A payment break enables you to delay loan repayments for the first two months of your loan, meaning you won’t make a payment until the 3rd month. This is only available to eligible customers and can only be taken at the start of the loan.
Your loan offer letter will tell you if you have been approved for a payment break, and when your payments will start.
Please Note: A payment break is subject to lending criteria and may not be offered to all customers. Interest continues to accrue during the payment break. Your overall loan period will be extended by two months which means that you will pay an extra two months interest.
Yes. If you do not agree with the decision that we have made on your application you have the right to appeal. You should support your appeal by providing any additional relevant information that was not taken into account at the time of our original decision, such as;
details of any missed income that may impact whether you can afford the loan
change in your credit score or incorrect information being removed from your credit file
Send your appeal to: Tesco Bank, Loans Decision Review Team, Broadway 1, 199 Renfield St, Glasgow, G2 9FE. Please note it can take 5 - 7 days to review once your documents are received.
You may find the following questions useful:
Can I apply again if I am not accepted the first time?
Can I get a copy of my Credit Reference File?
What is Credit Scoring?
At the beginning of the loan we work out the interest you will pay over the whole length of your loan and add this to your loan amount. We calculate your interest charge by applying interest at a monthly rate based on the APR to the balance of your loan, as reduced by your monthly repayments. We add this to the loan amount and then divide this total by the number of monthly repayments.
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.
We'll send you an alert if you change your contact details, if for example you've changed your address or mobile phone number. If you receive an alert and you didn't update your personal details, please call us on: 0345 600 6016* (or minicom 0345 671 0675*). Our customer service 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.
Yes, you can choose any date between 1st and 25th of the month. Just let us know your preferred payment date when you apply and we’ll arrange it for you. Your first payment must be made between 15 and 45 days after you receive your money.
Yes, you can re-apply for a loan three months after you were declined for a Tesco Bank loan.
However, if your circumstances haven’t changed since your last application, it's unlikely that our decision will change.
We'll not refuse your application just because we declined you in the past, unless you apply again within the 3 months of being declined.
If you were 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.