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When you apply you’ll get a quick decision. If we’re able to offer you a loan we’ll send out documents for you to sign and return to us. If it's just you applying, you've applied online and we need no supporting documentation you may be able to sign your agreement digitally and get your funds quicker. Other applicants should receive your documents within 5 days of making your application. Once we’ve received your signed documents and any additional information we’ve requested, and we’ve checked this to make sure everything is OK, we’ll make our final decision.   If you need your documents quickly, we offer an optional courier service for £50 which means you could receive your loan documents faster. Next day delivery is available to bookings made before 4pm Monday to Thursday. Delivery is available between 9am-10pm Monday to Friday with a reduced service on Saturdays. Saturday service may not be available for Northern Ireland or the Highlands and Islands.   A charge of £50 for this service will be charged in addition to the first monthly payment. This is not added to your loan amount and interest is not charged.   Your funds will be deposited in your chosen account by Faster Payments, usually on the same day as the final decision is made. An electronic payment is sent directly to your bank account and the money can be withdrawn as soon as the funds reach your account.
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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 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 which will include any interest rebate we must give you. Making an early settlement payment? You can make your early settlement payment in the following ways:   Online Transfers We will give you our sort code and using this along with your loan account number you can transfer the payment to us from your account. 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. 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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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 and get your funds next day, or the same day if you are logged in to Tesco Bank when you apply. 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. 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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You can update your address details in three ways:   Phone: Call us on 0345 600 6016*.  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.   Online: If you’re registered for Online Banking:   Log in by selecting ‘Loans’ and ‘Log in’ from the Online Banking menu on the Tesco Bank homepage. Once logged in, select the ‘Manage’ button On your Account Overview choose ‘Other Services’ from the menu Select the option to ‘Update your address’ from the ‘Personal Information’ box on the right hand side of the screen Post: Write to us at: Tesco Bank, Loans, PO Box 27014, Glasgow G2 9FE. Please include the following information in your letter:   Your full name Your Loan account number and sort code Old address (including postcode) New address (including postcode) Please ensure that you sign the letter 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.  
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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. In both cases you need to contact us by telephone to do so.     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 tell us which option you’d prefer before making the payment by calling us on 0345 600 6016*.   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   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 to 10pm, Saturday and Sunday 9am to 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 Online Transfers We will give you our sort code and using this along with your loan account number you can transfer the payment to us from your account. *This number may be included as part of any inclusive call minutes provided by your phone operator.
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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.   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. 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 additional cost for you.   The minimum additional amount is £1,000 above your existing loan balance. 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.   How to apply   Call us on 0345 600 6016* and we can give you a personalised quote. 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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As we only offer one loan per customer, if you want to borrow more you can apply for additional borrowing once you have made 8 consecutive monthly payments on your existing loan. Your existing loan will close and a new loan will be provided which will pay off the existing balance and cover the additional amount you want to borrow. 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 additional cost for you.   The minimum additional amount is £1,000 above your existing loan balance. 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.   How to apply   Call us on 0345 600 6016* and we can give you a personalised quote. 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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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   You're in full time employment with no probationary period or you've been self employed for over two years 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   If you have any questions about your eligibility or our loan criteria please give us a call on 0345 600 6016*. Loans below £3000 are only available online.   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 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. Call us on 0345 600 6016* 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. Changing the bank account from which your Direct Debit is paid: Call us on 0345 600 6016* at least 14 days before your next scheduled payment date. We’ll post you out a new Direct Debit mandate and talk you through the process to make sure that you have enough time to make the change before your next scheduled payment date, to ensure you don’t miss a payment. Once we receive the completed Direct Debit mandate from you, we’ll send it to your bank for them to make the change. We’ll cancel your old Direct Debit, but please check with your bank that the new Direct Debit has been set up. This will ensure that you avoid missing any payments, or pay twice in one month. In order to action your request we will need to receive the completed Direct Debit mandate at least 7 days before your next scheduled Direct Debit payment date.    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 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.   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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