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Loans

Can I change my mind about taking out a Tesco Loan?

 

Yes, you have the right to cancel your loan agreement. You don’t have to tell us your reason for cancelling but you need to let us know that you want to cancel. Your right to cancel starts the day after you receive your Loan confirmation letter and ends 14 days after that. This is called a ‘cooling off’ period.

To cancel your loan without paying any interest you must:
  • Call or write to us using the details below informing us that you wish to cancel in the timeframe detailed above.
  • Repay the loan by sending a cheque made payable to ‘Tesco Loans’, or paying by card by calling 0345 600 6016*, without delay and no later than 30 days after telling us you wish to cancel.

If you do not repay the loan within 30 days we will charge interest on the amount outstanding as detailed in your Credit Agreement.

To cancel your loan:

  • Call: 0345 600 6016*
  • Write to: Tesco Bank, Loans Payment Team, Broadway One, 199 Renfield Street, Glasgow, G2 3AX.

Lines are open Monday to Friday 8am to 10pm, Saturday and Sunday 9am to 5pm

Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.

 
Comments

Hi. 

I cancelled my loan before I received it. I wrote to Tesco within 14 days, it is now almost 1 month and I haven’t heard anything. 

Hello @Mlong136, I'm sorry you've not heard from us yet. It would be best to give us a call on 0345 600 6016 on the above number and my colleagues will check this for you. 

Hi. I have cancelled my loan within the cooling off period but it is still showing in my online banking. Why is this?

Hi @Aparry, the loan will still show on your online banking until the balance is paid off. If you have already made this payment then we will be waiting on the funds to clear. I hope this clarifies things for you. 

I have forgot my loan reference number and would like to cancel a loan. What imformation do I need?

Hi @Otonel88, I'm sorry to hear you're logging to cancel your loan. If you give us a call on the number provided in the original post, my colleagues will be able to locate your account using your personal details - Caroline