If you’re unable to keep up with your LOQBOX payments, you should close or ‘unlock’ your LOQBOX as soon as possible. For more information on how to do this, please see our FAQ.
If you ‘unlock’ your LOQBOX early, you’ll miss out on growing your credit history, and LOQBOX will report your loan to Equifax (our partner credit reference agency) as a settled debt. However, 'unlocking' or closing your account early is better than missing a payment, which would harm your credit history.
Missing a payment on your LOQBOX will negatively impact your credit score, in the same way that missing any credit repayment will.
For more information on what else can affect your credit score, see our Learn article.