Growing your credit score can save you £1000s on the interest you’ll pay to borrow money using credit cards, loans and mortgages. To give you an idea, here’s how changes in credit score might save you on average:
* Based on the difference in interest rates achievable with Poor and Fair credit ratings.
** Based on the difference in interest rates achievable with Poor and Good credit ratings
Lenders make money by charging interest on your borrowing. The lower your credit score, the more likely it is that you’ll be charged higher interest. This can mean you end up paying back much, much more than the original loan amount (possibly many times the value of what you originally borrowed)!
By growing your score with Loqbox, we can help you access better interest rates reduce your overall cost of borrowing.