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Loans

Can I settle my loan early?

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 settle your loan call 0345 600 6016* and we’ll confirm your early settlement payment amount. The settlement amount will include the early settlement fee which will include any interest rebate we must give you.


Making an early settlement payment?


You can make your early settlement payment in the following ways:

 

  • Online Transfers We will give you our sort code and using this along with your loan account number you can transfer the payment to us from your account.
  • 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.


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 #
9 of 9
Last update:
‎05-04-2017 10:20 AM
Updated by:
 
Comments
Jakexhorror

Hi, 

 

Can I set up extra payments per month to pay off my loan earlier? I currently make payments monthly?

 

Thanks,

Jake.

Sure, @JakexhorrorIn terms of the loan you are able to make what we call a Partial payment which can be applied in two ways. We can either shorten the length of your loan or reduce the amount you pay monthly. Shortening the length would give you a greater interest rebate meaning more of a saving for you. If you call our Loans team they will be able to give you an illustration to see how the two options would affect your loan. You can call them on 0345 600 6016, available Monday - Friday 8am-8pm and Saturday - Sunday 9am-5pm. I hope this helps! 

Anette05

Hello,  I cant seem to find my details of my loan to do an early payment.  Can you help?  Where do i send a private message? 

Hi @Anette05, I wouldn’t be able to provide details about your loan via private message.  If you call our Loans team they will be able to advise this. You can call them on 0345 600 6016, available Monday - Friday 8am-8pm and Saturday - Sunday 9am-5pm. I hope this helps! 

ct05

Hi,

Im looking at getting a loan but would like a bit more info on early repayment and charges. If i was for example to get a 10k loan over 5 years but then after 2 years had a bit of spare money to pay a good portion of the loan off would I have to pay extra charges? for example. I pay £179.93 a month for 2 years = £4318.32.  This would leave £6477.48 inc interest for the final 3 years. if in month 25 i could pay £6297.55 which is basically the remander of the balance except for one month what charges would be incurred and what would happen with interest payments, would this reduce as it would  effectivly be shaving 3 years of the length of the loan?
Many Thanks

Hi @ct05,

 

If you look at our page here you'll find more information which should answer this query for you :-) 

 

- Michelle

ct05

Thanks @MichelleC , I will take a look