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.
‍

Our top FAQs

Why join Loqbox?

Our memberships

Loqbox Save

Loqbox Income

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 Grow 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 Intuit 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.
‍

	+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

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 Grow – 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.
‍

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 ✔

What is a yearly plan?

Our yearly plan feature is a great way to save money on a Loqbox membership. By paying for your full year’s membership in one go, you can enjoy a big saving on your total membership costs.

The yearly plan currently costs £99 for 12 months of Loqbox membership, which is a saving of £31 and 24% cheaper than a year of weekly £2.50 membership payments.

The all-in-one full membership plan helps you to get the most out of Loqbox, including access to Loqbox Rent, Loqbox Grow and our Points Promise.

You can find out more about what's included here.

What are the benefits for taking out a yearly plan?

When you take out a yearly plan to pay for your Loqbox membership, you save 24% on your total membership payments, compared to paying weekly.

The yearly membership plan also gives you access to all of our brilliant credit-building and financial know-how tools, including Loqbox Save, Loqbox Rent, Loqbox Grow and our Points Promise. That way, you’ll be able to build your credit score (and your financial wellbeing) quickly and with confidence!

When your annual plan is activated, we will autoactivate your Loqbox Grow as this is the fastest way to improve your credit score. This is then reported to the three main credit reference agencies each month, and helps to build your credit history. (Just be aware, however, that if you choose to add any bolt-ons to your Grow account, or you choose to use Loqbox Save, you’ll need to make sure that you’re making those payments on time and in full for the best possible boost to your credit score.)

As a yearly plan member, you will also get two free Flexi Unlocks credited immediately as an additional benefit, which is great if you choose to use Loqbox Save. For more information on what that means for your membership, please click here.

How much does the yearly plan cost?

A yearly membership plan will cost £99 for 12 months of Loqbox membership. That works out 24% cheaper than a year of weekly £2.50 membership payments, so paying yearly can save you money in the long run!

Your first yearly membership payment will be charged to your Loqbox Grow account on the 1st day of the month after you’ve signed up. Any subsequent yearly payments will also be charged through your Loqbox Grow account, 12 months after your last payment.

How do I cancel my yearly plan?

Cancelling your yearly plan is really simple. When you cancel, we’ll downgrade you to our Lite membership plan, which is completely free to use.
‍
All you need to do to cancel is follow the steps below:

• Log in
• Head to the ‘Account’ section
• Click ‘Membership’
• Click on “Manage membership”
• Click on “Choose a different membership plan”
• Click on “Loqbox Lite”
• Click on “Continue to lose my benefits”
• Then click on the reason why you're downgrading and click on "Lose my benefits"

The yearly plan includes a 14-day cooling off period, which means if you cancel your plan during the first 14 days from signing up and you’ve already made your yearly membership payment, you’ll receive a full refund.
‍
If you cancel after the cooling off period, you’ll still keep your full membership access until the renewal date (which is one year from the date you signed up), after which you’ll be downgraded to the free Lite membership, and you won’t be charged again.

What is a bolt-on?

Bolt-ons are an easy way for you to increase your available credit and give your credit score a boost. When you choose one of our bolt-ons (we have three available – gold, silver, or bronze), we increase the credit limit on your Loqbox Grow account from the standard £500 to £1,000 for a Bronze bolt-on, £2,000 for a Silver bolt-on, or £5,000 for a Gold bolt-on.

You’ll still only use your Loqbox Grow account to pay for your Loqbox products, including your new bolt-on.

To use a bolt-on, you must be a full Loqbox member and have Loqbox Grow active.

Improvements to your credit score are not guaranteed.

What are the benefits of a bolt-on?

Bolt-ons work by increasing your credit limit. This improves your overall credit utilisation rate (that’s the proportion of credit you’re actually using out of the total amount of credit available to you). Because lenders love to see a low credit utilisation rate, it’s a great way to boost your credit score.

The lower your credit utilisation rate, the more likely you are to see bigger improvements to your credit score.

You can either set up a bolt-on when you join Loqbox, or you can go to Loqbox Grow at any time and select ‘bolt-ons’.

Improvements to your credit score are not guaranteed.

How do I choose which bolt-on I want?

To use a bolt-on, you must be a full Loqbox member and have Loqbox Grow active. Loqbox Grow gives you a £500 credit limit, and bolt-ons can be added to Loqbox Grow to boost this. To give our members the most choice and flexibility when it comes to growing their credit scores, we have three tiers of bolt-ons available:

Gold bolt-on: With a £5,000 credit limit, this is our best value and biggest credit building tool available. Giving you ten times the credit limit, it’s our biggest score builder. All for +£20 per month.

Silver bolt-on: With a £2,000 credit limit, this gives you four times the credit limit, so you have even more score-building power. All for +£10 per month.

Bronze bolt-on: With a £1,000 credit limit, you can double your credit limit and boost your score even more. All for +£5 per month.

You can either set up a bolt-on when you join Loqbox, or you can go to Loqbox Grow at any time and select ‘bolt-ons’.

How much does a bolt-on cost?

That depends on which bolt-on you choose!
‍
A Gold bolt-on gives you a £5,000 credit limit (10x your standard Loqbox Grow limit), and will cost you £20 per month.

A Silver bolt-on gives you a £2,000 credit limit (4x your standard Loqbox Grow limit), and will cost you £10 per month.

A Bronze bolt-on gives you a £1,000 credit limit (2x your standard Loqbox Grow limit), and will cost you £5 per month.

These prices are in addition to your Loqbox membership fees.

Can I switch between each bolt-on?

Yes you can switch between each bolt-on. You’ll first need to cancel your existing bolt-on, and you can do this by going to Loqbox Grow, selecting your bolt-on and then clicking cancel. You can then choose whichever bolt-on you would like to activate next.

It’s important to note that you will need to pay your outstanding balance upon cancelling your bolt-on outside of the cooling off period.

When would I expect to see the new bolt-on credit limit reflected on my credit report?

It takes a little time to see your new credit limit on your credit reports. This is because we report all data to the credit reference agencies who collect your credit reports (Experian, Equifax and TransUnion) at the end of each month for activity in the previous month. So, a payment taken in January, for example, would be reported at the end of February.

This means it can take up to six weeks for your new credit limit to show on your credit report. So if you’ve increased your credit limit within the last six weeks and it’s not yet showing on your credit reports, don’t worry.

What is a credit utilisation rate and how can it help my credit score?

Your credit utilisation rate is the proportion of credit you’re using out of the total amount of credit available to you. Keeping your credit utilisation rate under 25% shows lenders you’re in control of your spending. And because lenders love to see a low credit utilisation rate, it’s a great way to boost your credit score.

Bolt-ons work by increasing your credit limit, which then improves your credit utilisation rate.

Improvements to your credit score are not guaranteed.

What happens if I miss a membership payment?

If we can’t take your Loqbox membership payment, either because your debit card has insufficient funds, or because your card has expired, we will automatically retry the payment on day 2, day 4 and then day 6 of your membership schedule.

If we still can’t take your payment after that, and you have a Loqbox Save account, we’ll collect the payment from your Loqbox Save account instead. This means that you’ll have uninterrupted access to all of our great Loqbox features.

Any payments taken from your Loqbox Save will affect the amount that you are able to withdraw when you unlock your account.

If you don’t have a Loqbox Save account and you aren’t able to make your Loqbox membership payments, your account will be limited and you won’t be able to access your Loqbox features. To avoid this happening, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

What happens if I miss a Loqbox Grow payment?

Missed payments can negatively impact your credit score, and so we will always try to protect all the hard work that’s gone into building your credit file.

If we can’t take your Loqbox Grow payment(either because your debit card has insufficient funds, or because your card has expired), we’ll try again several times throughout the month to take your payment.

If we still can’t take your payment at the end of the month, and you have a Loqbox Save account, we’ll collect the payment from your Loqbox Save account instead. If you owe more than one month’s worth of payments, we’ll take all outstanding payments at once, unless there isn’t enough in your Save account to cover the full amount owed. In that case, we’ll start with the oldest outstanding payment first. (This means that you won't have lots of missed payments being reported to the credit reference agencies, and there should be less impact on your credit score).

Any payments taken from your Loqbox Save will affect the amount that you are able to with draw when you unlock your account.

If you don’t have a Loqbox Save account and you aren’t able to make your Loqbox Grow payments, we have to report your missed payment to the credit reference agencies, which could harm your credit score. To avoid this happening, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

Why has a payment been taken from my Loqbox Save account?

If you have a full Loqbox membership, or you’ve activated Loqbox Grow, and we’ve been unable to take your payment, we’ll collect the payment from your Loqbox Save account instead. This ensures that you don’t fall behind, and that your credit score isn’t affected by a late payment.

Any payments taken from your Loqbox Save will affect the amount that you are able to withdraw when you unlock your account.

To avoid this happening, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

Can I reverse a payment that’s been taken from my Loqbox Save account?

If your Loqbox Grow or Loqbox membership payment is unsuccessful, and you have an active Loqbox Save account, we can take the payment from your Save account.

If you would prefer to keep that money in your Loqbox Save rather than using it for payments, we can reverse this process and action a refund from your Loqbox Grow, back to your Loqbox Save. However, as a result of this reversal, your Loqbox Grow will automatically close. This is in order to prevent you from going into arrears, and stop any subsequent missed payments being reported to your credit file.

To ensure that your payments are successful, and you don’t have to pay from your Save account, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

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.

What is Loqbox Income?

Sometimes life knocks us down. It's never pleasant to think about but sudden financial hardship can devastate households. Illness and injury can happen to anyone. And unfortunately if you can’t work, you can’t earn.

Did you know that 1 in 3 of us will be off work for more than 2 months at a time, due to illness or injury? And yet only 4% of working age adults have income protection insurance.

We've partnered with Eleos to make income protection accessible and help relieve the financial hardships caused by illness or injury.

With Loqbox Income you can get regular income when you’re unable to work due to illness or injury, increasing your financial resilience and helping you feel less worried about money.

It takes less than 2 minutes to get a quote, and it all takes place online.

Find out more and get started with Eleos here: https://app.uk.loqbox.com/income

What are the benefits of using Loqbox Income?

Income protection (like Loqbox Income) is a way of covering your outgoings, should you find yourself unable to work due to an accident or illness. It means that you have an extra safety net in the light of anything unexpected happening.

When you activate Loqbox Income, you’ll get additional perks through the provider, Eleos. These include access to a virtual 24/7 GP service, access to an emotional wellbeing platform, £6,000 bereavement pay for your spouse or estate in the event that you pass away, and a 20% gym discount with Nuffield Health gyms. That way, you can take care of your mental, physical, and financial wellbeing all at once.

It takes less than 2 minutes to get a quote, and it all takes place online.

Find out more and get started with Eleos here: https://app.uk.loqbox.com/income

How do I activate Loqbox Income?

Setting up your Loqbox Income policy with our partner Eleos is quick and easy. And it all takes place online.

Get a 100% no obligation quote now. Find out more and get started with Eleos here: https://app.uk.loqbox.com/income

If you can’t see an option to sign up for Loqbox Income, it may be that it isn’t available to you just yet. Due to high demand, we’re rolling Loqbox Income out gradually. We’ll make sure you get your chance to sign up soon.

What if I need to change or cancel my Loqbox Income policy?

You can cancel or make changes to your Loqbox Income policy at any time. Because Loqbox Income is provided by our partner Eleos, you’ll need to visit their portal to make any changes to your policy. You can access your Eleos portal from Loqbox here: https://app.uk.loqbox.com/income . Or you can visit them directly by going to https://support.witheleos.com/.

Are Loqbox providing the insurance policy?

No, Eleos is the provider - Loqbox provides the introduction to the service. Loqbox does not select or finalise the policy terms. Eleos is responsible for providing key information about the insurance policy, such as policy terms, coverage and pricing and will arrange the insurance for you. If you have any questions about your policy, please visit https://support.witheleos.com/.

Still got questions? You should find the answers in the relevant sections above.

Build my credit score

Still need answers?

Head over to our help page to find out more.

Your Loqbox questions

Here’s what our members are saying about Loqbox

What we do

Loqbox Save

Loqbox Grow

Loqbox Rent

Loqbox Coach

Our mission

Learn

Improve your credit score

Boost your credit score

Build your credit history

Loqbox Learn

Blog

Get help

Support

FAQs

Work with us

Partners

Careers

Legal stuff

Terms of use

Privacy notice

Cookie policy

Complaints policy

Member's agreement

Loqbox tariff

News

Newsroom

Social

News

Newsroom