DETROIT— BoostUp, a first of its kind social savings platform, has partnered with Detroit-based Quicken Loans, the nation’s second largest retail home mortgage lender, which will allow BoostUp users to receive a free $750 boost to apply toward closing fees on a new home financed by Quicken Loans.
Quicken Loans is the first mortgage lender to partner with BoostUp. Once an account is created, BoostUp users can continue to add funds toward their goal, as well as enjoy built-in boosts, a free money incentive from brand partners in exchange for the purchase of their product or service.
“A home is likely the largest purchase a consumer will make in their life, so this $750 will definitely be put to good use by our clients,” said Jay Farner, Quicken Loans president and chief marketing officer. “Saving up to buy a new home can seem like a daunting task, but between BoostUp’s innovative program and the $750 boost we are providing our clients at closing, the dream of home ownership is closer to reality than ever before.”
BoostUp provides users a quick and easy process to begin saving. Once signed in, BoostUp users select which savings category they’re interested in, including automotive, home, wedding, and trip, as well as the dollar amount and target date for their goal. To begin saving, users can schedule recurring or one-time deposits directly from their checking or saving accounts into their BoostUp account.
In addition to Quicken Loans’ contribution at closing, BoostUp users can build awareness through social media and email platforms that offer family and friends an opportunity to contribute to savings goals during traditional gift-giving occasions like the holidays, birthdays, and graduation.