HOW DOES LOQBOX WORK?

LOQBOX grows your credit score by helping you prove your creditworthiness to the credit bureaus – 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 cellphones.

Here’s how we do it…

Step 1: Save

Decide how much you can save into your LOQBOX each month for a year. We finance the full amount with a 0% APR loan (issued by our finance partner LOQBOX Finance US LLC). Think of it like a digital piggy bank.

Let’s say you wanted to save $1,200 in a year. We sell you a LOQBOX in that amount and issue you a 0% APR loan to pay for it, which you repay in 12 interest-free monthly payments of $100.

Step 2: Build

We report your monthly loan repayments to Equifax and TransUnion, 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 ‘unlock’ your LOQBOX at any time, receiving its face value less any amount 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 introducing them to new users, 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 $40.

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

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 introducing them to new users, 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 $40.

Your savings are held for your benefit in an account with BMO Harris Bank and are FDIC insured.

No. LOQBOX itself is technically a cash redeemable savings voucher. But you use a 0% APR loan provided by our sister finance company, LOQBOX Finance US LLC, to buy the voucher.

The finance is transferred from LOQBOX Finance LLC to LOQBOX on your behalf when you ‘buy’ your LOQBOX (voucher) using the 0% APR loan from LOQBOX Finance LLC.

The banks and financial service institutions we work with can change any time as new and exciting 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 Stash, Axos Bank, Nationwide Bank and CIT Bank.