On Friday, marketplace lending platform, Promise Financial, announced it has surpassed $5 million in loan originations and now arranges more than $1 million of financing each month.
Promise Financial revealed it 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. The company’s online platform provides access to financing that allows people to pay for weddings over time, with low rates and transparent pricing.
Joshua Jersey, CEO of Promise Financial, stated:
“This is a great milestone for our company, and it’s just the beginning. 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.”
“The feedback we’ve received to date has been terrific. As we grow, we’ll continue to focus on technological innovation and excellent customer service to help our customers proactively plan their financial future.”
Financing through Promise Financial reportedly ranges from $3,000 to $35,000 and is funded in two to threebusiness 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.