Your selected question and answer
Question:
Can I make additional payments to my loan?
Answer:
Loan applications made on or after 11 June 2010
You can make an additional part payment to your account. There are two ways of doing this, just let us know which way you’d prefer before making a payment:
- Your monthly payment can be reduced and the term of your loan will remain the same;
or - Your monthly payment remains the same and the term of your loan can be reduced.
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. If your account is in arrears, we will use any extra money you pay to clear your arrears first.
If you have no arrears on your account you can make a payment using your debit card and calling 0845 600 6016 or you can send us a cheque made payable to Tesco Bank. Our address details are: Tesco Bank, Loans, PO Box 27014, Glasgow, G2 9FE.
Loan applications made before 11 June 2010
Any additional payments made will be applied to your loan and may reduce the 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, nor will you earn interest on the money sent.
