LOQBOX: Save towards Higher Credit Scores
On the path to financial stability, savings and credit scores can be challenging steps to navigate. LOQBOX makes the route more straightforward by combining credit-building and saving into one. In fact, the concept behind LOQBOX is similar to a locked piggy bank or treasure chest. Make reliable payments, and you fill up the LOQBOX with savings that wait patiently to be unlocked.
Get Motivated to Save
Motivation to set aside money can be hard to come by. A major survey by Bank rate found that Americans’ second-most common reason for not saving is that they “haven’t gotten to it.” That’s why an external commitment can make a huge difference.
When you sign up, you pick what amount to save, starting from $20 monthly for 12 months. That total amount is the worth of the LOQBOX, which is financed by a 0% APR loan. Since it’s the on-time loan payments that help your credit score, you’ll have lots of motivation to save the amount you committed to. You repay the loan over the course of the year. Then, just unlock it and celebrate the savings inside.
Get Good Rates
The LOQBOX itself isn’t a loan. It’s a savings voucher that can be exchanged for cash. It has a sister company which funds the purchase of these vouchers through loans. This setup is similar to credit-builder loans, but APR rates for credit-builder loans are often between 6% and 16%, while LOQBOX financing offers 0% APR. It’s is also free, with one optional paid feature.
LOQBOX is also different from standard loans because you have the option to unlock your LOQBOX debt-free before the year is over. If you do, the savings inside will be equal to what you paid so far, and you will not need to continue to make payments. The best way to raise your credit score through LOQBOX, however, is making automatic on-time payments all year long.
If you’re considering whether this innovative savings and credit-building option is right for you, LOQBOX offers detailed information to explore. To talk more about your savings and credit, you can always reach out to us here at the Credit Care Company. Also you can visit LOGBOX website for all the information you may need.