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Can I settle my loan early?

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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.

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.

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
by lilbecks85
a month ago

@Tesco-Bank  Hello, could i have a settle figure please and the details of the early repayment fee? thank you

by lilbecks85
a month ago - last edited a month ago

@Tesco-Bank  Hello, I'd like a settle figure please and details of the early repayment fee please? Thank you

by Your Community Expert
a month ago

Hi @lilbecks85, I can see Thomas has responded to you privately now :) - Caroline 

by Rach280984
4 weeks ago

Hi could I have an early settlement figure for my loan please? I want to pay it off 

by Your Community Expert
4 weeks ago

Hi @Rach280984, thanks for your message. If you send a private message to @Tesco-Bank with your full name, DOB and postcode, I can help you with this :) - Brogan

by Adjnewton
a week ago

i dont have on line banking and i am wannting a figure for early settlement, i find it hard to call as i have no signal with living on a small island in scotland! can you help?

by Your Community Expert
a week ago

Hi @Adjnewton, I've now replied to your private message :) - Caroline

by KateB
Wednesday

hi - i've tried calling the above number to get a settlement figure to pay my loan off - but it keeps cutting me off.

Are you able to provide me with a settlement figure over email?

 

Thanks, K

by Your Community Expert
Wednesday

Hi @KateB, I'm sorry to hear you're having difficulty reaching us. I've responded to your private message now - Kerry 

by Smartie257
Wednesday

How long should it take to show a balance interest adjustment when I make an overpayment. The one I didn't last month was almost immediately but the one I've done this month, nothing has shown for past 3 days now.