No. Pockit-LOQBOX is like a loan in reverse - so after you make your 12 monthly payments, we pay all that money back to you in one lump sum ‘cashout’. Because you make monthly payments in the same way as if you were repaying a loan, it helps you build your credit score.
Articles in this section
- How does it work?
- Is this a loan?
- Is my money safe?
- How can I add money?
- What time do you take payment on my chosen payment date?
- Can I change my monthly payment date?
- Can I pay a different monthly amount or add extra money if I have it?
- What if I struggle to make my monthly payments?
- Can using LOQBOX hurt my credit score?
- How much will my credit score improve if I use Pockit-LOQBOX?