What is Loqbox?
At Loqbox, our mission is to give everyone access to a richer life. We're all about empowering people to take control of their financial well-being and do a little bit better every day, whether it's building their credit, growing their savings, or gaining a deeper understanding of how it all works.
Sign up for your Loqbox membership today to help you get started on this amazing journey.
You’ll have access to all our credit-building tools, including a digital credit-building card, our savings feature, rent reporting and personalised financial guidance. Plus, you'll enjoy priority support and a host of other incredible benefits designed to boost your financial success.
And guess what? Our commitment to you doesn't stop there! We're constantly innovating and creating exciting new ways to help our members reach their financial goals. Your dreams matter to us, and we're here to support you every step of the way.
How Loqbox supports your credit building
Your membership gives you access to powerful credit-building tools. They help you to build a track record of reliable borrowing and repayments.
Your credit-building tools
The tools you have access to are:
A digital, credit-building card
Our savings feature, allowing you to make savings payments on your credit-building card
Rent reporting
Coach and Learn Loqbox Score is a free monthly email that shows your TransUnion credit score.
It’s a simple way to keep tabs on your progress while you build with Loqbox.
How do Loqbox savings work?
When you sign up, you'll get a digital, credit-building card (your Loqbox Grow card), a Loqbox and a savings pot. You'll see these when you log in.
You can pay money into your Loqbox through your Loqbox Grow credit-building card by setting up a regular monthly savings payment. This allows you to set aside your own money on credit, building your credit score while saving rather than spending.
Your Loqbox contains savings that have been charged to your credit-building card, but not yet paid off. Once you have paid off your credit-building card, we'll report the successful payment to the Credit Reference Agencies, and the savings in your Loqbox move into your savings pot. You can withdraw these whenever you like.
Can I change my savings amount
Yes, you’ll just need to cancel your regular savings payment and set a new one.
What is a Loqbox Grow card and how does it work?
When you sign up, you'll get a digital, credit-building card (your Loqbox Grow card), a Loqbox and a savings pot.
Your Loqbox Grow card is a digital, credit building card that you will use to purchase monthly savings, pay for your membership and any other add-ons like bolt-ons.
Your Loqbox Grow card can’t be used to purchase items in stores or online, it doesn’t have a CVV number, and you can’t add it to your Apple/Google wallet. It’s a digital only card and is ready to use straight away.
We’ll automatically attempt to collect the full balance on your card on the 1st of the month, from the payment method you have added to your account. Missing payments may harm your credit score. We report your full payment history with Loqbox to all three credit reference agencies, including any missed payments, which can have a negative impact on your credit score.
What is a Loqbox Grow card and how does it work?
We report all your repayments to all three CRAs. That means each of them can see you’re using credit responsibly.
💡If you miss a payment, it can harm your credit-building progress. Make sure your payment method in your account is up to date, and you have enough money in your account to cover your Loqbox repayments when they’re due.
Updates can take time to appear. A new account may take up to three months to show.Credit limit changes are reported at month-end for the previous month and can take a couple of months to display.
For rent reporting, we report only to Experian. Unlike with the credit-building card and savings, if you miss a rent payment one month, it won’t negatively affect your score.
How Loqbox works with Credit Reference Agencies (CRAs)
We report all your repayments to all three CRAs. That means each of them can see you’re using credit responsibly.
💡If you miss a payment, it can harm your credit-building progress. Make sure your payment method in your account is up to date, and you have enough money in your account to cover your Loqbox repayments when they’re due.
Updates can take time to appear. A new account may take up to three months to show.Credit limit changes are reported at month-end for the previous month and can take a couple of months to display.
For rent reporting, we report only to Experian. Unlike with the credit-building card and savings, if you miss a rent payment one month, it won’t negatively affect your score.
How your features support credit building
- Paying for your membership fee, bolt-ons and savings through your Loqbox Grow credit-building card shows you can manage revolving credit and keep utilisation low (aim for under 25%).
- Rent adds a stream of regular, verified payments (to Experian).
- Coach and Learn helps you manage the other contributors to your report.
Using features together can speed things up. Improvements aren’t guaranteed, and everyone’s profile is different.
Why your score and profile might not change straight away
Your credit score naturally changes over time.
For example, it may shift when you open new lines of credit, move house and update your electoral roll details, or when CRAs refresh your report.
The CRAs also update their scoring models, which can influence how your score is calculated.
It’s worth noting that updates don’t appear instantly after you sign up for Loqbox membership.
New accounts and changes to credit limits are usually reported monthly, and it can take up to three months for them to show on your file. Once you start making your regular payments, your score should begin to improve.
On average, members who make all their payments on time and in full have seen their scores rise by as much as 200 points over 12 months.