Can I settle my loan early?

started by Employee on ‎06-05-2015 10:47 PM - last edited a month ago by Employee

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.

Comments
by cheralyn
November

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

by Your Community Expert
November - last edited November

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.