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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

Please could I have an early settlement figure on my loan?

Hello @trishy1, thanks for getting in touch. So I can check this for you, could you please send us a private message confirming 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 here or if you'd like a copy posted to you? – Jade

Im not sure how to meesage you privately?  Yes I am happy to get the figure on here


@Amanda_C wrote:

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.


 

If you click on this link @Tesco-Bank you should see the option to message us in the top right of the page - Jade

I would like some concrete answers before committing to a loan. These are questions you can answer now. Assume I am offered a 15000 GBP loan for 4 years at 3% APR:

(a) Assume I make 3 montly payments and then my circumstances change and I decide to pay off the loan. What's the settlement figure?

(b) In earlier messages you said you do not charge if I make overpayments. Is that accurate regardless of the amount overpaid?

(c) Where can I find the full blown terms and conditions for personal loans?

Hi @alextw, thanks for getting in touch. We wouldn't be able to calculate an early settlement figure for a loan that is in the application process. Sorry about that. There are no charges for over payments, regardless of the amount. You can find the terms and conditions for our loans on our website. I've attached a link for you below. 

 

https://www.tescobank.com/loans/

Hi, I'm trying to find out how much the fee would be to pay my Tesco loan back early - it was originally for a 3 year term and I have 5 months left.  Is there a private message handle that I can send this question to please and what details would I need to provide in the message?  Thanks

Hey @Lassy1980, thank you for getting in touch. If you can please send us a private message to Tesco-Bank, then we’ll be happy to help with this. When you message us, please search for Tesco-Bank in the search bar and please send us a message containing your full name, DOB, full address including town and postcode and your direct debit payment date :) - Cheryl