Your selected question and answer
Question:
Can I settle my loan early?
Answer:
Yes, you can repay your loan early at any time, however early settlement fees of up to two months interest may apply (see ‘Is there a fee if I settle my loan early?’ for further information).
What should I do if I want to settle my loan early?
If you would like to settle your loan early please call us on 0845 600 6016 and we will confirm your early settlement payment amount. This will include an interest charge. When we work out how much you have to pay we will include any rebate we must give you, which has been worked out in line with the Consumer Credit (Early Settlement) Regulations 2004. You can request an early settlement at any time in the month. If you make a scheduled monthly payment between the time you send us a cheque (if you chose to pay this way) and when the cheque is applied, we will refund the monthly payment to your bank account.
How can an early settlement payment be made?
DEBIT CARD: An early settlement can be made over the phone with a debit card or you can send in a cheque (we cannot accept payment by credit card). If you would like to use a debit card, the card must be in your name.
CHEQUE: If you wish to pay by cheque please make it payable to Tesco Bank and write your loan account and sort code on the back and post it to the following address:
Tesco Bank
Loans
PO Box 27014
Glasgow
G2 9FE
Should I cancel my Direct Debit instruction once the early settlement payment has been made?
No. We will 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 10 business days.
Can I make additional payments to my loan?
Yes. You may benefit from making additional payments to your loan. Please refer to Can I make additional payments to my loan? for further information.
