Although Promise Financial is no longer offering loans for weddings, you can still find ways to finance your big day. These lenders offer similar terms without restricting the way you use your funds.
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.
Like Promise Financial, LendingClub is a peer-to-peer platform funded by investors. It accepts coapplicants, and you may be eligible with fair credit. However, its high maximum APR and slower turnaround time may not be ideal if you're trying to find a quick loan for your wedding.
SoFi could be the type of lender you're looking for if you want a wedding loan that also helps build your career. It offers no-fee personal loans with plenty of additional perks like credit counseling, unemployment security and networking opportunities. 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 — and excellent credit for the best rates.
Even Financial is an online marketplace that connects borrowers to financing options. It can save you some serious time by letting you apply for multiple loans with one form. This can also be useful if you don't have perfect credit, since finding a competitive lender you qualify with can be hard. However, you're limited to its network of providers, so you won't necessarily get connected with the best deal out there.
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.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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