Your Loqbox questions

New to Loqbox? If you have questions, you’re in the right place.

If you’re already a member, visit our help page to find the answers you need.
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Our top FAQs

Why join Loqbox?

All about Loqbox Save

Our memberships

What is Loqbox?

Loqbox gives everyone access to a richer life. We’re the money app giving people the tools they need to do a little bit better, from building their credit score to growing their savings, to just understanding how it all works.

We’re always creating new and exciting ways to help our members reach their goals. Find out more about how Loqbox Save, Loqbox Rent and Loqbox Spend can help you today!

How will joining Loqbox help me?

Joining Loqbox could be your first step on your journey to a richer life. We empower you to reach your money goals. And we’ll offer you help and support along the way. So whether you want to build your credit score, grow your savings or master your money — we can help.

Is Loqbox safe?

Yes we’re regulated. Loqbox is authorised and regulated by the Financial Conduct Authority under firm registration number 694919. You can find us on the FCA register.

How does Loqbox Save work?

It’s simple! Choose how much you can afford to save each month, from £20 to £200. We use that to work out your annual savings goal. So if you decided to save £20 per month, that would be £240 over a year. We lock away a 0% APR loan for that amount in your Loqbox Save, a bit like a digital piggy bank.

Over the year, you make monthly payments of £20 to pay back the loan to Loqbox.

Each month, we report your payments to the three main credit reference agencies (Equifax, Experian and TransUnion).

This helps to increase your credit score showing lenders that you’re trustworthy.

At the end of the year, the loan is paid off and you have access to the £240 you saved plus a shiny new credit score.

Find out more about how Loqbox Save works on our how it works page.

Are there any risks?

We’re here to help our members live richer lives, so Loqbox Save is designed to help you build your credit score and reach your goals.

We do everything we can to help our members understand the impact of using credit. And we help you learn how to manage it responsibly.

As with any credit product, the way you manage your Loqbox Save impacts your credit score. Managing it responsibly shows that you’re a brilliant borrower and helps you grow your credit score. Missing payments will damage your credit score, so it’s better to unlock your Loqbox Save early instead.

Why join Loqbox?

How does Loqbox Save work?

When you apply for credit, lenders access your credit history through private companies called credit reference agencies (or “CRAs”). The three main CRAs in the UK are Equifax, Experian and TransUnion. Lenders then use your credit history to help them decide whether to lend you money (or not) and what rates to give you.

Lenders want to see that you have a good track record of managing credit responsibly before they decide to lend to you. Because different lenders take different factors into account it can be hard to predict whether you’ll be successful before you apply. So to give you an idea of how lenders might view you, the CRAs create a credit score to help you understand your likelihood of being accepted for credit were you to apply.

You have three credit reports. And a lender might check any of these, so it’s important for you to look at all three. Depending on which CRA’s credit report you check, your score might range from 0-999, 0-1,000, or 0-710. You can check your credit score using websites such as Clearscore, Credit Club and Credit Karma.

How much could I save with a better credit score?

Growing your credit history can save you £1,000s on the interest you’ll pay to borrow money through things like credit cards, loans and mortgages. To give you an idea, here’s how much different increases could save you on average.
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	+10 points saves you	+25 points saves you	+50 points saves you
On a £10,000 loan*	£219	£546	£1,088
On a £5,000 credit card balance†	£450	£1,000	£1,750

* 60-month term, starting APR 14.9%APR

† £100 monthly repayment, starting APR 19.95%APR

How does Loqbox Save build my credit score?

We report your monthly payments to the three main credit reference agencies (Equifax, Experian and TransUnion). This shows them you can handle credit, improves your creditworthiness and grows your credit score.

Is Loqbox Save a loan?

No. Loqbox Save is technically a ‘cash redeemable savings voucher’. But you use finance to buy the voucher. This finance element is the part that gets ‘locked’ in your digital piggy bank and is a loan provided by our sister finance company, Loqbox Finance (the trading name of DDC Financial Solutions Ltd).

The finance is transferred from Loqbox Finance on your behalf when you ‘buy’ your Loqbox Save (savings voucher) using the loan. This is how we’re able to report your monthly savings to the credit reference agencies.

When will my credit score go up?

Most people see a real improvement after about four Loqbox Save payments, with steady growth as they make all 12 monthly payments. It takes a little patience, but the benefits of having a good credit score are worth it. With a good credit score you can improve your chances of being accepted for credit when you apply, and save £1,000s as you may be able to get a better deal.

How much will my credit score improve by?

There are too many influencing factors outside of Loqbox for us to give you an exact figure. But we’ve been doing this long enough that we’re confident you’ll build your credit score.

Also, it’s worth remembering that lenders don’t base their decisions on your credit score – they look at your credit history. As long as you make your Loqbox Save payments each month, you should be more creditworthy in their eyes.

What happens if I miss a monthly payment?

If you miss a Loqbox Save payment, we have to report it to the credit reference agencies, which would harm your credit score. But you can always unlock early to avoid missing a payment, so this should never happen.

By unlocking early you’d miss out on growing your credit history, and we’d report your loan as settled debt. But that’s far better than missing a payment, which would harm your credit history.

Where is my money locked away and what happens if I need it?

Your money is safe with Loqbox. We keep your money completely separate from our own in a client account with a bank authorised by the Prudential Regulation Authority or an electronic money account held with an electronic money institution (EMI) that is authorised and regulated by the Financial Conduct Authority.

You can unlock at any time. When you do, you get back the amount you’ve paid so far. Anything you haven’t paid back is used to settle the outstanding loan, so you can unlock whenever and never be left in debt. But if you haven’t made enough regular payments, unlocking early could harm your credit history.

How much does it cost?

Loqbox Save is free to use with our Lite membership when you unlock your savings into a new account with one of our partner banks. This way, we get paid by our partner banks for opening a new account for you — which is how we keep Loqbox Save free.

If you prefer to use an existing account, it’s just £30 for your Loqbox credit building, savings and financial guidance journey. Top tip: Using an existing account to unlock is free with full Loqbox membership!*

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

Which banks does Loqbox partner with?

The banks we work with can change any time as new and better account options come on the market. If you unlocked your Loqbox Save today, you could choose to pay your savings into a range of accounts from the likes of TSB, Santander and more.

What happens after 12 months of Loqbox Save?

We encourage you to use Loqbox Save for the full 12 months. This will lead to the best increase in your credit score and savings. Then, after saving for a year, you’ll unlock your Loqbox Save.

“Unlocking” means transferring your savings into a new or existing account. If you’ve made your payments on time, you should also be able to enjoy an improved credit score.

Many of our members go on to start a new Loqbox Save after unlocking. Saving for another 12 months should help you build your score, and your savings, even more! It’s a really good habit to get into.

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

Our memberships

There are two ways to join Loqbox: As a Lite member (free) or as a full member (£2.50 per week).

What is full Loqbox membership?

An all-in-one membership to help build your financial health.

With our full membership, you’ll get access to all of our features. For just £2.50 a week.

Full Loqbox membership

‍Loqbox Save – Grow your credit score while you save and unlock into an existing account for free (usually £30)* ✔

Loqbox Rent – Make your rent count by growing your credit history while you rent ✔

Loqbox Spend – Boost your credit score by 125 points in 6 months on average ✔

Loqbox Learn – Get the latest financial guidance ✔

Our 25 Points Promise – Improve your score by at least 25 points in your first year or we’ll give you £25† ✔Priority Support – Our expert team are here to chat when you need them ✔

And a personalised financial plan to help you take your next steps towards a richer life ✔

Just £2.50 a week ✔

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

†Full Loqbox members become eligible for our 25 Points Promise after 52 consecutive membership payments.

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

†Full Loqbox members become eligible for our 25 Points Promise after 52 consecutive membership payments.
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What is Loqbox Lite?

Our Lite membership gets you started on your journey to a richer life. With Lite membership you can build your credit score with Loqbox Save and grow your financial confidence with Loqbox Learn.

Loqbox Lite

‍Loqbox Save – Grow your credit score while you save. Free to use with Lite membership when you open a new account with one of our partner banks (they pay us a commission making it free for you). If you prefer to use an existing account, it’s just £30 for your credit-building, savings and financial guidance journey. ✔

Loqbox Learn – Get the latest financial guidance ✔

‍Free ✔

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