý‘f¾±±ô±ð’Ìýfrom the Attachment Type dropdown and add ‘Season Ticket Pricing’ in the 'Title' box.Ìý
- Add your attachment and clickÌý‘a±è±è±ô²â’.
- Review your expense claim and clickÌýâ€Èٳܲú³¾¾±³Ù’.Ìý
- You will see a confirmation message. Click on the ‘Printable Page’ button to save print or save a copy for your records.Ìý
Ïã¸ÛÁùºÏ²Ê will check that the ticket price and address are right before authorising the loan.ÌýÌý
If your application meets the requirements of the Season Ticket Loan PolicyÌýthen Payroll and Pension Services will receive an automated notification fromÌýMyFinanceÌýto authorise your application.ÌýÌý
Ïã¸ÛÁùºÏ²Ê will do additional checks if the application is for more than £10,000 and may contact you ifÌýa taxable benefit applies to you.Ìý
- 6. Getting paid
You'll hear the outcome of your application within 5 working days.
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Ïã¸ÛÁùºÏ²Ê pays out season ticket loans once a week. You can view the status of your application in MyFinance. If the status says ‘paid’, this means the loan will be paid the following Tuesday.
Once you receive the payment, it will be deducted from your salary in 10 equal instalments. The deduction will appear on your payslip as 'Season Ticket Loan Deduction'.Ìý