How does Loqbox Save work?
Loqbox Save grows your credit score by helping you build a positive credit history. Before deciding to lend money to you, lenders look at your credit history. This shows them how reliable you’ve been with borrowing money in the past. If you have been reliable, lenders are more likely to trust you with their money and give you access to better deals. Better deals save you money on things like credit cards, loans, mortgages and cell phones.
Here’s how we do it…
Step 1: Save
Choose how much you want to save each month. It can be anywhere from $20 to $200.
This is used to calculate your annual savings goal by multiplying your monthly savings by 12.
A 0% APR loan for that amount is then locked away in your Loqbox Save, so you won’t be able to spend it.
Step 2: Build
Each month as you make your loan repayments, Loqbox reports them to the credit bureaus (Experian, Equifax and TransUnion).
If you make your regular payments on time this builds your credit history and should cause your credit score to go up.
A year of regular payments gives you the best shot at growing your credit score. But you can cancel Loqbox Save at any time and get back what you’ve paid in so far.
Step 3: Unlock
Once you hit your savings goal, we release every penny into a new bank account for free, or into an existing account for $40.
We know savers find it easier to keep their hands off their savings when they’re kept separate from their day-to-day funds. That’s why we recommend transferring your savings into a dedicated savings account.
We get paid by our partner banks for introducing them to new customers, which is how we keep Loqbox Save free. But if you’d prefer, you can opt for our Flexi Unlock premium add-on and unlock into an existing account for $40.
Now it’s time to celebrate. With an improved credit score you can go on to access loans, credit cards and mortgages — and save $1000s.