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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 settle my loan early?

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

Hello Nick, thanks for getting in touch. So I can check this for you, could you please message me at Tesco-Bank and confirm your full name, DOB, full address including town and postcode, and your direct debit payment date? Can you also please let me know if you're happy to receive the figure there or if you'd like a copy posted to you? – Ainsley

Please can you send me an email of the redemption figure to pay off my Tesco loan?

Hi @hornbloweroafc, thanks for getting in touch. We're unable to send this via email, I'm afraid. However, I can check this for you if you send a private message to @Tesco-Bank confirming your full name, DOB, full address including town and postcode, and your direct debit payment date :-) - Brogan

Hi please can I settle my loan online?

Hi Basenji, thanks for getting in touch. You have the option to settle your loan via Faster Payment using your sort code and account number. Are you looking for an early settlement figure? If so, please send us a private message to Tesco-Bank including your full name, DOB and postcode, and I’ll be able to look into this for you - Kelly

Sorry don’t understand send private message to Tesco-bank?

If you’d like us to provide an early settlement figure for your loan then you can message us privately, and I’ll be able to assist. You can do this by searching for Tesco-Bank on Your Community - Kelly

Could you send me a settlement figure for my loan?

Hey @CJB7382, thank you for getting in touch. So we can get this sorted for you, can you please send us a private message to Tesco-Bank containing your full name, DOB, postcode?

You can find this by searching for Tesco-Bank in the search bar :) - Cheryl

Hi can I have a settlement figure please