Wedding Financier Lends $1 million Each MonthMarch 5, 2016 | By: deBanked Staff
Wedding financier, Promise Financial, announced that it crossed $5 million in loan originations and is now lending more than $1 million each month.
There are over 2,000,000 weddings annually with an average cost of $30,000. And Promise’s loans range from $3,000 to $35,000.
The Hoboken, New Jersey-based wedding financier also has tie ups with over 50 wedding venues, planners, and photographers. “As we grow, we’ll continue to focus on technological innovation and excellent customer service to help our customers proactively plan their financial future,” said Bradley Vanderstarren, President of Promise Financial. The company uses big data to underwrite.
Promise is not the first online lender to hone in on the wedding market. Prosper Marketplace, another online lender, targets couples one step earlier by offering engagement ring financing. “While we at Prosper may not be experts at finding the right engagement ring, we can help you apply for a great rate on a jewelry loan to purchase it,” their website says.
Promise also does engagement ring loans and honeymoon loans. Prosper Marketplace goes even further by offering baby and adoption loans.Last modified: March 5, 2016