Chapter 01 · The report
Widening access to appropriate, affordable credit is an important part of financial inclusion. But access alone is not enough. Credit must be suitable for the individual and provided at a point when they are equipped to manage it sustainably.
Different parts of the market are working towards this goal in different ways. Open Banking can help lenders build a broader picture of an applicant’s circumstances where conventional credit data provides an incomplete view. However, additional data cannot always address a limited credit history: where someone has little or no experience of borrowing, there may still be insufficient evidence of how they manage credit over time.
Other providers have extended lending to people with non-prime credit profiles. This can improve access, but it also reinforces the importance of robust affordability assessments, appropriate product design and support for customers who may be at greater risk of financial difficulty. Recent market data indicates that early arrears are increasing among some newly originated credit-card and unsecured-loan accounts.
Loqbox offers a complementary route. It gives members an opportunity to build a payment history, strengthen their financial capability and demonstrate positive financial behaviours before seeking wider access to credit.
Our aim is not access at any cost. It is to help members become better prepared to use credit safely and to improve these individuals’ prospects of accessing products that are appropriate for their circumstances.
Our analysis follows 291,050 members who joined Loqbox between 2022 and 2024, for up to 24 months after sign-up, and includes 1.6 million credit observations.
We linked what each member did with us to the credit record held on their file. That meant we could group members by behaviour rather than reporting a single average: how many monthly payments they made, and whether they kept up their payments elsewhere at the same time.
We grouped members by starting position - thin file or new to credit, a history of adverse credit information, and mainstream profiles. Thin file and new to credit members make up around 70% of the members in our analysis.
We also worked with our partners to compare the outcomes observed in Loqbox members with the credit profiles of over 300,000 similar individuals who had not used Loqbox, as a control group.
Credit score improvements were strong
+73 points
average credit score increase in the first year vs no increase for comparable consumers
Members who kept up with their Loqbox payments throughout the year, and didn’t miss any payments elsewhere, saw their credit score increase by around 73 points on average. Comparable consumers who did not use Loqbox showed no increase.
Improvements continued over time
+95 points
added to credit score over two years
Over two years, members who maintained all their payments added around 95 points to their credit score.
Consistent payments were associated with stronger outcomes
24 points
average first-year improvement across all members
Across all members, including those who missed payments or did not complete the year, the average first-year improvement was 24 points, around a third of the gain seen among members who paid consistently.
Members starting in sub-prime made the greatest gains
+137 points
members who joined with a sub-prime credit score
Those who joined with a sub-prime score and made all payments to us and other financial accounts over a year added on average around 137 points.
Credit card access increased
15% → 46%
thin file members holding a credit card
Among thin file members, the proportion holding a credit card rose from around 15% to over 46%. Among comparable consumers who did not use Loqbox, it rose from 22% to 29%.
Most consistent members improved their score
90%
Loqbox members saw their score improve over two years
Among members who maintained their payments for two years, 90% saw their score improve, compared with 70% of members overall. Almost half (45%) improved by 100 points or more.
Balances remained broadly stable
£450
average credit card balance, thin file members, first year
In the first year, average credit card balances remained around £450 among thin file members and around £600 across all members.
Mortgage holding increased
<1% → 2.3%
thin file members with a mortgage, over two years
The proportion of thin file members with a mortgage account recorded on their credit file more than doubled, from below 1% to around 2.3% over two years, compared with a 20% increase among comparable consumers.
Chapter 01
Chapter 02
Chapter 03
Chapter 04
Chapter 05
Chapter 06
Loqbox Impact Report 2026
…or talk to us about partnering.
.png){kind=small}