Your LOQBOX questions

Who is eligible?

All 50-point Promise customers are eligible.

What are the monthly prizes?

Each month we run a free prize draw for our 50-point Promise customers. Each month we will give away cash prizes to help you reach your goals. The prizes can change each month.

How are my LOQBOX payments taken?

When you set up your LOQBOX you submit your Debit Card details. This means we can automatically charge your debit card details for each monthly instalment on the morning of the date it is due. We do this using a Continuous Payment Authority or CPA.

If we are unable to collect your payment we will email you to let you know and you will need to log in to your LOQBOX to manually resubmit it.

Don’t forget to keep your card up to date on your LOQBOX for us to be able to do this.

Why does it take so long to get my money back if i cancel my LOQBOX the same day as a payment is taken?

When you cancel your LOQBOX the same day as your payment is taken the card issuer (typically your bank) will ring-fence your funds to stop us receiving them. As we will never receive your funds we are powerless to impact the process of your funds being returned.

Your issuing bank will process your refund, this can take up to 7 working days (but in our experience typically takes around 5), we do not know why this process is so long.

If you have not received your funds after 7 working days please feel free to get in touch and we will attempt to help you locate your funds.

How do I get the Points Promise?

If you’re new to LOQBOX, you can choose a Points Promise when you sign up. Or, if you’re already with us, you can activate one any time. Just log in to My LOQBOX, make your choice, and accept the terms and conditions. Remember, your Points Promise only counts if you make all your credit payments on time. 

What is the LOQBOX Points Promise?

We’re always looking for ways to make LOQBOX even better. And we’re so confident you’ll grow your credit score with us, we’re offering you a cast-iron Points Promise: Grow your credit score or we’ll grow your savings. Choose from three Points Promise packages.

LOQBOX 50-point Promise
Grow your credit score by 50 points or we’ll pay 5.0% interest on your LOQBOX savings
+ free personalised financial plan
+ free Flexi Unlock (after 8 months)
+ jump-the-queue support
+ Monthly cash prizes
£10 a month– taken from your monthly payments

LOQBOX 25-point Promise
Grow your credit score by 25 points or we’ll pay 2.5% interest on your LOQBOX savings
+ free personalised financial plan
+ free Flexi Unlock (after 12 months)
£5 a month – taken from your monthly payments

LOQBOX 10-point Promise
Grow your credit score by 10 points or we’ll pay 1.0% interest on your LOQBOX savings
free personalised financial plan
£0 a month


Who adds the points to my credit score?

We report your monthly LOQBOX payments to the Credit Reference Agencies and they gauge the impact of these on your creditworthiness (along with all your other credit-related commitments). This is measured by the credit score they generate. To be clear we have no direct control of your score. But we are so confident in our product that we are prepared to back it with our Points Promise.

What happens if my score doesn’t go up as promised?

If, after all 12 monthly credit builder payments, your credit score hasn’t grown by at least 10, 25 or 50 points (depending on which Points Promise you opted for), simply get in touch with our customer support team via LOQBOT.

Before they calculate and send you the interest you’re due, they’ll just need a copy of your current credit report to show what your credit score is now, and a screenshot of what your credit score was when you started LOQBOX.

(That’s why we recommend taking a screenshot of your credit score when you first sign up. You’ll need it if you want a personalised LOQBOX financial plan anyway, so that’s a handy way to make sure you remember.)

How do you calculate Points Promise interest?

Just like a normal savings account, we calculate interest monthly, based on how long the money has been in your account. Your first monthly credit builder payment earns 12 months’ interest, the next payment 11 months’ interest, and so on. More information can be found in the terms and conditions


How do I pay for the 25-point or 50-point Promise?

We automatically take your £5 or £10 monthly payments for these from your LOQBOX balance (the credit builder payments you’re paying in anyway), so you don’t need to worry about paying any extra.

What if I don’t want my Points Promise any more?

You can cancel any time. Just log in to My LOQBOX and look for your ‘My LOQBOX’ section. Any extras that form part of your package (like jump-the-queue support or cashback Perks) will stay available to you till the end of your current payment month.

Can I switch between Points Promises?

Not right now. But we’re working on a way for you to be able to upgrade or downgrade your promise soon.

If I cancel my Points Promise, can I keep my LOQBOX?

Yes. Your LOQBOX credit builder is yours until the end of your 12-month term, or until you unlock.

If I cancel my Points Promise, do I get my Points Promise payments refunded?

No. If you’re on our £5 or £10 a month Promise, you won’t be charged for it after you cancel, but you won’t get back the monthly payments you’ve made so far.

If I quit LOQBOX, or complete my 12 months and unlock, can I still get Perks?

No. To continue getting Perks, you’d need to sign up for another LOQBOX and choose a new Price Promise package with Perks.

What happens to my Price Promise if I miss LOQBOX payments?

If you miss two credit builder payments, we’ll cancel your Price Promise. By that point, we’d have reported at least one missed payment to the CRAs, meaning you can’t claim against your Price Promise.

If you were on our £5 or £10 a month Promise and happy to continue paying to get your Perks or other benefits (but not your Price Promise), you could get in touch with customer support via LOQBOT to reactivate.

How do I use jump-the-queue support with my 50-point Promise?

As a customer with the 50-point Promise, you are entitled to jump-the-queue support.  Just log-in and contact us using the ‘Get in touch’ form in your user area. This will automatically flag your query as high-priority for our customer support team. If you just send a normal email to support there is no way to identify you – and you’ll be treated on the normal first-come-first-served basis.

Does the Points Promise affect the amount that is reported to the Credit Reference Agencies?

No. Payment for your Points Promise is deducted from the available balance in your LOQBOX. At that point, your LOQBOX  funds have already cleared a portion of your outstanding loan balance.  This means there is no change to the amounts reported to the CRA’s.

What time do you take payment on my chosen payment date?

We aim to process all payments at 4 am on your chosen payment date.

Can I crack open my savings any time?

Technically, yes. When you break open your piggy bank, 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.

What if I struggle to keep up the monthly payments?

You should quit LOQBOX right away. You’d miss out on growing your credit history, and we’d report your loan as settled debt, but unlocking early is far better than missing a payment, which would harm your credit history.

Could using LOQBOX harm my credit score?

The LOQBOX credit builder is designed to work over a series of 12 monthly payments. Make all 12, and you should see an increase in your credit score.

If you quit LOQBOX early, you’re unlikely to see the full benefit. Particularly if you quit in the first few months. Most LOQBOX users see their credit score dip initially, before heading in the right direction. We call it the ‘Credit Tick’, and it’s totally normal. But, if you quit in the middle of the Credit Tick, you could leave LOQBOX with a lower credit score than you started with.

If you miss a LOQBOX payment, we’d have to report it to the CRAs, which would harm your credit score. But you can always unlock to avoid missing a payment, so this should never happen.

How much could I save with a better credit score?

Growing your credit profile can save you thousands on the interest you’ll pay to borrow money – 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

Isn’t there a quicker way to a better credit score?

Afraid not. Things like setting up payments with your bank take time, and the credit reference agencies don’t report until 30 days after they hear from us, which is why it takes a few months to see changes.

The sooner you start, the sooner we can begin reporting your payments. And, with debit card payments now available, there’s never been a faster way to get up and running.

> Sign up with a debit card

Can I change my first paying in date?

Sorry. Once you’ve set up a LOQBOX, your first payment date is set and you cannot make changes to it.

The only workaround would be to quit and unlock your existing LOQBOX (because you’re yet to make your first payment, you wouldn’t need to open a free account), then set up a new LOQBOX with the different first payment date.


Can I change or delay my monthly paying in date?

Yes. You can move any payment (except your first one) to a different date in the same calendar month (as long as it’s not in the past, of course). Just log in to My LOQBOX, find ‘Personal details’ and choose ‘Amend my details’.

When is my paying in date?

You can find your payment date any time in My LOQBOX. Just log in and look for ‘Payment history’.

You can change this date at any time to another day within the same calendar month (as long as it’s not in the past, of course).

Can I pay in weekly or every four weeks, rather than monthly?

Nope. We have to take your payment on the same day of each month. This date is set when you sign up for LOQBOX.

How do I change the card I use for paying into my LOQBOX?

Just log in to My LOQBOX, find the ‘Personal details’ section and click ‘Update my card’. Then just follow the onscreen instructions to set up your new card.

What do DDC Financial Solutions have to do with it?

They’re our sister finance company and the people who’ll provide your interest-free loan.

How do I pay a missed or arrears payment?

If your LOQBOX payments are made by card, we will only attempt to collect the payment once.

If you miss a payment, you’ll just need to log into your LOQBOX members’ area and request we take the payment again by clicking “Pay now”.

How LOQBOX works?

How does LOQBOX credit builder work?

LOQBOX grows your credit score by helping you prove your creditworthiness to credit reference agencies (CRAs) – the people who compile and keep your credit report.

In turn, lenders are more likely to trust you with their money, giving you better borrowing deals and saving you on the interest you’ll pay on things like credit cards, loans, mortgages and phones.

Here’s how we do it…


Step 1: SAVE

You decide how much you could comfortably save over a year. We lock away a 0% APR loan for that amount (issued by our finance partner DDC Financial Solutions) in your LOQBOX. Think of it like a digital piggy bank.

Let’s say you wanted to save £1,200 in a year. We’d lock away a loan for that amount, which you’d repay in 12 interest-free monthly payments of £100.


Step 2: GROW

We report your monthly loan repayments to the three main CRAs, which shows them you can handle credit, improves your creditworthiness and grows your credit score.

A year of regular payments gives you the best shot at growing your credit score, but you can quit LOQBOX any time and ‘unlock’ the loan inside, less anything you still owe. Effectively, you’ll get back what you’ve paid in so far.


Step 3: UNLOCK

After making monthly payments for a year, your loan is repaid and you leave LOQBOX with an improved credit score and your money back into a new account for free.

We know savers find it easier to keep their hands off their savings when they’re kept separate from their day-to-day funds. That’s why we recommend paying your LOQBOX savings into a dedicated savings account.


We get paid by our partner banks for opening a new account for you, which is how we keep LOQBOX free. But if you’d prefer, you can opt for our Flexi Unlock premium add-on and unlock into an existing account for £30.

How much will LOQBOX grow my credit score by?

There are too many influencing factors outside of LOQBOX for us to give you an exact figure.

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 payments each month, you should be more creditworthy in their eyes.

Is LOQBOX really free?

If you’re happy to pay your LOQBOX savings into a new account with one of our partner banks, then yes.

We know from our research that savers find it easier to keep their hands off their savings when they’re kept separate from their day-to-day funds. That’s why we recommend paying your LOQBOX savings into a dedicated savings account.

We get paid by our partner banks for opening a new account for you, which is how we keep LOQBOX free. But if you’d prefer, you can opt for our Flexi Unlock premium add-on and unlock into an existing account for £30.

Is my money safe with LOQBOX?

Your savings are held in an independently verified, ring-fenced account with Barclays, meaning it’s totally safe.

How do I close my LOQBOX account (unlock)?

You can leave LOQBOX any time. Just log in to My LOQBOX, look for the ‘Unlock’ link at the bottom and follow the instructions from there.

If you haven’t made any payments yet, your LOQBOX will be closed down and there’s nothing more for you to do.

If you have made payments, you’ll be asked to open a new account to pay your LOQBOX savings into. Choose from a list of options and follow the link to set up your account, then return to My LOQBOX and enter the new sort code and account number. We’ll match these with the partner bank and transfer all your LOQBOX savings.

(If we can’t match the details you provide, your unlock will be considerably delayed.)

If you’d prefer not to open a new account, you can pay £30 to unlock your savings into an existing account using our Flexi Unlock premium add-on.

Why can’t I unlock my savings into an existing account for free?

When you unlock your savings into a new bank account, we get paid by our banking partners. This is how we can make LOQBOX free for you.

Once your LOQBOX funds are in your new account you can, of course, withdraw and spend them, although we hope you’ll carry on saving.

If you’d prefer to pay straight into an existing account, you can – with our Flexi Unlock add-on. Because using this method means we don’t get paid by our partner banks, we have to cover our costs another way, which is why Flexi Unlock is a premium service costing £30.


I’ve unlocked. Can I restart my LOQBOX?

Afraid not. Once you confirm you want to unlock (by clicking the second confirmation button) we instantly redeem your LOQBOX voucher and settle the loan with our sister finance company. This is the point of no return, and you’ll need to complete the unlock process.

But if you’d like to continue with LOQBOX, you can always sign up for another go.

Why have I had an email saying my Direct Debit has been cancelled?

This email is automatically triggered when you unlock your LOQBOX, whether that’s at the end of your 12-month term, or if you quit LOQBOX and unlock earlier.

You’ll also get this email if you’ve cancelled your own Direct Debit in order to set up a new one from a different account.

If you’ve cancelled your own Direct Debit thinking it’ll cancel your LOQBOX, it won’t. In order to quit LOQBOX and avoid missing your next payment, you’ll need to log in and unlock.

Is LOQBOX a loan?

No. LOQBOX itself 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, DDC Financial Solutions Ltd.

It’s all very clever, behind-the-scenes stuff, but if you really want to know… the finance is transferred from DDC to LOQBOX on your behalf when you ‘buy’ your LOQBOX (voucher) using the DDC loan.

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 savings today, you could choose to pay them into a range of free accounts from the likes of TSB, Starling Bank, RBS, NatWest, Shepherds Friendly, Pockit and more.

Which credit reference agencies (CRAs) does LOQBOX report to?

We report our data to all three of the main CRAs: Experian, Equifax and TransUnion (formerly Callcredit).


I’ve unlocked. Why isn’t my last payment showing?

It usually takes three working days from when a payment is taken from your account to when it shows in your LOQBOX. If you unlock while your last payment is still processing, it will be returned separately to the account it was taken from.

Please allow up to four working days to receive this back as we have to wait for the payment to complete to us before we can return it.

What payment methods can I use with LOQBOX?

We accept debit card payments from our new customers. If you‘d like to be one of them, sign up below.

> Sign up with a debit card

When will my credit score go up?

Most LOQBOX customers see a real improvement to their credit report after about four payments, with steady growth as they make all 12 monthly payments. It takes a little patience, but the savings you’ll make on credit cards, loans and mortgages are worth it.

Remember, there are other factors beyond LOQBOX that will be impacting your credit history. Be sure to read our regular LOQBOX Learn emails to help you manage these.

Can I have more than one LOQBOX?

We wouldn’t recommend it.

Because your LOQBOX is financed, trying to take out more credit (in the form of another LOQBOX) is likely to harm your credit history and defeat the point.

Does it matter how much I choose to pay in each month?

Yes, but what matters most is that you don’t commit more than you can comfortably afford.

How much you decide to pay each month will make a difference to your credit history. Future lenders will look at how well you’ve managed credit as part of their assessment of your creditworthiness, and showing you can manage £20 a month is very different from showing you can manage £200 a month.

But remember, anything you pay will make a positive difference. The most important thing is that you don’t overstretch yourself, as a missed payment will damage your credit history. Be sure to choose a monthly amount you can easily manage – even in the event of a financial emergency.

Is there a LOQBOX app?

We’re working on it. We’ll let you know when it’s ready.

In the meantime, we’re making our mobile web experience work as well as it possibly can for you.

What do I do if my credit report contains errors?

If you think anything regarding your LOQBOX is wrong, please get in touch with us, please use the contact us form in My LOQBOX.

Why can’t I see LOQBOX on my credit report?

First, make sure you’re checking for DDC Financial Solutions Limited and not LOQBOX on your credit report. Your data is reported by our sister finance company, not LOQBOX.

Also, the reporting of your loan data to the three credit reference agencies (Experian, Equifax and TransUnion) is always a little delayed at the start.

We report all data for activity in a given month on the 18th of the following month. So, a payment taken in January would be reported on 18th February.

We have seen it take up to 90 days for the first record to be created on a credit report, although it often happens much faster.

Ready to get started with LOQBOX?

Still need answers?
Head over to our support page where LOQBOT can answer 80% of your questions immediately.