If stepping away from Loqbox feels right, that’s okay. We'll always cheer you on to do what’s right for you. In this guide, we’ll help you to downgrade or close your membership quickly and easily, with no stress.
Quick summary
- You can close or downgrade at any time
- You can only close your membership completely if you downgrade to a free account first
- If you’re not sure what’s included in your membership, and you just want to get to grips with what you have, log in and check the active features in your account
⚡ Fast cancellation help
In your account is an area where you can Manage Membership. From here you can downgrade or cancel, depending on what your current membership plan is.
How downgrading works
You can change your membership quickly and easily. Here’s what to expect:
✅ What always happens:
- When you cancel your paid membership, you'll downgrade to a free version of Loqbox
- After you've downgraded, you can close your account at any time
- You won’t be charged again for membership after cancellation
- You’ll still have access to your benefits until the end of your billing period
- You can upgrade and get going again at any time
💡 What might happen, depending on your features:
- If you have Save, you can continue payments as normal after you downgrade
- If you have an outstanding Grow balance, we will bill for that in the next cycle
How to change your membership step-by-step
It depends on which plan you’re on, but there are two ways to stop using Loqbox:
- Downgrade and continue to build credit for free
- Close your Loqbox account and stop building credit
To close your account, downgrade to free membership first.
Steps to downgrade
- Log in using your username and password
- Navigate to ‘Account’ in the top right
- Select ‘Membership’
- Scroll down to Manage Membership
- Select ‘Choose a different membership plan’
- Select ‘Lite’, the free version of Loqbox membership
- Scroll down and click ‘Continue to downgrade’
A few things to be aware of:
- You’ll be asked why you’d like to downgrade, and we use your answer to improve the Loqbox experience, so be as honest as you like.
- We might also offer you an incentive to keep your paid membership. You can change your mind at this point, or carry on to downgrade.
- If you have Bolt-ons, you’ll see a reminder that they’re about to be switched off.
Once you’ve been through all these steps, you’ll see a confirmation that you’ve downgraded.
Now you have a free version of Loqbox.
Steps to close your account
You can only completely cancel your membership after you’ve downgraded. To make sure you’ve downgraded, follow the steps to downgrade above.
To completely cancel:
- Log in using your username and password
- Navigate to ‘Account’ in the top right
- Select ‘Membership’
- Scroll down to 'Manage Membership'
- Select ‘Cancel my membership and close my Loqbox account’
- We’ll ask you why you’d like to leave. To cancel, click ‘Confirm’
How to cancel a yearly membership
- Follow the same steps above
- Your membership will remain active until the end of your 12-month period
- You won’t be charged again after that
- Refunds aren’t offered for unused time
Cancelling during the cooling-off period
Within 14 days of signing up, you have the right to cancel and receive a full refund. It will happen automatically, so you don’t need to do anything.
If you're already a Loqbox member: Log in and look for a purple help button to chat with our team.
Not a member yet or can't log in? Submit a request here.
When will the charges stop?
Your membership features will remain active until the end of your billing cycle.
If you're using Save, your agreed Save payments will continue even after you downgrade.
- If you cancel a monthly plan, you won’t be charged in the next billing cycle.
- If you cancel a yearly plan, no new charges will be taken, and the membership stays active until the year is up.
- No refunds are offered outside the 14-day cooling-off period.
What happens when you cancel?
The credit-building signals we’ve been helping you send will stop.
In other words, we won’t report the information that builds your credit history to the Credit Reference Agencies (CRA).
The good news is that every successful payment you make is recorded in your credit history. It’s success that stays with you.
What happens to your Grow balance?
When you downgrade your membership, we close your Grow so you won’t have a line of credit.
It could mean you’re using more of your available credit, increasing your credit utilisation, which can sometimes affect how lenders view your credit history.
Any balance you built up before downgrading will be paid in your next billing cycle. There won’t be any future payments.
How will cancelling affect your credit history?
Without positive credit-building signals, your credit history will likely change over time.
Your credit history may also look slightly different depending on which CRA you’re checking, and that’s normal, too.
If you’re using Loqbox Save, you can continue saving until you unlock your savings at the end of your 12-month period.
Your access to features like Bolt-ons, Coach or Rent will end once your membership expires.
Change your membership without cancelling
There are three ways we think you can keep going on your credit-building journey with Loqbox:
1. Downgrade and access two credit-building tools for free
Downgrading is a good option if you want to pause spending and keep growing your credit history.
You can downgrade and build credit for free. When you downgrade, you can access Save, one of our credit-building tools. If you want to downgrade, visit Manage Membership and adjust your plan from there.
Extra info:
2. Cancel Bolt-ons
This is an option if your membership is too expensive. Let’s say your membership itemisation looks like this:
- The monthly cost of membership (how much exactly depends on the length of the month, but it’s always £2.99 per week)
- A monthly £30 Save payment
- A monthly Silver Bolt-on for £10 per month
It quickly adds up, so you could always cut back for a little while.
You could cancel the Bolt-on, or even downgrade your membership, just for a short time, until you’re ready to ramp things up again.
If you downgrade, it closes your Grow. Any outstanding balance on your Grow will be taken in the next billing cycle.
Extra info:
3. Stop your Save and unlock early
Yes, you can stop Save and unlock your savings early.
There is a small consideration that we need to talk about.
Save is financed by a 0% APR loan. If you stop Save, and unlock early, you’re ending a finance agreement, and that could affect your credit history.
If you withdraw your savings to an existing bank account, the unlock fee of £30 still applies.
Extra info:
💬 FAQs
I’ve cancelled Grow. Is my membership cancelled too?
No. You can cancel Grow and still have a membership.
Membership and all Loqbox features are managed separately. You can set them up and cancel them as you like.
Log in, check your membership, and the features you’re using right now. From your profile, you can switch features on and off, downgrade and upgrade.
Can I get a refund?
If you cancel within 14 days of signing up, yes. Outside of that, we don’t offer refunds. Your membership will remain active until the end of your billing term.
What if I can’t log into Loqbox?
There are a few things to try here:
- Your username is your email address. If you can’t remember your username, open your emails and search: ‘Your free trial starts here’. That’s the first email we ever sent to your registered email address. Try using that to log in.
- If you can’t remember your password, reset it. Go to Log in and click ‘I need a new password’. Fill in your email address and we’ll create a new password.
- If you’re still stuck, don’t worry. You can speak to us by filling in this form, and we’ll get back to you as soon as possible.
Why do I need to cancel officially?
If you cancel your membership using the steps above, it will protect the health of your credit profile.
Membership is paid for using a credit account, and the payments are automatic.
If you miss payments to Loqbox or other credit accounts, it may harm your history and progress because missed payments are reported to the CRAs - we don’t want that to happen.
Can I pause my membership instead?
Unfortunately, we don’t offer a pause option for membership yet.
You can stop your Save journey, cancel your Grow payments, or downgrade instead.
Will cancelling affect my credit history?
If you completely cancel and close your Loqbox, the positive credit building signals we send to the CRAs will stop.
If you keep your Loqbox, but don’t make repayments as agreed, that would hurt your credit profile.
Need help?
Can’t find what you’re looking for, or still unsure how to cancel, end your membership, or leave Loqbox? Please contact our member support team.
If you're already a Loqbox member: Log in and look for a purple help button to chat with our team.
Not a member yet, or can't log in? Submit a request here.
Thank you for being a Loqbox member
You’ve already done something powerful by taking steps to improve your financial future, even if that journey looks different now.
If you’ve cancelled, we’ll be here ready to pick things up again if you ever want to come back. 🫶
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