Thinkmoney loans allow borrowers to access funds starting from as little as £100 and provide options for both unsecured and secured loans. However, there's a monthly fee of £10.95 associated with these loans, which could impact affordability for some borrowers. Additionally, Thinkmoney loans are exclusively available to existing customers, limiting accessibility for new applicants. It's always best to compare alternative options before deciding on a loan.
Pros
Borrow from as little as £100
Offers unsecured and secured loans
Cons
£10.95 monthly fee
Existing customers only
Representative example: If you borrow £29,100 over 12 years, initially on a fixed rate for 5 years at 8.885% and for the remaining 7 years on the Lender's standard variable rate of 9.285%, you would make 60 monthly payments of £375.53 and 84 monthly payments of £380.29.
Maximum loan
£25,000
Product fee
N/A
Who is thinkmoney?
Previously known as thinkbanking, thinkmoney is a Manchester-based banking company with products designed to help with your day-to-day budgeting.
thinkmoney is a credit broker that helps customers find the best personal loan from a panel of lenders. It also offers a current account service that helps you automatically manage your money by setting aside funds to cover your bills. You’ll need to be a thinkmoney current account customer in order to access its loan broker service.
It also provides secured loans from £10,000 up to £250,000 through its secured loan partner Ocean Finance, another broker. Car loans from £3,000 to £100,000 are also available through its partner CarFinance 247 Limited who works with a wide panel of lenders.
Late repayments can cause you serious money problems. See our debt help guides.
Key features of thinkmoney personal loans at a glance
Only available to thinkmoney account holders. You can apply for a loan after having the thinkmoney current account for three months.
Borrow £100 to £25,000. Loan amounts and terms will vary based on the lender.
Ring-fence your loan repayments The fixed monthly repayments are made via your thinkmoney current account. Along with other regular financial commitments, your loan repayments can be set aside – so those funds wouldn’t be available via your debit card.
Build your credit score. thinkmoney claims its online and mobile account management service helps you to “never miss a bill”, which would boost your credit score.
Account management. Many customers appreciate the assistance provided by the account management app, plus the ability to separate disposable income from funds needed for regular commitments.
The current account charges no fees for missed direct debits or standing orders, and comes with an online banking feature that helps you manage your money. But other than that and the ability to apply for these loans, the account has few unique features to justify the monthly fee.
Key features of thinkmoney secured loans
thinkmoney offer secured loans through its partner Ocean which is a broker. The key features of thinkmoney secured loans are listed below:
Borrow £10,000 to £250,000
Must be a homeowner. The loan will be secured to your asset
Must fulfil criteria of the lender
Key features of thinkmoney car loans
thinkmoney also offer car loans through its partner CarFinance247 Limited. The key features of thinkmoney car loans are listed below:
Borrow £10,000 to £250,000
19.9% APR Represenative (Fixed)
Am I eligible for a thinkmoney loan?
To apply for a thinkmoney loan, you must:
Have held a thinkmoney current account
Be a UK resident
Be aged 18 or over
Be able to provide identity and address
Your approval will ultimately be based on a credit check and assessment of your finances.
How do I apply?
If you’ve decided that a thinkmoney loan is right for you, call the customer service team, who will take you through the application process.
Pros and cons of thinkmoney loans
Pros:
Online money management. You can stay on top of you account online or via the thinkmoney app
No charges for bounced direct debit payments
Cons:
Current account fees. thinkmoney current accounts have a monthly fee of £10.95
How does thinkmoney compare against alternative loans?
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thinkmoney customer reviews
thinkmoney scores relatively high on Trustpilot, with a rating of 4 out of 5 based on more than 5,900 reviews (updated August 2023). This is considered a ‘great’ rating by Trustpilot.
thinkmoney customer support
You can contact thinkmoney by email at info@thinkmoney.co.uk or by phone on 0161 779 5000.
Our verdict
As a credit broker, thinkmoney may be beneficial for borrowers looking to get the best deal from a range of lenders. Through thinkmoney there is access to a range of loans including personal, secured and car loans. Easy online money management allows borrowers to keep a close eye on its repayments. However, there is a fee for owning a current account which may deter some.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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