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If you apply online, we try to give an instant decision to confirm if you are accepted, whether we need further information (see below), or if you're declined. If you’ve been approved, we will either send you some paperwork to check and sign, or where possible you can sign your loan agreement digitally. We’ll then use Faster Payments to send the money directly to your bank account. Faster Payments can take up to 48 hours and the money can be withdrawn as soon as the funds reach your account. If you apply over the phone or we require some supporting documentation: If you are approved, we will send you a credit agreement for you to sign and return. If you are approved in principle, we will send you a credit agreement to sign and return and a list of any other documentation we require. If we can’t lend to you, we will let you know. It may take between 5 – 10 days for us to check everything is ok. As we try to do this as quickly as possible, we do not send an acknowledgment email or letter, but will inform you as soon as a decision has been made. Once your returned agreement is processed, we use Faster Payments to send the money to your account. If you gave us your mobile number during your application we will send a text when the funds have been sent to your account, followed by a welcome letter. Should you need more information or have any questions, please call us on 0345 600 6016* (Monday to Friday 8am - 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.
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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.
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When you apply for a loan, a credit reference search will be carried out and a credit score will be calculated based on the information you enter and your credit reference information. This will determine if we’re able to offer you a loan and you’ll receive one of the following decisions: Approve – We’re happy to offer you a loan. If it's just you applying you may be offered the ability to sign your loan agreement digitally, we’ll then use Faster Payments to send the money directly to your bank account. Faster Payments can take up to 48 hours and the money can be withdrawn as soon as the funds reach your account. Approve in principle – We may be able to offer you a loan, but need a bit more information from you before we can fully approve your loan. Refer – In some circumstances we may need some more information from you before we’re able to make a decision. We'll contact you, if necessary. Declined – We're unable to offer you a loan. If you've been declined as a result of a Credit Reference Agency search, we recommend you obtain a copy of your credit file and check the information on it before reapplying or applying for credit elsewhere. If your application is approved or approved in principle: You’ll receive some important documents within five days, which you’ll need to check, sign and return to us. We may also request some additional documents to support your application, such as proof of your identity or address. You must send these with your signed loan documents. Once we receive your signed loan documents, with any supporting documentation we requested, we'll make some final checks. Once we're happy with the information you've sent, we'll fully approve your loan and pay the money into your bank account. If you are referred, it may take between 5 – 10 days for us to check everything is ok. As we try to do this as quickly as possible, we do not send an acknowledgment email or letter, but will inform you as soon as a decision has been made. Once your returned agreement is processed, we use Faster Payments to send the money to your account. Please note: your loan offer is valid for 30 days from the date you applied, so it's important you return your documents to us before your offer expires.
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If you already have a Tesco Loan you can apply to borrow more once you have made 8 consecutive monthly payments on your existing loan. When you apply to borrow more, a new credit reference search will be carried out. We only offer one loan per customer. So if you want to borrow more we’ll close your existing loan and the new loan will pay off any existing balance and cover the additional amount you want to borrow. If you cancel the new loan within the 14-day cooling-off period, you won’t be able to re-instate your old one. We will charge you up to 28 days’ interest to pay off your old loan. This is to cover the number of days from when you apply to receiving your new loan. This will be added to your new loan amount and you will pay interest on this, which may lead to an additional cost for you. The minimum additional amount is £1,000 above your existing loan balance and the total borrowing limit is £35,000. With your new loan you’ll continue to make one monthly payment but the cost of your monthly payment may change depending on the loan term and amount you choose to borrow. Please note, it's important that you always check the interest rates of any new product. This could be more or less than your current loan and should be considered as part of your decision to increase your loan amount. How to apply Call us on 0345 600 6016* and we can give you a personalised quote. Lines are open Monday to Friday 8am - 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.
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The quickest and easiest way to change your address details is to do this on Online Banking. If you're not yet registered for Online Banking, it's quick and easy. Log in to   Online Banking . On the My Overview page, scroll down to find the account you want to update and click on the white arrow within the blue box. Once you have clicked on your selected account, the blue box will expand and you will see a button which says Manage Account – please click this button to move onto the next step. On the Account Overview page, please scroll down on the right hand side where you will see the 'Your Details' box. Expand this to reveal the editing options. Firstly click on Change your address, then Update on the Update your address page to begin editing your details. Enter your postcode and house number, and select Find Address. Once you are happy with the selected details, ensure all required fields are complete and click Continue and then Confirm you are happy with the details entered. Press Back if you wish to edit again. Secondly to update your phone number, in the editing box on the right hand side of the Account Overview page, click Change your email address or phone number. Enter your new number and click Continue to confirm. We will send a confirmation text once the request has been submitted online. It’s important that you keep us informed if you change your address. It is a legal requirement that we send your annual statement to your last known address, so by keeping us informed when you move home you can help ensure that this sensitive information reaches you as intended. Please note: If you have any other Tesco Bank accounts or insurance policies, you will have to update your address and mobile number for those separately. Find out about updating your details if you're a Current account or savings customer. Find out about updating your details if you're a Credit Card customer.
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Yes, you can make additional payments to your loan. How you do this depends on when you took out your loan. Loan applications made on or after 11 June 2010 You can choose for your additional payment to be applied in one of two ways: Reduce your monthly payment and keep the term of your loan the same, or Keep your monthly payment the same and reduce the term of your loan. Both options will give you an interest rebate, which means you will pay less interest overall on your loan, but you will get a greater interest rebate with Option 2. Please call us on 0345 600 6016* to tell us which option you prefer before making your payment. If you want it to be applied in the same way every time you make an additional payment, we can leave a note on your file so you don't have to call us every time you make a payment. Loan applications made before 11 June 2010 Any additional payments made will be applied to your loan and may reduce the total number of monthly payments on your loan. However, there is no interest benefit to making an additional payment to your loan. This means that the amount of interest you pay on your loan will not reduce as a result of this payment. Please note, that for all cases, if your account is in arrears, we will use any extra money you pay to clear your arrears first. Making a payment 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 card. Lines are open Monday to Friday 8am - 10pm, Saturday and Sunday 9am - 5pm. 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. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
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To apply for a Tesco Bank Loan you need to meet the following criteria: Aged between 18 and 74. You must be aged under 75 at the end of your loan term Be in employment with no probationary period, or have a regular income e.g. pension You've lived in the UK for at least three years You have a UK personal current account Please note the following criteria which applies to our loans: If the loan is to repay other debt (refinancing), the minimum age is 22 years old For loans under £3,000 the maximum term is three years For loans under £15,000 the maximum term is five years, except for loans for home improvements which is 10 years For loans over £15,000 the maximum term is 10 years, except for refinancing which is seven years For a joint application, the main applicant's bank details must be the named account used for making repayments
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Yes, you can amend your Direct Debit. However we are unable to make a change to your Direct Debit details in the period 7 days before and 7 days after your next scheduled Direct Debit payment date. Changing the date of your Direct Debit You can change the date we take the Direct Debit from your account. You will need to call at least 7 days before your next scheduled payment date. You can select any date between 1st – 25th of the month to make your payment. Please note that you cannot go more than 45 days between payments.  Changing the bank account from which your Direct Debit is paid: Call us at least 14 days before your next scheduled payment date. We’ll confirm details of the Direct Debit Guarantee to you over the phone and also send this out to you with your confirmation letter. Our number is 0345 600 6016*. Lines are open Monday to Friday 8am to 10pm, Saturday and Sunday 9am to 5pm. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
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Yes, you will be charged up to two months’ interest if you choose to settle your Loan early. Although your repayment amount is fixed for the duration of your loan, the way that we allocate each monthly payment between the loan capital and the interest varies throughout the term. At the start of the loan, a higher proportion of your monthly repayment is allocated to repaying interest. However, as you start to make more repayments, we allocate less of the monthly repayments to repaying interest and more towards reducing the capital until your loan is completely repaid. This is known as the actuarial method. Therefore the early settlement fee of up to two months interest will vary in amount according to the size and duration of your loan at the time you choose to settle. 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 and any interest rebate you’re due.  To find out how to make an early settlement payment, view the following question: Can I settle my loan early?  Lines are open Monday to Friday 8am to 10pm, Saturday and Sunday 9am to 5pm. *This number may be included as part of any inclusive call minutes provided by your phone operator.
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  Yes, you have the right to cancel your loan agreement. You don’t have to tell us your reason for cancelling but you need to let us know that you want to cancel. Your right to cancel starts the day after you receive your Loan confirmation letter and ends 14 days after that. This is called a ‘cooling off’ period. To cancel your loan without paying any interest you must: Call or write to us using the details below informing us that you wish to cancel in the timeframe detailed above. Repay the loan by sending a cheque made payable to ‘Tesco Loans’, or paying by card by calling 0345 600 6016*, without delay and no later than 30 days after telling us you wish to cancel. If you do not repay the loan within 30 days we will charge interest on the amount outstanding as detailed in your Credit Agreement. To cancel your loan: Call: 0345 600 6016* Write to: Tesco Bank, Loans Payment Team, Broadway One, 199 Renfield Street, Glasgow, G2 3AX. Lines are open Monday to Friday 8am to 10pm, Saturday and Sunday 9am to 5pm Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.  
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