Zopa, the social finance pioneer, already offers the only loan that gives borrowers the power to reduce - even eliminate - their monthly payments. Now, Zopa is making it even more rewarding for borrowers to use the power of social networks through the first-ever "How Low Can You Go?" promotion.
Here's how Zopa works: Zopa lets you borrow for what's most important to you - for a honeymoon, a business plan, a college education or to pay back student loans. Then Zopa helps you reach out to your friends, your family, or others, even strangers, who share common causes, hobbies, interests - and ask them to help you reach your goals. Most important - and unique in social lending - Zopa guarantees that people who invest in you will get their money back no matter what. So there's no risk, no ambiguity, no embarrassment in helping someone out.
By participating in Zopa's "How Low Can You Go?" promotion, each borrower who uses their social network to reduce their loan payment by just 50 cents per month or more will receive an additional $50 one-time reduction. The three borrowers who reduce their monthly payment the most will receive an additional $1,000, $750 or $500 CD from Zopa. Borrowers can visit www.zopa.com to learn more about how they can participate.
"There are endless benefits that come from getting a loan through Zopa. The 'How Low Can You Go?' promotion is just another example of how easy it is for our borrowers to reduce their monthly loan payments," said Doug Dolton, chief executive officer of Zopa. "We are not only seeing a significant increase in CDs being purchased, but also more investors are waiving the interest on their CD in order to increase the amount by which the borrower's monthly loan payment is reduced."
Zopa has partnered with credit unions to offer attractive interest rates on personal loans and CDs. Only CDs applied for in the month of August and commenced by September 15th qualify for the promotion.
"Not only does Zopa offer great rates on loans and CDs, but because of our relationships with the credit unions, our members have access to other great product offerings, such as high-rate checking accounts and low-rate mortgages and auto loans," added Dolton.