thinkmoney short term loans review

For those with bad credit who struggle to manage their finances, thinkmoney offers "jam jar" banking in return for a monthly fee.

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Previously known as thinkbanking, thinkmoney is a Manchester-based banking company with products designed to help with your day-to-day budgeting.

thinkmoney is different from other short term lenders. For a monthly fee, it offers a managed current account service, where funds are divided into two “pots” – one ring-fenced for bills and regular outgoings, and the other accessible for spending via the account’s card. After three months, thinkmoney customers can apply for a “Flexi Loan” of up to £1,500.

Warning: late repayment can cause you serious money problems. For help, go to

Please note: high-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

Key features of thinkmoney Flexi 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 £300 to £1,500 over 6 to 12 months. Loan amounts and terms will be subject to thinkmoney’s assessment of your circumstances.
  • High rates. The Flexi Loan has a representative APR of over 100%. That’s lower than the instalment loans that are now typically provided by many payday lenders, but higher than many personal loans for bad credit.
  • Application process. To apply for a Flexi Loan, call thinkmoney and speak to an adviser who will lead you through the application process. If you’re accepted, you’ll be sent a credit agreement by email or post. Once this is completed and sent back, you’ll receive your loan into your thinkmoney account.
  • 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. Making your Flexi Loan repayments on time can also help to improve 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.
  • Early repayment. There are no fees for early repayment of loans.

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.

How do thinkmoney’s loans hold up against the competition?

Table: promoted deals, sorted by total payable
If you’re considering a short term loan its a good idea to compare different providers and find the best arrangement for you. You can use the table below to estimate the cost of the loan that you have in mind, from a range of popular short-term lenders.

How much money do you need to borrow?

How long do you need to borrow over?

Name Product Available Amounts Monthly repayment Total payable
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£100 to £1,000
Representative example: Borrow £250 for 30 days at a rate of 292% p.a. (fixed). Representative APR 1270% and total payable: £310, in 1 payment of £310.
£50 to £1,500
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
Peachy Loan
PiggyBank Short Term Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

Is high-cost, short-term borrowing a good idea?

“High-cost, short term credit” products offer a fast fix when you get into difficulty with your finances, but are a very expensive method of borrowing. You should only consider this as a last resort – they’re unlikely to solve your money problems in the long term, and aren’t suitable for borrowing over longer periods, or for sustained borrowing. Before you apply for a short-term loan, make sure you have considered all other options carefully. Find out more at

Am I eligible for a thinkmoney short-term loan?

To apply for a Flexi Loan, you must:

  • Have held a thinkmoney current account into which you’ve started paying your income for three months
  • Be a UK resident
  • Be aged 18 or over
  • Be able to provide identity and address
  • Work 16 hours per week or be retired with a regular income

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 short-term loan is right for you, call the customer service team, who will take you through the application process.

Additional borrowing

You can only apply for an additional Flexi Loan from thinkmoney if you’ve paid your previous one off in full. You cannot extend a loan you are currently paying off, nor can you use your account overdraft while paying off a Flexi Loan.

thinkmoney pros and cons


  • Online money management. You can stay on top of you account online or via the thinkmoney app
  • No charges for bounced direct debit payments


  • High interest rates
  • Current account fees

Frequently asked questions

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We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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