Yes, you can settle your loan at any time during the loan term, however an early settlement fee of up to two months interest may apply. To find out how to get your settlement figure, please see our existing FAQ Is there a a fee if I settle my loan early?
Making an early settlement payment?
After you have received your settlement figure from us, you can make your early settlement payment in the following ways:
- Online Transfers via Faster Payment using your sort code and account number. Your account details can be found on a loan statement or within your account overview within online banking.
- Debit card payments can be made over the phone on 0345 600 6016*. The debit card must be in your name and registered to your home address. We cannot accept payment by credit cards.
- Cheques should be made payable to ‘Tesco Bank’ and write your loan account number and sort code on the reverse. Post cheques to Tesco Bank, Loans PO Box 27014, Glasgow G2 9FE. We’ll refund any monthly repayments made between the time you send us the cheque and when the cheque is applied.
Should I cancel my Direct Debit?
No, we’ll cancel the Direct Debit instruction for you as soon as your final payment has cleared. In the unlikely event of an overpayment, the funds will be returned to you within 8 working days.
For more information on making additional payments towards your loan, please see our existing FAQ Can I make additional payments to my loan?
Please call 0345 600 6016*. Lines are open Monday - Friday 8am to 10pm, Saturday and Sunday 9am - 5pm.
Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.