Loans
About Thamesbank loans
Thamesbank offers a range of loans depending on your needs. We’re sure you will find rates suitable for your individual circumstances.
The repayment period is a minimum of 12 months and a maximum of 60 months, depending on the type of loan that you have taken out.
Our loans are affordable with a maximum annual percentage rate (APR) of 42.6%.
Representative example:
For a Child Benefit Loan, you can borrow £500* over 50 weeks
£12.00 – loan repayment
£8.70 – savings
After 50 weeks you will have cleared your outstanding loan balance and will have saved £435 (based on £500 loan over 50 weeks)
*At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.
As an overview, Thamesbank offers*:
- Payroll deduction loans – up to £3,000
- Key worker loans – up to £1,000
- Child benefit loans – £500
- Transport loan – up to £5,000
- Saving link to loan – up to £10,000
- Equity loans – up to £10,000
*All loans are subject to terms and conditions and offered based on eligibility.
Terms & Conditions for Loans
- For loans over £500 we may credit check, so we can be sure you can afford to repay.
- We may require to see at least two months of recent bank statements.
- We will expect to see at least three months of regular savings unless you are making payments through your payroll.
- You are eligible for an immediate loan if you are paying through your payroll, or if it is a Child Benefit Loan.
Key Worker Loan
For Key Workers* helping the country during the Coronavirus outbreak. Borrow up to £1,000 at monthly repayment rate of 0.5% (6.3% APR) up to five years.
*(Key workers as identified by as UK Government.)
Child Benefit Loan
Make your child benefit payment stretch that bit further with an immediate loan of £500.
This will be charged at 42.6% APR repayable over 50 weeks.
If you have more than one child and have paid off at least two £500 loans and have a £100 in Child Benefit Savings you can apply for a loan of £1,000 at 26.8% APR.
Payroll Deduction Loans
New members paying into their credit union through a deduction from their payroll can apply for an immediate introductory loan. This can be up to £3,000 repayable over up to 60 months at rates ranging from 12.7% to 26.8% APR.
Equity Linked Loans
If you are a regular saver with equity in your property we can give loans up to the maximum allowable by our Regulator. This is £10,000 on top of your savings. The maximum savings you can have is £7,500. Rates are negotiable but start as low as 3.7% APR.
Savings Link to Loans
Regular savers can apply for a loan that is roughly three times the value of their savings. Our standard rates vary depending on individual circumstances. Example, 5.1% APR for a £10,000 loan based on excellent credit history. Alternatively, up to 42.6% APR for a small loan without a strong credit history.
Transport Loans
With the transport loan, you can borrow a loan of up to £5,000 that is repayable over up to five years (60 months), where the interest rates will be commensurate with the size of the loan.