Online banking

Online banking

cancel
Showing results for 
Search instead for 
Did you mean: 

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.

Version History
Revision #
4 of 4
Last update:
‎05-04-2017 10:24 AM
Updated by:
 
Comments
Oksis09

Can is possible increase my Loan after 6 month's payment?

 

Caera

I already have a loan and would like to borrow more to carry out home improvements as we are selling the house and moving to the Republic of Ireland....we have  a buyer but they want this work carried out before they'll go further. There won't be enough after the sale to pay the loan off but there will be more then enough funds going into the UK  account every month to pay the loan so there'll be no problem with payments. Is it still worth applying....I know there's no guarantee but do you think any of these reasons would be enough for a refusal. I don't want my credit history to be blotted with a refusal of this loan. Thanks for reading

Hi @Oksis09, I'm afraid that you can only apply to borrow more once you have made 8 consecutive monthly payments on your existing loan. I hope this clarifies things for you. 

Oksis09

Thank you so much for answering.

That no problem ,really need to wait just two more payments.

Regards

Caera

I've paid 15 months of payments

 Hi @Caera, I'm afraid that I can't confirm if you would be accepted or not. However, you're always able to apply by calling us on the number above. 

Milemz

Can you apply for an increase in loan online? Thanks 

Hi @Milemz, to increase your loan you'd need to call us on the number mentioned in the FAQ post. It's not currently a service we offer online, although that may change in the future.