Tesco loan

class2ldn

Hi all, currently got a tesco loan which runs out in april 2017.
I've currently got 2351 left to pay and I juat rang for a settlement figure which came back at 2313.51.
Obviously with the two months interest charge it doesn't knock much off so just wondering is there anyway of getting it paid back a bit quicker.
I was going use my halifax card and do a money transfer but that's 3% so that's £69 and meams I'd pay even more.
I did see something about a loophole but not sure exactly what It meant.
If not il just let it run it's course.

Cheers

antrobus

class2ldn wrote: »

Hi all, currently got a tesco loan which runs out in april 2017.
I've currently got 2351 left to pay and I juat rang for a settlement figure which came back at 2313.51.
Obviously with the two months interest charge it doesn't knock much off so just wondering is there anyway of getting it paid back a bit quicker.
I was going use my halifax card and do a money transfer but that's 3% so that's £69 and meams I'd pay even more.
I did see something about a loophole but not sure exactly what It meant.
If not il just let it run it's course.

Cheers

I think that what you are supposed to do is make a large one-off payment, i.e. partial early settlement, in order to avoid the early settlement charge.

engineer_amy

i paid a lump sum off mine and left about £38 outstanding, this was collected by my normal direct debit later in the month, no early settlement fee or extra interest charges. Then a fortnight later I got a loan statement by post confirming the loan was settled in full, thanking me for my payment and a reminder of their other products on offer.

CLAPTON

class2ldn wrote: »

Hi all, currently got a tesco loan which runs out in april 2017.
I've currently got 2351 left to pay and I juat rang for a settlement figure which came back at 2313.51.
Obviously with the two months interest charge it doesn't knock much off so just wondering is there anyway of getting it paid back a bit quicker.
I was going use my halifax card and do a money transfer but that's 3% so that's £69 and meams I'd pay even more.
I did see something about a loophole but not sure exactly what It meant.
If not il just let it run it's course.

Cheers

what interest rate are you paying
what are the monthly payments