We’re partnering with LOQBOX to provide you with their credit builder product, as part of ClearScore Build. We call it ClearScore x LOQBOX.
If your credit score is letting you down when it comes to achieving your goals we’ve got great news for you. ClearScore x LOQBOX can help you improve your credit score and build your savings in just 12 easy payments. Here’s how it works in 3 simple steps:
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, so you won’t be able to spend it.
Step 2: Grow
- Each month as you make your loan repayments, LOQBOX reports them to the three main credit reference agencies.
- If you make your regular payments on time this builds your credit history and should cause your credit score to go up.
Step 3: Unlock
- Once you hit your savings goal LOQBOX releases every penny into a new bank account for free, or into an existing account for £30.
- 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.
For more information on how this works, you can see LOQBOX’s video: