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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 a credit agreement to check and sign, or where possible you can sign your credit 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 Faster Payments can take up to 48 hours and the money can be withdrawn as soon as the funds reach your account.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. 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.
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When you apply for a loan, a credit reference agency 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 agency 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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Yes, you can make additional payments and you won’t be charged for doing this. Your additional payment can either; reduce your monthly repayments and keep your loan term the same, or keep your monthly payments the same and reduce your loan term, which means you’ll pay less interest in the long run. If you’re behind on your loan payments, or have taken a COVID-19 payment break, we’ll automatically use additional payments to reduce the term. If your payments are up to date, we’ll automatically use overpayments to reduce your monthly payments and we’ll confirm your new repayments in writing. If you’d prefer to keep your monthly repayment the same and reduce your term, please call us on 0345 600 6016* before making your payment. We can then automatically do this for future payments if that’s your preference. Making an additional payment If you’d like to pay more than your monthly repayment amount you can pay online via Faster Payment, debit card over the phone or send us a cheque. To make a payment via Faster Payment online, use your Tesco Bank Loan sort code and account number. Your account details can be found on a loan statement or in your account overview within online banking. For debit card payments, please call 0345 600 6016. Lines are open Monday to Friday 8am - 6pm, Saturday and Sunday 9am - 2pm. The debit card must be in your name and registered to your home address. We’re unable to accept payment by credit card. 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. 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.
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The quickest and easiest way to change your address details is via Online Banking. If you're not yet registered for Online Banking, it's quick and easy. Once logged in: On the My Overview page, click Settings and select Personal details from the drop down list. On the Personal details page you have the option to edit your Address or Contact details. Please click on the Edit button next to the pencil icon to update your details. To update your contact information, please update the required fields and once completed, please click on the blue box 'Update your contact details'. Confirmation will appear at the top of the screen to confirm your details have been updated. To update your Address, please enter the house number or name and the post code, then click on the blue 'Find address' button. If the correct address is displayed then click the blue 'Confirm address' to update your details and confirmation will appear at the top of the screen. If the address details are not correct, click 'Enter address manually' and you will be asked to enter your full address. Once entered, click 'Update address' and a confirmation message will appear at the top of the screen. Please note, when we update your address or contact details we will also send you a text to let you know it has been updated successfully. Should you receive a text like this and you have not updated your details, please contact us. It's important that you keep us informed if you change your address. It is a legal requriement 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 Tesco Bank Insurance policies, you will have to update your address and mobile number for those separately.
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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 3years For loans under £15,000 the maximum term is 5years, 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 7years 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. If your requested date is more than 45 days away this could result in us asking you to make two payments in the one month.   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 may 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.   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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Usually payment holidays is not something we offer, however if you have been impacted by COVID-19 then please see our website for more information on how to apply for a payment holiday.   We’re doing everything we can to help and support customers who have been affected by COVID-19 (Coronavirus). Read our latest customer update for more details. If you are experiencing financial difficulties, please visit our website for more information. More information on debt consolidation can be found here.
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