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The information below summarises our loan features and is not intended to replace any terms and conditions.
Interest charging information
The interest rate is fixed for the life of the loan. Interest is calculated on a daily basis.
Your payment is made by monthly direct debit from the account the loan is paid into. Your first payment will be made one month after issue of the loan and there are no mid-term payment breaks.
You can defer your payment by two months, subject to eligibility, at the beginning of your loan. If this option is taken the first payment would be taken the third month after the issue of the loan. Interest continues to accrue during the break period.
Any term from 12 months to 120 months.
No set up fees apply.
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 4.00pm Monday to Thursday. Delivery is available between 9.00am and 10.00pm 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.
We will charge £12 each time a loan payment is not made on time and £12 when a default notice is issued.
You will be charged up to two months interest if you choose to settle your personal loan from Tesco Bank early.
Tesco Bank subscribes to the Lending Code. We recommend you read A guide to the Lending Code for Customers. Full details of the code are available from the Lending Code Standards Board website.