Budget your dream wedding with these top lenders.
Why doesn’t Promise Financial offer personal loans?
Promise Financial stopped offering personal loans in 2017 after facing some roadblocks while expanding its peer-to-peer platform. Before that, the New Jersey-based lender provided personal loans from $3,000 to $35,000 with three-year terms and APRs ranging from around 6.99% to 29.99%.
You might’ve heard about Promise Financial through your wedding venue: It had partnerships with more than 350 across the country. It also was one of the few lenders out there that allowed you to apply with a cosigner if you couldn’t meet its eligibility requirements on your own. Now it’s abandoned lending altogether and relaunched itself as a tech platform called DigiFi, which helps banks and other financial institutions automate their products.
Does Promise Financial offer any similar loans?
Not at the moment. In fact, it’s moved toward providing automated technology for banks and other lenders rather than offering personal loans to individual borrowers.
3 alternatives to Promise Financial wedding loans
Promise Financial might not be able to come through, but that doesn’t mean you’re out of financing options for your wedding. These three providers might be able to deliver just as well as Promise Financial — or possibly even better.
1. Best peer-to-peer lender that allows cosigners: LendingClub
- Loan amounts: $1,000 to $40,000
- APR: 6.95% to 35.89%
- Terms: 3 to 5 years
- Eligibility: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.
Peer-to-peer platforms tend to have a longer turnaround time than direct lenders and LendingClub is no exception. It can take around seven days to get your funds — not ideal if you need to get that venue deposit pronto. It’s also faced its share of scandals, including a recent Federal Trade Commission complaint involving false advertising.
2. Best for young professionals: SoFi
- Loan amounts: $5,000 to $100,000
- APR: Fixed rates from 7.24% to 15.24% with autopay discount, variable rates from 6.51% to 14.35% with autopay discount
- Terms: 3 to 7 years
- Eligibility: Ages 18+, US citizen or permanent resident You’ll also need a credit score of 680 or higher.
Interest rates are lower, loan amounts are slightly higher and it comes with an option for longer loan terms than what you would have found with Promise Financial. But you’ll need good credit to qualify — excellent for the best rates. It doesn’t allow cosigners, but you can apply with your future spouse as a coapplicant as long as you live at the same address. Both of you will be equally responsible for paying off the loan.
3. Best for borrowers in a time crunch: Even Financial
- Loan amounts: $1,000 to $100,000
- APR: 3.84% to 35.99%
- Terms: 2 to 7 years
- Eligibility: Credit score of 550+, American citizen or permanent resident and ages 21+
The downside is that its loans don’t typically come with a cosigner option. You’re also limited to its network of providers, so you won’t necessarily get connected with the best deal out there. And you aren’t guaranteed to qualify for any of the offers you get through Even.
How else can I finance my wedding?
Of course, peer-to-peer lenders aren’t the only way you can pay for that beautiful venue or your city’s best caterer. Many people draw from a variety of funding sources, including:
- Online lenders. The three peer-to-peer lenders aren’t the only ones available. You can also find a variety of personal loans from online lenders to cover your wedding costs.
- Banks. Want to visit a physical location? Banks have personal loan options for borrowers with good to excellent credit. This can make paying for your wedding simple, but banks usually take longer to process applications than online lenders.
- Credit union. If you’re already a member, credit unions tend to offer personal loans that have lower rates and less strict requirements than banks and online lenders, which means you can save while funding your wedding.
- Friends and family. It might be useful to ask if friends and family are willing to donate to a wedding fund. Of course, this might not go over well – there’s a mixed bag on if crowdfunding your wedding is appropriate.
Promise Financial might be gone, but there are several options out there. LendingClub, SoFi and Even Financial are good places to start. But you might want to check our guide to cosigner-friendly lenders if you need help qualifying for a competitive rate. Our wedding loans guide can also help you find more wedding-friendly lenders and learn about other financing options.