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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 find out how to get your settlement figure, please see our existing FAQ Is there a a fee if I settle my loan early?

 

Making an early settlement payment?
After you have received your settlement figure from us, you can make your early settlement payment in the following ways:

  • Online Transfers via Faster Payment using your sort code and account number. Your account details can be found on a loan statement or within your account overview within online banking.
  • 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.

For more information on making additional payments towards your loan, please see our existing FAQ Can I make additional payments to my loan?


Please call 0345 600 6016*. Lines are open Monday - Friday 8am to 10pm, Saturday and Sunday 9am - 5pm.

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

Comments

Hey, 

 

How do I find out my settlement agreement? 

Hi @ShaunMcD30, if you send a private message to @Tesco-Bank with your full name, DOB and postcode. We can let you know.

Hiya,

I’m Struggling to find time to ring between working from home and looking after my 2 children. Can I get a settlement figure online please? I can’t figure out how to send a private message either!

thanks 

Hi @WJ84, thanks for your message. I can see we've replied privately now 🙂 - Caroline

Hi, I can’t work out how to send a private message.  I would like to reduce my loan term from its current term, down to 18 months. How can I do this?

Hi @Smunro1, please go onto the @Tesco-Bank profile and there should be an option in the top right hand corner to send a private message. I hope this helps - Thomas

I am trying to do the same thing. Tesco has made it extremely difficult to do this. I have literally had to create a new username and password to get her to see your question. Why cant i just log on to the online banking and settle the loan? like you can do with every other lender ever...its insane. Surely its much more secure to do this via the online banking page and not a forum 

I’m certain that figure is quite incorrect. Please can someone contact me directly, by telephone, that than in this forum, where you are providing me with an incorrect redemption sum.

im sorry but you have posted this into the public comments?

who is this for? I agreed to have my settlement figure revealed on this site but not into the public forum. 

 

is this my settlement figure?

Hi. How can I get a settlement figure please?  Thanks