Promise Financial is a lending platform that specializes in helping couples and parents pay for weddings. The marketplace connects investors and borrowers, which provides greater access to affordable loans.

Promise Financial was founded in 2014 by Brad Vanderstarren and Josh Jersey and is based in Hoboken, New Jersey. Its loans are issued by Cross River Bank, a New Jersey state-chartered bank and an FDIC member. Promise Financial is the first lending marketplace that focuses on wedding finance.

What Are Promise Financial’s Rates and Fees?

Promise Financial’s APRs range from 6.99% APR to 29.99% APR based on your credit score, loan amount, application details, and credit history. There are no hidden fees and no prepayment penalties.

The rates are fixed, and loans have 3-year terms.

How Much Can I Borrow From Promise Financial?

Promise Financial facilitates loan amounts ranging from $3,000 to $35,000.

How Does Promise Financial Work?

Borrowers can also use Promise Financial loans to pay for engagement rings, honeymoons, and other expenses, even if unrelated to weddings. Loans cannot be used to pay for educational expenses or to make investments.

Promise Financial’s online process delivers a personalized offer in minutes and uses state-of-the-art security to encrypt and protect your information. Checking your rate will not impact your credit score

·         Step 1: Check Your Rate – Promise Financial’s online process delivers a personalized offer in minutes and uses state-of-the-art security to encrypt and protect your information. 

·         Step 2: Review & Accept – Loan terms are clearly presented for your review, and you can accept your loan offer online by signing electronically.

·         Step 3: Funds Deposited – Your wedding loan is deposited directly into your bank account 2 to 3 business days after you submit all required documentation.

·         Step 4: Loan Repayment – You’ll repay your wedding loan in equal monthly installments over 36 months with automatic payments from your bank account or by check. However, there are no prepayment penalties so you can save money by paying early.

What Is Promise Financial’s Application Process Like?

Promise Financial’s application is entirely online and only takes a few minutes to complete.

To qualify, borrowers must meet the following credit approval criteria:

 -       A FICO score of at least 620

-       U.S. citizen or permanent resident

-       Be at least 18 years old (19 years old in Alabama)

-       Provide a valid ID, address, SSN

-       Have an active bank account

-       No previous delinquencies on a Promise Financial loan

-       No previous loans with Promise Financial in the last year

 How Is Promise Financial Better Than Other Lenders?

- No hidden fees and no prepayment penalties

- Loan amounts ranging from $3,000 to $35,000

- Rates ranging from 6.99% APR to 29.99% APR with monthly repayment over 36 months (fixed monthly payments). The APR offered to you may be higher than the lowest rate of 6.99% APR depending on your credit score, loan amount, application details, and credit history. All loans are subject to credit review and approval

- Funds are deposited directly into your bank account in 2-3 business days

Note: Loans are available in Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, Wisconsin and Wyoming.

  • Max Loan Term (Months)
  • Institution Type
  • Credit Score Range
    620 - 850
  • Immigration Status Considered
    U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Verification Documents Required?
    Proof of citizenship/residence
  • Late Fee After (number of days)
  • Late Fee Amount
  • No Prepayment Fee
  • Origination Fee
    1% - 6%
  • Approval Speed (Hours)
  • Funding Time Range (in days)
    1 - 7
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Pre-Approved Soft Credit Inquiry
  • Loan Amount
    $3000 - $35000
  • APR
    6.99% - 29.99%
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