Promise Financial wedding loan alternatives |
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Promise Financial wedding loan alternatives

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Promise Financial’s wedding loans are no more. Finance your big day with these other options instead.

You’re not alone if you need some help paying for your big day. The average cost of a wedding in 2017 hit just over $33,000, according to a recent survey by the Knot — and more than $75,000 in Manhattan.

Promise Financial used to offer personal loans tailored to the needs of brides- and grooms-to-be. Unfortunately it’s no longer an option, so you’re going to need to look elsewhere for that extra cash. But don’t worry, we have three similar options that could help you pay for your big day.

Why doesn’t Promise Financial offer personal loans anymore?

Promise Financial stopped offering personal loans in 2017 after facing some roadblocks in 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 loan 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.

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%–35.89%
  • Terms: 3 to 5 years
  • Eligibility: You must be over 18 years of age, a permanent resident of the US or an American citizen, have a verifiable bank account and have a steady source of income.
LendingClub is possibly the closest thing to Promise Financial. It’s a peer-to-peer platform, meaning that investors fund the loans instead of footing them itself. It also allows you to apply with a cosigner if you can’t qualify for a competitive rate on your own. But LendingClub’s loans are a bit more flexible than what Promise Financial used to offer: There’s a wider range of loan amounts and you aren’t restricted to a three-year loan term.

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 6.990% – 14.865% with autopay discount, variable rates from 6.255% – 12.555% with autopay discount
  • Terms: 3–7 years
  • Eligibility: You must be a US citizen or permanent resident, and 18 years or older. You’ll also need a credit score of 680 or higher.
You’re young and in love and building your life with a partner. SoFi could be just the type of lender you’re looking for if you want a wedding loan that also helps you build your career. It offers no-fee personal loans with lots 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 — 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: 4.99%–35.99%
  • Terms: 2–7 years
  • Eligibility: Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
Even Financial is an online marketplace that connects borrowers to financing options. It can save you some serious time by letting you apply to prequalify for multiple loans at once when you fill out its application. This can also be useful if you don’t have perfect credit, since finding a competitive lender you qualify with can be hard.

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.

Does Promise Financial offer any similar loans?

Not at the moment. In fact, it’s abandoned lending altogether and moved toward providing automated technology for banks and other lenders.

Bottom line

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.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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