Multi-award winning UK Fintech LOQBOX launches a new free credit building solution across 40 states in America. The product should give around 80% of Americans the chance to build their credit score while saving money – for free.
“LOQBOX works best for people early in their financial life or for anyone trying to improve their relationship with money,” said Tom Eyre, Co-Founder and Group Co-CEO. “When they have finished their journey, LOQBOX customers have a better credit score, a nest egg of savings and the ability to achieve their goals. Ultimately, LOQBOX helps everyone to get the things they want without money getting in the way. For us to share this with our friends in America is truly exciting.”
Financial exclusion is a major problem globally with billions of people unable to access standard financial services. For many, this is a difficult situation because if they’ve never had credit they can’t build a credit history. The consequence is that many turn to expensive sub-prime lenders and succumb to a spiral of debt.
LOQBOX reports credit repayments to the main credit reference agencies and aims to help as many people as possible achieve their goals, most of which cost money. For many, their goals are unachievable because they have not had an opportunity to build a positive financial profile, they don’t have sufficient savings or they don’t understand how to make the financial system work for them. LOQBOX UK has already enabled hundreds of thousands of people to master their money while they save and build their credit score.
CEO of LOQBOX U.S. Brent Matson said; “We have been working hard over the last year to bring this exciting development to the United States. We believe people should have the opportunity to build their credit score and achieve their goals, but without paying for it. Currently, it can cost US consumers between $50 and $150 to build their credit scores – our solution is free.
“We are absolutely thrilled to be opening the virtual doors to the United States today. We want to give anyone who may have been declined credit an actionable next step and the opportunity to take control of their financial future and wellbeing.”
In the UK, LOQBOX is also committed to education and coaching providing a personalised financial plan to every customer. These plans are generated using the information provided by customers during sign up and is due to launch in the US soon.