Repaying Lloyds TSB loan early

blt

Hello,

Just wanted a bit of a steer on this! I took out a loan with Lloyds last week for £12,000. Since then Tesco have offered me a loan at a much more favourable rate (6.1% as opposed to more than double that), so I am going to repay the Lloyds one with the Tesco one.

I'll be ringing Lloyds later in the week - when the Tesco money is in my account - but can't seem to find info on early repayment. Is there a period during which I can pay it back without incurring any fees?

Thanks for any help

Tixy

You want to be looking at the "right to withdraw" section of the agreement.

How did you apply for the loan?
If by internet details of how to withdraw are on the FAQs tab on this link http://www.lloydstsb.com/loans/personal_loan.asp#15

How do I withdraw from my loan?
If you take out a loan with us through Internet Banking you have 14 days to withdraw from the agreement.
This right to withdraw will start on the day after you sign your loan agreement or clicked the "Confirm" button on screen. If you do wish to withdraw from your loan during this time you must repay, no later than 30 calendar days after giving notice of withdrawal, the total loan amount (this is the amount we paid into your account) and the daily interest that we charge, both can be found on the Loan Agreement).
You can withdraw by calling us on 0800 092 1290 7 days a week, 8am - 10pm - or by sending any notice to Lloyds TSB Personal Loan Service Centre, P.O. Box 42, Peterlee, SR8 2YQ, enclosing a cheque for the Cash Loan amount payable to Lloyds TSB (a/c Eisis). The loan agreement will continue to apply if you don't withdraw.
If you want to talk to us about withdrawing from your loan more than 14 days after you've signed your loan agreement, please call us on 0800 096 1282 or visit your local branch.

blt

Ah! Just what I was looking for! Thank you so much I did get the loan through internet banking on Friday just gone so I'll wait until the money is the bank from Tesco (probably this Friday at the latest) and then call Lloyds - I should be in plenty of time for the 14 days.

Thanks again for all your help