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.
Christmas Loans
Spread the cost of Christmas with a Christmas Loan. You can borrow three times your savings if you are already a member of Thamesbank.