Zopa launches 100-day ‘borrower power’ challenge
ZOPA is seeking participants to take part in a 100-day challenge to improve their credit rating.
Two borrowers will work with personal finance vlogger Jennifer Kempson and be tracked to show how they followed tips on improving their credit score within Zopa’s app.
The peer-to-peer consumer lender’s new ‘borrowing power’ tool gives each user a bespoke borrowing power score between one and 10.
Customers are then shown what makes up their borrowing power and how they can improve it.
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The scores are created from a combination of credit score data, credit utilisation, credit limits, hard searches and affordability based on personal circumstances.
The ‘borrowing power’ score is directly linked to the particular Zopa loan it unlocks, so that customers can immediately see if they are eligible for a loan and at what rate.
The new functionality will be available for Zopa’s other credit products, such as credit cards, once they are launched.
“By following the personalised actions you see in your app, you could improve your credit health and be eligible for a cheaper Zopa loan in a little over three months,” Zopa said.
“Does this sound like the start to the new decade that you’re looking for? Then this could be the challenge for you.”
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