Startup of the Week - LOQBOX
by Startacus Admin
LOQBOX, The startup that's on a mission to help you save money and also build your credit history at the same time.
If you’ve ever had trouble with your finances, chances are your credit history is not in the healthiest of states. However that doesn’t mean it has to stay that way. And the good news is that rebuilding it need not be something you have to tackle alone. In fact our latest startup of the week is on a mission to help. LOQBOX is a FinTech startup which offers a secure way to build your credit history and help you grow your savings at the same time.
Here’s how it works:
Firstly you make a choice of how much you wish to save each month - this can be anything from £20 - £500 per month. You then buy a LOQBOX which is a digital voucher costing a year’s worth of your monthly savings. This is the unique bit - each of your monthly savings deposits is actually a finance repayment.
In essence then, over a 12 month period, your repayments (or savings) are added to your credit file and help to rebuild your credit history. You will be showing future lenders that you can manage your finance in a responsible manner.
If for some reason you cannot make one of your monthly payments or if you need access to your savings you can unlock your LOQBOX and retrieve any monies you have paid in until that point. It’s a much more sensible option than missing a payment and it won’t have any negative impact on your credit rating.
As well as providing this innovative savings scheme, LOQBOX also provide members with regular info on great 
credit and savings offers. They also can help you keep saving once you have unlocked your LOQBOX by helping with opening any accounts or ISAs.
LOQBOX is such a simple idea but it’s such a good one. After all, it’s helping people to build their credit history without charging them extortionate interest charges, while also enabling them to have a pot of savings.
A win all round.
LOQBOX - we’re loving your work...
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Published on: 25th April 2018
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