HOBOKEN, N.J., March 4, 2016 /PRNewswire/ -- Promise Financial, one of the fastest growing marketplace lending platforms, announced today that it has surpassed $5 million in loan originations and now arranges more than $1 million of financing each month. The company is experiencing rapid growth by addressing a growing need in the U.S. where there are 2,000,000 weddings annually with an average cost of $30,000. Promise Financial's online platform provides access to financing that allows people to pay for weddings over time, with low rates and transparent pricing.
"This is a great milestone for our company, and it's just the beginning," says Joshua Jersey, CEO of Promise Financial. "Prior to Promise Financial, there wasn't a good financing option for weddings, leading to financial stress and high credit card utilization for many couples. Our innovative platform offers convenient access to consumer-friendly financing that provides people flexibility in how they pay for weddings."
Promise Financial's leading-edge technology platform provides financing offers in seconds and utilizes big data and next-generation credit models that go beyond FICO scores to better address the needs of customers who are often underserved by the traditional financial system.
"The feedback we've received to date has been terrific," said Bradley Vanderstarren, President of Promise Financial. "As we grow, we'll continue to focus on technological innovation and excellent customer service to help our customers proactively plan their financial future."
The company is rapidly growing its point-of-sale partnerships with wedding businesses to help them enhance their client relationships by offering financing options. Promise Financial has partnered with over 50 wedding venues, planners, and photographers and is quickly expanding its partner network.
Financing through Promise Financial ranges from $3,000 to $35,000 and is funded in 2 to 3 business days. In addition to innovative credit products, the company provides a range of tools for wedding planning and budgeting as well as the first blog dedicated to the financial aspect of weddings.
About Promise Financial
Promise Financial is the only financial technology platform focused on wedding financing. The company's mission is to improve the way couples pay for weddings by offering a range of innovative financing products, tools, and advice. 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. Additional information available at www.promisefinancial.com.
SOURCE Promise Financial