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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 will 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:

 

  • 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

  • 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.


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 8pm, 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 #
5 of 6
Last update:
January
Updated by:
 
Comments
cheralyn

Can i please have a Baalancee on my loan please Wanting to Borrow again Many thanks

We can't give such information over social media @cheralyn

You can view your balance online at tescobank.com (if registered) or by giving us a call on 0345 600 6016 anytime between Mon - Fri: 8am-10pm and Sat-Sun: 9am-5pm.

pigeon221984
Hi I have a loan with you for about £17000 (with interest) and I've paid nearly 2 years back.. I was wondering if the interest would reduce for early repayment, thanks

Hi @pigeon221984, thanks for your query. So we can calculate an accurate figure for early settlement of your loan, please give us a call on 0345 600 6016 open Mon - Fri 8am - 10pm and Sat - Sun 9am - 5pm