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, using Loqbox Lite, 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 to a different membership tier, downgrade to the free version
of Loqbox, (Lite), or cancel, depending on what your current membership plan
is.
To find our more about what’s included in each membership tier, read
Change your membership without cancelling below.
How to downgrade to another membership tier
You can change your membership quickly and easily. Here’s what to expect:
✅ What always happens when you change membership tier:
- Your credit-building tools change. If you downgrade, you’ll have fewer options, and if you upgrade, you’ll get more.
- Your current tier and benefits stay active until your new start date
- You’ll keep the same weekly billing day
✅ What always happens when you downgrade to free membership:
- 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 when you downgrade to free membership:
- 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
There are two ways to change how you use Loqbox:
- Downgrade or upgrade and continue to build credit with Loqbox, or choose between Standard, Silver and Gold membership.
- Close your Loqbox account and stop building credit
To close your account, downgrade to Lite (the free version of Lobox) 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 tier
- 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 one of our older features active, called a “bolt-on”, you’ll see a reminder that it’s about to be switched off. Once the bolt-on is off, it can’t be restored.
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?
If you’re outside of the cooling off period, your membership features will remain active until the end of your billing cycle. If you’re still in the cooling off period, the downgrade is immediate.
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 to the free version of Loqbox, 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.
Different tiers of membership come with different benefits, including different Grow savings limits and associated lines of credit, and access to Nooli with Silver and Gold.
When you downgrade, you may lose access to some of those benefits, but you can continue to use them until the end of this billing cycle.
Check the specifics of your membership for more details.
Can I open my closed Loqbox account?
Once an account is fully closed, it cannot be reopened. To use Loqbox again, you would need to create a new account using a different email address.
What you'll need to get started again
- A different email address that has not been used with Loqbox before
- Your personal details to complete the sign-up process
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.
There are three tiers of paid membership:
- Standard: £2.99 per week. Eligible for up to £250 savings limit and an associated line of credit.
- Silver: £5.49 per week. Eligible for up to £1,000 savings limit and an associated line of credit, plus access to Nooli at no extra cost.
- Gold: £7.99 per week. Eligible for up to £2,000 savings limit and an associated line of credit, plus access to Nooli at no extra cost.
If you had Gold membership, you could downgrade to Silver, for example. You’ll pay the new price in the next billing cycle. You’ll keep your current tier benefits until the change happens, then pay the full new weekly price.
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. 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.
If I change my membership, will I get another free trial?
No, you can only have one free trial.
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.
If you use Loqbox Grow, your membership is paid for using your Loqbox line of credit, 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.
Submit a support request here and send us the details of your enquiry. We'll review your request and respond via email as soon as possible.
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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