Borrowing

Making loans to people is one of our key activities. Our loans are simple to understand, there are no hidden costs or personal guarantees required.

This is the Thamesbank promise:

“We will never knowingly be undersold”

Thamesbank loans are highly competitive. If you are able to provide us with a written quote from  another provider offering you a comparable loan at a lower interest rate, we’ll beat it!

There is no charge for early repayment of Thamesbank loans.

Terms and Conditions apply.

Thamesbank Credit Union Loans

These are the reasons why members love our loans:  price_promise

  • Interest rates are never higher than 3% per month of the outstanding balance, which is equivalent to 42% APR.
  • Rates can be lower for larger loans.
  • We make no charge for arranging the loan or for credit checking.
  • We make no charge for the early repayment of loans or for making additional payments to your loans.
  • You can repay your loans over up to 60 months and make one off repayments as well as your regular payments.
  • We can make loans payable to you or a third party.
  • We do not ask for personal guarantees for our loans.
  • Thamesbank is now offering instant loans of up to £6000 to existing employed members *
* subject to satisfactory credit checks

Employee Payroll Deduction Scheme

Employees who save into their credit union account by a regular payroll deduction can apply for an introductory loan of up to £2000 repayable over up to 60 months.

Thamesbank Credit Union runs a payroll deduction scheme with a number of local employers. Check out the list of employers who are part of the scheme below:

  • Hounslow Council
  • Hounslow Homes
  • Hounslow PCT
  • Richmond Council
  • Richmond Housing Partnership
  • Co-op Homes

Payroll deduction also makes saving easy through our range of savings accounts to help you budget for Xmas, Eid, Diwali, holidays or any other special occasion.

Information for employers who want to setup a payroll deduction scheme is available here. NB: Please forward this link (https://thamesbank.org/savings/information-for-employers/) to your employers Payroll Department if you would like them to operate Payroll Deducton.

Frequently Asked Questions about Thamesbank Loans

How much can I borrow?

As a rule of thumb, for your first loan we will lend you up to three times what you have saved in your basic savings account, up to a maximum of £7500 over your savings balance. This is subject to status, credit checking and each loan will be considered on the personal circumstances of the borrower. Thamesbank Credit Union reserves the right to refuse a loan on any grounds.

How does Thamesbank Credit Union decide on an amount for member loan?

The member chooses the amount of the loan and then Thamesbank Credit Union will conduct a credit check with Equifax (a credit reference agency) and then will decide if the member is capable of paying back the loan. If Thamesbank Credit Union considers the loan amount to be too large, the borrower may be offered a smaller loan. For larger loans we also ask to see recent bank statements, so we can be sure that the loan is affordable.

How long does it take for a loan to be approved?

For most loans, decisions will be taken within 2 working day after we receive a properly completed application. At times, and always for loans above £3000, we will refer the request to our loans committee. In this case a decision may take longer.

Can members withdraw any savings if they have an outstanding loan?

Your savings account may not be withdrawn from until the outstanding loan is less than the savings value, at which time the difference may be accessed.

What is the maximum a member can withdraw from their savings?

Once you have repaid all loans owing, you can withdraw all of your savings, however you must leave £1.00 in your savings in order to keep the account open.

How do I pay back the loan?

Payments are normally made monthly and can be made by one of the following methods:

  • Standing order from your bank account, using these details:
    • Sort Code: 089250
    • Account Number: 67007994
    • Payment Reference: Your Thamesbank Credit Union membership number
  • PayPoint card
  • Payroll Deduction

How do I make a one-off payment?

If you have a PayPoint card you can use this to make a one-off payment, or you make a BACS payment from your bank account, using these details:

  • Sort Code: 089250
  • Account Number: 67007994
  • Payment Reference: Your Thamesbank Credit Union membership number

For more information about one-off payments, please contact us on 0208 756 3865.

Want to apply for a loan?

First, you must become a member of Thamesbank Credit Union. Please complete our Online Membership Application.

If you are already a member, then please visit the Online Members Area for more information.

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