Why does Loqbox Save show in my credit file as a loan?

  • Updated

Your Loqbox Save is powered by a 0% interest loan from our sister company, Loqbox Finance. This is the magic that makes Loqbox Save a credit-building super-power


To boost your credit score, you need to play the credit game by taking out credit and making those monthly repayments. This proves to future lenders that you're a responsible credit player – and that's what your credit score is all about.


When you hopped on board with Loqbox Save, you decided how much money you wanted to save each month. That became your trusty monthly savings payment. Then, you received a digital savings voucher that's worth a year's worth of your monthly savings payments.


Here comes the cool part: You used some 12-month, interest-free finance from our sister company,Loqbox Finance, to buy that nifty voucher. This magical transformation turned your monthly savings payments into finance repayments, painting a picture of your responsible financial management for all those future lenders to see.

With each monthly repayment, your finance balance gets smaller – and that's your ticket to credit-building success. As your finance balance shrinks, the amount you'd receive when you ‘unlock’ your Loqbox Save goes up by that same amount.