Vanquis and LOQBOX partner to allow consumers build credit scores

Vanquis will now refer applicants that they can’t immediately offer a credit card to, to LOQBOX, giving consumers the chance to build a credit score and eventually be able to access credit. 

In signing up to LOQBOX, people themselves decide the amount they can afford to save in a year and a 0% loan is locked away for the same amount in the LOQBOX. They pay off the loan over 12 months, building a credit score as they go with the credit reference agencies. Once the 12 months is up, the loan is released into a bank account. Vanquis and LOQBOX will jointly reach out to customers at certain points within the 12-month journey, when the companies believe they have a better chance of approval for a card and let them know when to re-apply.

Customers are also allowed access to ‘LOQBOX Learn’, which provides coaching tips on how money and credit scoring works over a year.