Step 1: Add Pockit LOQBOX to your Pockit account
Think of it as adding some spare cash to a piggy bank every month. Your money is “locked” until you decide to “unlock” your LOQBOX and spend your cash. You can open one in seconds from your Pockit account for FREE!
Step 2: Set your saving goal
Choose what you are saving for: think of Christmas, holiday or a new phone. You decide how much you want to contribute each month for a year — any amount from £20 to £200.
In the background we lock away a 0% APR loan for that amount in your Pockit LOQBOX. Don't worry you won't pay any interest. This is done to show Credit Reference Agencies you can handle credit.
Step 3: Pay monthly, on time
Make sure you have the amount you want to save each month in your Pockit account. We automatically collect the amount on the day of your choice. Showing that you can make regular, consistent payments, improves both your creditworthiness and credit score.
Your monthly repayments are reported to the three main Credit Reference Agencies as you pay off the 0% APR loan over 12 months. Pockit does not hold onto your money, it is held by LOQBOX. LOQBOX are not covered by the FSCS.
Step 4: After 12 months, unlock £240 or more!
You'll get all your monthly payments paid back straight into your Pockit account. Pretty neat!
You can also unlock your Pockit LOQBOX earlier, if you want. When you ‘unlock’ your Pockit LOQBOX, you get back the entire amount you’ve paid in so far. Best to wait for at least 4 months as unlocking too early could harm your credit history.