Loqbox

Legacy_user

Has anyone got any experience of using this site?

Apparently they brag about improving your credit score by saving £20 a month?

https://www.loqbox.co.uk

Browntoa

Simple search on the forum produces this thread

https://forums.moneysavingexpert.com/discussion/5741102/loqbox&highlight=loqbox

SnowTiger

DABRadio wrote: »

Has anyone got any experience of using this site?

Apparently they brag about improving your credit score by saving £20 a month?

https://www.loqbox.co.uk

LOQBOX seems legit. TSB has got in to bed with them, but hasn't launched a LOQBOX product yet. I guess they have other things to deal with at the moment.

Pre-paid card Pockit also has a relationship with LOQBOX. But they charge of fee of £9.99 for something LOQBOX can supply direct without a fee.

Downsides are that you earn no interest on your savings and I've seen complaints here and elsewhere that LOQBOX don't report to CRAs.

I don't know how they're supposed to show on CRA files. Presumably a future lender would see a £240 loan paid off over twelve months with no interest charged. I don't know if that's a positive or a negative.