What happens if I miss a Loqbox Grow payment?

  • Updated

We understand that life can throw curveballs, and we're here to support you every step of the way. Let's dive into what happens if you miss a Loqbox Grow payment, and rest assured that we're here to guide you through it:


Multiple Tries: If your payment didn't go through initially due to reasons like insufficient funds or an expired card, don't worry. We'll give it several attempts throughout the month.


Extending a Hand: If, by the end of the month, the payment still hasn't gone through, there's no need to stress. For those with a Loqbox Save account, we'll seamlessly deduct the missed payment from there.


Strategic Approach: If you owe more than one month's worth of payments, we'll bundle them together and address them collectively. However, if your Loqbox Save account balance isn't enough to cover all the payments, we'll focus on the oldest one first. This approach ensures that a series of missed payments won't unexpectedly appear on your credit report and minimises any impact on your credit score.


Guarding Your Savings: While we're safeguarding your credit score, please note that any payments collected from your Loqbox Save account will affect the amount available for withdrawal when you unlock it.

No Loqbox Save?: If you're without a Loqbox Save account and face challenges making your Loqbox Grow payments, we would need to report the missed payment to the credit reference agencies, which could have an  impact on your credit score. To avoid this, ensure your bank account has the necessary funds for your debit card payments and that your card details are up to date.


Remember, we're not just a credit building tool, but a supportive community rooting for your success. If you ever need assistance, don't hesitate to reach out. Keep up the incredible effort, and let's keep working towards a richer life together.