What is a payment break?

All eligible customers will be offered the option to apply for a two month repayment break before commencing your monthly payments. This is only available at the start of the loan and gives you 3 payment free months from the time your funds are issued until your first repayment is taken by Direct Debit. Example: If you opened your 36 month loan on January 1st and took a 2 month repayment break, you would make no repayments in February or March and the first of your 36 repayments would be 1st April (interest will continue to accrue during the payment break). 

Please Note: A payment break is subject to lending criteria and may not be offered to all customers.

• Can I choose the date to make my repayments?
• Can I increase my Tesco Loan?
• Can I make additional payments to my loan?
• Is there a fee if I settle my loan early?
• Can I change my Direct Debit details once the payment has been set up?