How does Loqbox Save work?

Loqbox Save grows your credit score by helping you prove your creditworthiness to credit reference agencies (CRAs) – the companies that compile and keep your credit report.

If you have a good credit score, 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 Save. 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 cancel Loqbox Save 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 Loqbox Save loan is repaid. Now it’s time to celebrate. With an improved credit score you can go on to access loans, credit cards and mortgages — and save £1000s. You can choose whether you want to unlock your savings into a new bank account with one of our trusted partners for free, or into an existing bank account for £30. 

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