One of the Cheapest Ways to Build Credit

LOQBOX is an solution that is innovative uses your monthly savings to build your credit history and boost your credit score. Our LOQBOX review provides pros and cons to help you decide if this product is right for you.

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LOQBOX was launched in the UK in 2017 and in 37 states that are US September 2020. credit builder loan, although not interested. Whenever you transfer your savings to a account that is new a partner bank, there are no fees whatsoever. LOQBOX earns revenue from fees paid by partner banks.

Strong Points

No Interest for No Fee Option

You can save money with a lump sum payment at the end of the term

FDIC insurance account for security

Access your funds anytime

Easy approval without credit check


$40 fee for depositing funds into an existing bank account

No interest on savings

Missing or delaying payments hurts your credit

LOQBOX looks like a solid, reliable and credit building solution that is debt-free. It is safe, low priced, and that can be coupled with other credit building strategies to create credit much faster.

As this service membership still is relatively new in america, it remains tough to assess its effectiveness and customer support.

How Does LOQBOX work?

This ongoing service works like a credit builder loan, but with some differences. Instead of applying for a loan that is specified fixed monthly installments because of the lender, set an annual savings goal. LOQBOX deposits the income into a account that is secure pays it in installments.

LOQBOX reports payments to Equifax, Experian, and TransUnion to build credit. When the amount is paid, the money is received by you and construct your savings.

There is a $40 fee for withdrawing the sum of the to your money. After you open a free account with a LOQBOX affiliated bank and transfer the amount that is total that account, the whole process is completely free.

As the name suggests, an account works like a box that is locked protecting your savings while building credit. At the conclusion of the 12 period, your account will be unlocked and you will be able to access your savings month. You can unlock early with no penalty. LOQBOX is easy to set up in minutes. There are no interest, no fees that are hidden with no credit checks.

You can decide payments that are monthly $20 and $200 ($5 increments). At the end of the withdrawals will range from $240 to $2,400 year.

for example

Let’s say make a decision to save lots of $100 every month. A $1,200 annual 0% loan can be obtained. Receive a voucher that is cashable.

You pay $100 each month. Monthly payments can either be made by direct debit from your own banking account or by debit card.

LOQBOX reports these monthly on-time payments to 3 credit that is major (Equifax, Experian and TransUnion). This creates a payment and credit history if you you should not miss or delay payments.

👉 At the conclusion of each term that is 12-month you can choose to transfer your funds to one of LOQBOX’s partner savings accounts or to your personal checking or savings account for a $40 fee. You can leave early without penalty.

How is LOQBOX different from a loan?

  • LOQBOX differs from loans in several ways. The differences that are main:
  • No credit check


You try not to have the cash property value the mortgage. Instead, buy cash savings that are redeemable and finance the purchase with a loan.

Features of LOQBOX

Here are some of the main features of LOQBOX:

reporting period

LOQBOX reports payments that are monthly. An initial loan may cause a credit score decline that is temporary. This often happens when you first open a credit account that is new. An improvement should be seen by you in your credit score within 3-4 months.

savings limit

You can save between $20 and $200 each month. That means a maximum savings limit of $2400 and a minimum of $240 over a period that is 12-month.

early unlock(you will receive everything you have saved up to that point*)If you choose to unlock early. You can choose to open a savings that are new with certainly one of LOQBOX’s range of partners or make use of the Flexi Unlock feature ($40) to transfer money to your banking account.

👉 you may not see a noticeable improvement in your credits.

late if you unlock within the first 3-4 months payment

LOQBOX may report payments that are late damage your credit. We recommend closing your account and withdrawing your money if you are having trouble paying. You won’t get all the benefits of building credit, but payments that are late hurt a lot more than maintaining your account open helps.

Payment date

When you sign up, you are able to choose your payment date for automatic direct that is monthly or debit payments. Choose this date carefully. It cannot be changed and payments that are late decrease your credit rating. Following the month that is first you can change the payment date within the same calendar month as long as it is not in the past.

customer review

Like any other credit building product. LOQBX reviews cannot be taken as absolute indicators of negative or positive. Many negative reviews of credit building products indicate a understanding that is poor of service, its limitations, or the realities of credit building. Some companies even seed reviews that are positive

Given these constraints, what can LOQBOX appear like from inside the review process?trust pilot👉 The majority of the reviews that are online from the UK as the service is very new in the US. UK review.Most Hosted

LOQBOX Trust Pilot Review

, is generally good. The company has given him an average of 4.5 out of 5 stars from 9,804 reviews.

In the US, the number of reviews is too small to reach any conclusions that are definite however the reviews are not all of that impressive.

👉 During that true point, LOQBOX reviews from US customers are not enough to draw any conclusions about the company.

self credit building loanLOQBOX vs Self

It works on the principle that is same LOQBOX. You might be approved for a financial loan amount between $520 and $1,663 and certainly will make payments that are monthly the loan amount is paid in full. You don’t receive cash, but you build savings to finance your loan. The funds will be transferred to your bank account after the specified accumulation period. Although the formulas for building trust are similar, you can find important differences to understand. This might be our self vs.

LOQBOX Reviews:


LOQBOX does not charge for basic service, but Self is free of charge.

  • Self-service rates are listed below:
  • $9 fee that is administrative account setup.
  • $0.30 + 2.99% fee for debit card payments. For $100, that would be $3.29.

The account that is early fee is capped at $5.

👉 in comparison, LOQBOX charges a $40 fee as long as you want to deposit funds to a non-savings partner banking account. Even for free by opening an account with a partner bank.

credit if you unlock it early, you can unlock it check

Neither Self nor LOQBOX perform rigorous credit that is referral, but Self partners with ChexSystem to ascertain eligibility and access bank histories. Self says it generally does not turn down applicants according to credit rating alone, meaning that credit ratings may donate to the choice to reject a job candidate.

LOQBOX will not conduct credit checks and will not turn down customers according to credit ratings.

length of savings period

Self enables you to select from 12 or 24 repayment terms for your ‘loans’ month. LOQBOX currently only has 12 options month. Without a doubt, it is possible to choose his LOQBOX for an additional one year to give the one year to two years.

Monthly payment amount

Self offers four payment that is monthly of $25, $35, $48, or $150. In contrast, LOQBOX lets you choose payments that are monthly $20 and $200 in $5 increments.


Self is available in every 50 states, but LOQBOX is just obtainable in 37 states. This specific service is certainly not obtainable in Alabama, California, Delaware, Georgia, Idaho, Indiana, Louisiana, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Rhode Island, South Dakota.

Credit bureau report

Both Self and LOQBOX are accountable to all three credit bureaus.

Frequently Asked Questions

Why did my credit rating go lower?

If a drop is noticed by you in your credit score after opening LOQBOX, this is normal for many consumers. With regular payments that are monthly your credit rating should recover and commence increasing within 3-4 months. Benefits of credit boostWhat happens as I unlock it?

Once your LOQBOX is unlocked, funds can be utilized in a savings that are new opened with one of our LOQBOX partners or to the bank account specified in the Flexi Unlock option. Unlocking LOQBOX early will not directly hurt your credit score.

reporting LOQBOX that is monthly payment to credit reporting agencies.

Does LOQBOX are accountable to all three credit reporting agencies?

LOQBOX reports to Equifax, Experian and TransUnion.

How long will it take to get funds from LOQBOX?

According to LOQBOX, redemption payments can be made the business that is next after unlocking. Funds should appear in your account by the end of the business that is next, however it can take as much as 3 working days for funds to surface in some bank account.

Is it true that LOQBOX will probably pay me if my credit is certainly not improved? (*)In great britain LOQBOX offers a ‘Points Promise’ package. This might be interest paid on in initial deposit whether your credit rating will not improve by a particular amount. No US site mentions a program that is similar and that I’m assuming it isn’t available in the usa. (*)

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