HOBOKEN, N.J., Sept. 8, 2016 /PRNewswire/ -- Promise Financial, the marketplace lending platform focused on life event financing, announced today that it has launched a digital cosigner loan product. In addition to the company's individual loans, which primarily serve prime-credit consumers, cosigner loans allow Promise Financial to serve a wide range of non-prime consumers.
"Our mission is to be the industry leader in credit accessibility," said Josh Jersey, CEO of Promise Financial. "Cosigner loans are a terrific option for consumers who have limited credit experience or have had credit difficulties in the past, but need and deserve access to borrower-friendly financing."
Promise Financial provides access to financing that allows people to pay over time for life events and other major expenses, with low rates and transparent pricing. The company's digital lending process provides instant loan offers which applicants can accept online and receive their funds within two business days. The company's focus on user experience has led to industry-leading reviews and, with the addition of its new cosigner product, Promise Financial is bringing the convenience of digital lending to more borrowers than ever before.
"Non-prime consumers need better options than payday lenders, which put borrowers in debt and profit by keeping them there," said Brad Vanderstarren, President of Promise Financial. "By digitizing product features that actually reduce credit risk, we're uniquely able provide attractive loans to a wider range of borrowers."
Promise Financial's flexible and modular technology provides multiple personal loan products and utilizes next-generation credit models that go beyond FICO scores to address consumers who are underserved by traditional lenders. Since launching in 2015, Promise Financial has experienced rapid growth and created a wide network of point-of-sale financing partnerships, with over 250 retail partners onboarded to date.
About Promise Financial
Promise Financial is a marketplace lending platform focused on life event financing. The company's mission is to build the industry leader in credit accessibility by offering a range of financing products that allow people to pay over time. Promise Financial was founded in 2014 and is based in Hoboken, NJ. All loans on the Promise Financial platform are originated by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Additional information about Promise Financial is available at www.promisefinancial.com.
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SOURCE Promise Financial