Loqbox is an Android application that helps users repair their credit scores. Similar to Possible Finance, it is a tool to build and maintain one’s financial well-being.
How it works
The process begins when you choose a monthly savings amount within set limits. Loqbox then provides a zero-interest loan equivalent to the yearly total of the chosen amount. For instance, selecting 50 dollars monthly translates to a 600-dollar loan, which is the aggregate of twelve months.
Throughout the year, as you repay the loan in monthly installments, Loqbox reports these payments to credit reference agencies. This mechanism helps you establish a positive credit history or enhance an existing one. This is similar to making regular payments on traditional loans or credit cards.
By the end of the 12-month period, you can unlock your savings once you fully repaid the loan. The total amount saved is then transferred to a chosen bank account, ensuring you retrieve every pound invested.
Important warning
While Loqbox’s core offering is free, you might be charged for additional services. Moreover, as with all credit products, timely repayments are crucial, with missed payments potentially detrimentally affecting one’s credit score.
Features
- is designed to help people build or repair credit scores;
- you essentially get an interest-free loan for up to a year;
- the service should be used carefully and responsibly;
- app is free to download and use;
- compatible with current Android versions.
