Is Loqbox a good idea?

Asked by: Gerardo Murray Jr.  |  Last update: February 9, 2022
Score: 4.2/5 (7 votes)

Summary. Overall LOQBOX* is a great idea, especially if you are struggling to build up your credit rating. Creating a product that helps you to save as well as improve your credit rating (without allowing you to spiral further into debt) is both simple and clever and makes you wonder why no-one has thought of it before ...

Is LOQBOX safe to use?

Is LOQBOX safe? LOQBOX is authorised and regulated by the Financial Conduct Authority (FCA). Any money you put into your LOQBOX is protected (albeit in a roundabout way) by the Financial Services Compensation Scheme (FSCS).

How do I get my money back from LOQBOX?

Effectively, you'll get back what you've paid in so far. After making monthly payments for a year, your loan is repaid and you leave LOQBOX with an improved credit score and your money back into a new account for free.

Will unlocking my LOQBOX affect my credit score?

When you 'unlock' your LOQBOX Save early (before the 12 months time period), this won't directly impact your credit score. ... As you make your monthly LOQBOX Save payments, they'll report these payments to the credit reference agencies and it will positively impact your payment history and credit score.

Do you get a loan from LOQBOX?

Is LOQBOX a loan? No. LOQBOX itself is technically a cash redeemable savings voucher. But you use a 0% APR loan provided by our sister finance company, LOQBOX Finance US LLC, to buy the voucher.

LOQBOX talks to Finder about saving while improving your credit score

40 related questions found

Does LOQBOX work in USA?

Multi-award winning UK Fintech Loqbox today announces the launch of the only free credit building solution (irrespective of where they bank) across 40 states of America.

Does LOQBOX do a hard search?

Loqbox won't run a search of your credit score beforehand, so no one should be excluded from opening an account. You will need a bank account which allows direct debit payments to set up an account.

Can you cancel your LOQBOX?

Yes. You can cancel your LOQBOX Save by unlocking your savings. When you unlock your LOQBOX Save you get back the amount you've paid so far. Anything you haven't paid back is used to settle the outstanding loan, so you can unlock whenever and never be left in debt.

Can you have 2 LOQBOX accounts?

We don't recommend having more than one LOQBOX Save at a time. Because LOQBOX Save is financed, taking out more credit while trying to build a good credit history can have a negative impact.

What is ClearScore LOQBOX?

ClearScore x LOQBOX will allow customers to view their credit-building progress, learn how to build a healthy credit score and receive updates all in one place. Co-Founder and Co-CEO of LOQBOX, Gregor Mowat commented: “This world-first partnership and integration is a huge step towards ending financial exclusion.

What is Pockit LOQBOX?

Pockit LOQBOX has helped people improve their credit score by more than 100 points. If your credit score hasn't improved after 12 months, we'll refund your Pockit LOQBOX setup fee.

Do you get your money back from Portify?

How long does it take to receive my funds from Portify? We release the funds as soon as our system verifies and approves your Flex Finance application. When you first withdraw it can take up to 72 hours for your bank account to be verified and funds to be released.

Does Kikoff report to all 3 credit bureaus?

Kikoff is an official data furnisher for Equifax and Experian. We report all customers' monthly payments to Equifax and Experian. Most lenders check two bureaus and mortgage lenders are required to check all three bureaus, so our members are well-covered.

Is Kikoff real?

Unlike many other credit-building services, the Kikoff Credit Account is legitimately free. They don't charge interest on your purchases or fees for the privilege of using the account. There's no charge even if you miss a payment, though they'll lock your credit line until you make up for it.

Has LOQBOX got an app?

Emma is a free app available in the App and Play Store. Emma aggregates all of your bank accounts and credit cards in one place, in one slick interface.

Does MoneyLion report to credit?

Free credit monitoring — MoneyLion offers free credit monitoring powered by TransUnion. You'll get a full credit report so you can review it for any potential errors or fraudulent activity.

Who is DDC financial Solutions?

DDC Financial Solutions is a B2B financial services provider that specialises in E-commerce solutions. We make it easy for online business owners to create easy and seamless point of sale solutions to eliminate any potential friction a customer could face when purchasing items.

What is KOVO grow?

Kovo Grow is financial wellness education designed to help you achieve your life goals. This includes a comprehensive collection of helpful guides on topics such as buying a car, owning a home, building a business, doing contract work, among other things.

What is Portify and how does it work?

Free: After you connect a bank account, we scan your account for recurring subscriptions and bills. We then send smart alerts to encourage on-time payments of your recurring expenses. This shows you can repay expenses on time and in full, and can help build your credit score.

How can I build my credit score?

How to Build Credit Without a Credit Card
  1. Pay all your existing loans diligently. Payment history is the most important aspect of your credit score, so pay close attention to your existing debt. ...
  2. Installment loans can give your scores a lift. ...
  3. Nonprofit lending circles. ...
  4. Have your monthly bills added to your credit report.

Does pave work?

Is Pave any good? The Pave app brings together a range of features that can be useful for gig economy workers and is nicely tailored to their needs. The app still needs a bit of work, but all in all, it does a good job of predicting your expenses and cash flow and helping you stay on top of it.

What banks do Loqbox use?

LOQBOX has a number of partners that it works with, including Starling Bank, Shepherds Friendly, TSB, RBS and NatWest. If you would rather the money was paid into one of your existing accounts then you can opt for LOQBOX's premium service and pay a £30 fee.

Who is Pockit owned by?

Pockit founder and CEO Virraj Jatania. Pockit A fintech startup offering banking services to the poorest people in society and backed by legendary Manchester United manager Sir Alex Ferguson has transacted over £100 million ($131 million) in the last year alone.