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Loans

Can I increase my existing Tesco Bank loan?

If you already have a Tesco Loan you can apply to borrow more once you have made 8 consecutive monthly payments on your existing loan.

 

We only offer one loan per customer. So if you want to borrow more we’ll close your existing loan and the new loan will pay off any existing balance and cover the additional amount you want to borrow. We will charge you up to 28 days’ interest to pay off your old loan. This is to cover the number of days from when you apply to receiving your new loan. This will be added to your new loan amount and you will pay interest on this, which may lead to additional cost for you.

 

The minimum additional amount is £1,000 above your existing loan balance. With your new loan you’ll continue to make one monthly payment but the cost of your monthly payment may change depending on the loan term and amount you choose to borrow.

 

How to apply

 

Call us on 0345 600 6016* and we can give you a personalised quote. Lines are open Monday to Friday 8am to 10pm, Saturday and Sunday 9am to 5pm.

 

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

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Last update:
‎05-04-2017 10:24 AM
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Comments
Jessicaward91

Can i increase my loan amount but make the increased amount as a joint application? 

Warren77

What do i need to increase my personal loan??

 

Hi there, looking to increase this back to what i originally borrowed, had the loan for 2 and a half years. I know theres a Credit Check, which isnt a problem, just want to know what documents you would need from me, to look at this?

 

Thanks!

Hi @Warren77, a top up loan is considered a new loan that pays of the original loan (or the remaining amount). To speak to someone about this you’ll need to give us a call on 0345 600 6016. Advisors are available Monday-Friday 8am-10pm and Saturday-Sunday 9am-5pm and they will be able to confirm what you would need to apply - Ross

Kabir27

Hi,

 

I have had a loan since Jan but first payment was in April and wanted to take out another small loan due to unexpected costs. Is there any way to do this or do I have to wait till 8 monthly payments have been done first?

imtiaz

Amanda_C wrote:

If you already have a Tesco Loan you can apply to borrow more once you have made 8 consecutive monthly payments on your existing loan.

 

We only offer one loan per customer. So if you want to borrow more we’ll close your existing loan and the new loan will pay off any existing balance and cover the additional amount you want to borrow. We will charge you up to 28 days’ interest to pay off your old loan. This is to cover the number of days from when you apply to receiving your new loan. This will be added to your new loan amount and you will pay interest on this, which may lead to additional cost for you.

 

The minimum additional amount is £1,000 above your existing loan balance. With your new loan you’ll continue to make one monthly payment but the cost of your monthly payment may change depending on the loan term and amount you choose to borrow.

 

How to apply

 

Call us on 0345 600 6016* and we can give you a personalised quote. Lines are open Monday to Friday 8am to 10pm, Saturday and Sunday 9am to 5pm.

 

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


 

Hi @Kabir27, you'll need to wait until you've made 8 consecutive monthly payments.

Lisa_84

Hello!

I have a personal loan with you which is due to finish December 2020. I've now moved abroad for a couple of years but I have a UK credit card balance that I'd really like to consider consolidating into my loan with you. I am a homeowner in the UK so have an income there plus a steady income abroad too. Would you consider allowing me to do that or would that fact I'm not residing in the UK at the moment mean I'm not eligible? Thanks!

Hi @Lisa_84,

 

This is something our Loans Team would need to assess as all Top Up Loan applications are processed over the telephone and there's certain criteria you have to meet. They'd be happy to go over this with you though if you could call 0345 600 6016 from the UK or +441268 508 027 if you're still abroad, that number is for our International Credit Card customers, however, if you dial them and press 'lost or stolen card' to get through then the team will be happy to transfer you to the loans department!

 

For reference, the Loans Team are open Mon - Fri: 8am - 10pm and Sat - Sun: 9am - 5pm :-) - Michelle

 
Sadiesassy

What is the maximum you can borrow if you are not a homeowner?

Hi @Sadiesassy, the maximum is £15,000. It can vary depending on why you're borrowing the funds though, so it's worth calling our team on the number Michelle mentions above :-)