• Can I make additional payments to my loan?

    Yes, if you want to pay more than your usual monthly Direct Debit payment - or want to make up your delayed payments from a COVID-19 payment break - you won't be charged for doing this. Or if you'd like to know about early settlement, see I'd like to pay off my loan early.

    What if I’ve missed a payment?
    If you've missed a monthly payment, go to I've missed a payment - what should I do? Any additional payments you make when you’ve missed a payment will always go towards clearing your arrears first.

    Your ways to pay:
    • Online - as a bank transfer using your Tesco Bank Loan sort code and account number. You can find this information on a loan statement or in your account overview in Online Banking.
    • Over the phone - by calling 0345 600 6016*. Lines are open Monday to Friday 8am - 8pm, Saturday and Sunday 9am - 3pm. We only accept payment by debit card, which must be in your name and registered to your home address. We're unable to accept payment by credit card.
    • By cheque - made payable to ‘Tesco Bank’ with your loan account number and sort code written on the back. Please post cheques to Tesco Bank, Loans PO Box 27014, Glasgow G2 9FE

    If you’re up to date with your payments, making additional payments will either:
    • Reduce your monthly repayments - we’ll do this automatically and write to you to confirm your new monthly repayment amount.
    • Keep your monthly payments the same but reduce your loan term - this means you’ll pay less interest in the long run. To choose this option you’ll need to call us on 0345 600 6016* before making your additional payment. You can tell us that this is your preference if you want us to automatically do this for future additional payments.

    If you had a COVID-19 payment break and need to check the total of your delayed payments left to pay you can call us on 0345 600 6016.

    Loan applications made before 11 June 2010
    Any additional payments you make will be applied to your loan and may reduce the total number of monthly payments on your loan. However, for loans taken before this date, there's no interest benefit from making an additional payment. This means that making additional payments won't reduce the amount of interest you pay on your loan.​​​​​​​

    ​​​​​​​*Calls may be recorded. This number may be included as part of any inclusive call minutes provided by your phone operator.
    Comments 2 Comments
    1. Kirsten88's Avatar
      Kirsten88 -
      Is it possible to pay say for instance £7,000 of a £17,000 loan and have the payments decreased ?
    1. ChristopherP's Avatar
      ChristopherP -
      Hey @Kirsten88 , thanks for your message. If you click the link in the OP, this explains how you can make additional payments to your loan and the impact it'll have on your remaining payments.
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