Will unlocking my Loqbox Save early have a negative impact on my credit score?

  • Updated

Great question! Unlocking your Loqbox Save early won't directly cause any negative impact on your credit score.


Here's the scoop: When your Loqbox Save loan first pops up on your credit report, you might notice a slight dip in your score. No worries, though! This happens because the credit reference agencies (CRAs) are still getting acquainted with your payment pattern. As you make your monthly payments, we report them to the CRAs, which actually gives a boost to your payment history and credit score.

Now, ‘unlocking’ early could interrupt this process, and the initial dip might not fully recover if you unlock before completing all your payments. That's why we usually recommend letting your Loqbox Save journey ride its course. Of course, we totally understand that life can be unpredictable, so if early ‘unlocking’ becomes necessary, we're here to guide you through it.