This month’s special offers

Special rates for larger loans – only 0.5% per month (6.2% APR) for loans over £6000 and only 0.75% per month (9.4% APR) for loans over £3000!!!

Thamesbank offers loans to our members at rates which are competitive in the market and reflect our admin costs and the risks inherent in lending money to anybody!

Our rates are based on the size of loan and upon the type of loan. All of our loans are completely flexible – you can pay them back in full at any time without any penalty, and we will only charge interest for the period you owe us money on the loan. Other than child benefit loans, where the repayments are linked to the child benefit payments our loans can be for a term from 3 to 60 months and can be repaid weekly or monthly.

 Child benefit loans

These are available to anybody, including new members, who agree to have child benefit paid directly into their Thamesbank account. Our normal Child benefit loan is for £500, repayable over a year at 3% per month which equates to an APR of 42.6%. At the end of the year you will find you have fully paid off the loan and have accumulated savings of over £400. If you have more than one child and have successfully repaid at least two £500 loans you may apply for a loan of £1,000 which will be charged at a rate of 26.8% apr.

 

Payroll Loans

If your employer has a payroll deduction scheme with Thamesbank, this makes our repayment more secure, so we are able to offer better interest rates. A smaller payroll loan (up to £1000) will be charged interest from 2% per month 26.8% APR subject to credit checks and affordability. Loans of between £1000 and £3000 will be charged interest from 1% per month 12.68% APR subject to credit history. Loans above £3000 and up to maximum, which is currently £7500 above your  savings level will be charged at 5.1% to 12.68% APR. Currently, payroll deduction is offered by the London Boroughs of Hounslow and Richmond upon Thames; Richmond Housing Partnership; Bluebird Care and by the Hounslow and Richmond Community Healthcare NHS Trust . If your employer does not currently offer payroll deduction for Thamesbank Credit Union and you would like us to approach them to allow this facility, please contact us. There is no cost to the employer and provides a real benefit to their staff!

 Normal member loans

If your employer does not offer payroll deduction, and you are not transferring child benefit to us, you will be eligible for a standard Thamesbank loan. These are charged at 3% per month 42.6% APR for loans up to £1000, 2% per month 26.8% APR for loans between £1000 and £3000 and 1.5% per month 19.6% APR for loans between £3000 and £7500 subject to credit history.

 Never Knowingly Undersold!

Like a well-known department store, we do not want our members to get a worse deal from their credit union than from any other lender. Banks often offer attractive rates in advertisements which may not be quite as good when they boil down to a firm offer but if you have a written offer from any other lender which is at a lower rate than we offer, we pledge to match or beat that offer!

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