Before you start
You can apply for a travel season ticket loan if:
- you're a UCL staff member
- your employment contract or external funding does not end before the ticket expiry date (a minimum of 12 months), and
- you earn enough to cover the monthly loan payment
- a login for the MyFinance system
- the bank account that you need the loan 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 documents so that you can complete the next steps.
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.
And you will need one of these three things:
- a scanned copy of your previous season ticket
- a receipt for your previous season tickets
- bank or credit card statement showing the ticket purchase
- 2. Log into MyFinance
Log into MyFinance using your UCL login details.
- 3. Create an expense claim
You’ll need to create an expense to apply for the loan.
- Go to the ‘Internet Expenses’ page, if you’re not there already.
- Click ‘Create Expense Claim’ in the top right-hand corner of the ‘Expenses Home’ screen.
- A ‘Create Expense Claim: Claim Header’ window will pop up:
- Enter ‘Annual Train Ticket’ in the ‘Purpose’ box.
- Select ‘UCL Season Ticket Loan’ from the dropdown list in the ‘Expense Template’ box.
- Check that your ‘Reimbursement Account’ details are correct. It should display something like:
- If the details are wrong, click on the torch symbol and choose another account, or contact the Finance Payables Team.
4. Click ‘next’ to move onto the next stage.
- 4. Fill in an expense claim line
You should now be on the ‘Create an Expense Claim: Claim Lines’ screen.
Enter the following information in the top line:
- Today's date
- The cost of your season ticket in the ‘Loan Amount’ box (write it as a number without the pound symbol, e.g. 2,400).
- Choose ‘Season Ticket Loan’ from the ‘Expense Type ’dropdown list.
- Click on the 'details' icon to the right.
- Enter details of the 'Travelling from' and 'Travelling to' stations and enter 'Y' in the T&C agree box.
- Enter '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 on 'URL' and attach the URL link to the webpage showing the cost of your season ticket, or
- Click on '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'.
- Click ‘return’ in the top right of the screen. You’ll be brought back to the ‘Create Expenses Claim: Claim Lines’ screen.
- Click ‘next’. This will take you to the ‘Create Expenses Claim: Accounting’ screen.
- Click ‘next’.
- 5. Review your claim
You should now be on the ‘Create Expense Claim: Review’ screen.
- Click on the attachment icon under ‘Attachments’ to add a screenshot of the cost of your ticket. An ‘Add Attachment’ box will pop up.
- Select ‘file’ from the Attachment Type dropdown and add ‘Season Ticket Pricing’ in the 'Title' box.
- Add your attachment and click ‘apply’.
- Review your expense claim and click ‘submit’.
- You will see a confirmation message. Click on the ‘Printable Page’ button to save print or save a copy for your records.
UCL will check that the ticket price and address are right before authorising the loan.
If your application meets the requirements of the Season Ticket Loan Policy then Payroll and Pension Services will receive an automated notification from MyFinance to authorise your application.
UCL will do additional checks if the application is for more than £10,000 and may contact you if a taxable benefit applies to you.
- 6. Getting paid
You'll hear the outcome of your application within 5 working days.
UCL 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'.