FAQ

Answers to your most frequently asked questions


General Questions


Who is Promise Financial?

Promise Financial is a consumer lending platform dedicated to helping you during life’s most meaningful moments. We combine technology, analytics and unique products to make life event financing convenient and accessible, allowing you to pay over time.

Promise Financial was founded in 2014 and is based in Hoboken, NJ. Please Contact Us with any questions you may have – we look forward to hearing from you.


Brad Vanderstarren
Co-Founder | President & CFO

What is life event financing?

Life event financing provides budget-friendly payment plans for your most important purchases. Life event financing through Promise Financial is an unsecured personal loan designed to let you pay over time.

Key attributes include:

  • Rates from 6.99% to 29.99%*
  • Fixed monthly payments
  • No penalty for prepayment
  • Transparent pricing with no hidden fees
  • Funded within 2 business days after we have received all required information

Joshua Jersey
Co-Founder | CEO

What can I use financing for?

Proceeds are funded directly to your bank account and can be used for almost any purpose, even if unrelated to life events. Exceptions include educational expenses, to make investments and illegal purposes.


Joshua Jersey
Co-Founder | CEO

How much can I borrow?

Loans range from $3,000 up to $35,000 in the majority of states we serve.

We have higher minimum loans sizes in the following states:

  • Georgia: $4,000 minimum
  • Ohio: $6,000 minimum
  • Massachusetts: $7,000 minimum

The maximum loan amount available to you may be lower than the highest amount of $35,000 depending on your credit score, application details, verifiable income and credit history. All loans are subject to credit review and approval.


Gerard McGeary
Director of Business Development

What fees are charged?

We're committed to providing access to financing with low rates and transparent pricing that’s easy to understand. The following is a complete list of the fees associated with the loans.

There are two primary fees charged on loans:

  • Interest fees:
    • Assessed monthly on the outstanding balance of your loan and included in your monthly payment
    • Range from 6.31% to 26.66%
  • Origination fee:
    • Applied at origination and deducted from your loan proceeds
    • For example, a borrower of a $10,000 loan with a 5% origination fee rate will pay a $500 origination fee and receive $9,500 in loan proceeds
    • Ranges from 1.00% to 6.00% of the loan amount

The origination fee together with the interest fees result in APRs of 6.99% to 29.99%*.

There are also fees associated with specific circumstances:

  • Late Fee: If you pay after the 15-day grace period a fee of the greater of $15 and 5% of the unpaid amount will apply
  • Non-Sufficient Funds Fee: If a payment is returned a $15 fee will apply

There is no fee to Check Your Rate and apply.


Jean-Paul Ndong
Chief Credit Officer

What is an "APR"?

APR stands for “annual percentage rate” and shows the effective annual cost of a loan, including both the interest rate and the origination fee.


Jean-Paul Ndong
Chief Credit Officer

Do you require any collateral?

No, loans through Promise Financial are unsecured personal loans, which means you are not required to pledge collateral in order to take out a loan.


Joshua Jersey
Co-Founder | CEO

Is life event financing better than using credit cards?

The answer depends on your situation, however for many people life event financing can be a better solution for a number of reasons:

  • Life event financing may offer lower interest rates than those offered by credit cards, as well as greater borrowing capacity
  • Fixed terms and fixed payments on life event financing allow borrowers to understand the cost of borrowing upfront and make better financial plans
  • Borrowers who make payments on time will build credit history that may improve their credit score
  • Each monthly payment reduces outstanding principal so there is no balloon payment at the end

Brad Vanderstarren
Co-Founder | President & CFO

When will I receive funds?

Usually within 2 business days after you accept your loan offer and complete the verification process.


Joshua Jersey
Co-Founder | CEO

Applications


How do I apply?

It’s easy! Our application process is online and it takes just a few minutes to receive a response with your personalized financing offers. To get started, Check Your Rate!


Brad Vanderstarren
Co-Founder | President & CFO

Am I eligible for financing?

Our basic requirements are listed below. If you meet these standards we encourage you to Check Your Rate.

  • U.S. citizen or permanent resident
  • Resident of a state currently served by Promise Financial
  • At least 18 years old (19 in AL and 19 in NE if ward of state)
  • Valid and verifiable name, date of birth, social security number, physical address and email address
  • Bank account at a U.S. financial institution
  • No prior delinquencies on a loan through Promise Financial
  • No new loans through Promise Financial in the past 18 months (either as a borrower or cosigner)

In addition, borrowers must meet our minimum credit standards.


Jean-Paul Ndong
Chief Credit Officer

Do you allow cosigners?

Yes, certain loan offers through Promise Financial require an qualified cosigner to also sign the Promissory Note. Cosigners are bound by the terms of the Promissory Note and are responsible for repaying the loan if you do not make your payments or default on your obligations.

When you Check Your Rate, we will determine whether you require a cosigner and will inform you if so. Certain applicants are also eligible to add a cosigner to improve the terms of their offer.


Jean-Paul Ndong
Chief Credit Officer

What is a cosigner?

A cosigner is a person (other than you) who also signs the Promissory Note. Cosigners are bound by the terms and conditions of the Promissory Note and are responsible for repaying the loan if you do not make your monthly payments or default on your obligations.

A cosigner can be anyone that meets the requirements below, agrees to be bound by the terms of the Promissory Note and completes our verification process. Cosigners are required to have good credit and adequate credit history.

Cosigner Requirements:

  • U.S. citizen or permanent resident
  • Resident of a state currently served by Promise Financial
  • At least 18 years old (19 in AL and 19 in NE if ward of state)
  • Valid and verifiable name, date of birth, SSN, physical address and email address
  • No new loans through Promise Financial in the past 18 months (either as a borrower or cosigner)
  • Other minimum credit standards

Jean-Paul Ndong
Chief Credit Officer

What states does Promise Financial currently offer financing in?

Loans through Promise Financial are currently offered 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.


Joshua Jersey
Co-Founder | CEO

Where do I receive funds?

Funds will be deposited directly into the bank account you provide during the application and verification process.


Joshua Jersey
Co-Founder | CEO

Why was I declined?

Please refer to the Statement of Credit Denial Notice provided to you.

If your situation changes in the future, you are encouraged to reapply. Please Contact Us to begin this process.


Jean-Paul Ndong
Chief Credit Officer

Does Promise Financial ever make exceptions?

To ensure consistency across applications and legal compliance, we are unable to make exceptions. If you applied and were declined we encourage you to reapply if your situation, related to the reasons communicated in your Statement of Credit Denial notice, changes in the future. Please Contact Us to begin this process.


Jean-Paul Ndong
Chief Credit Officer

What is a FICO® Score?

The "FICO® Score" is a credit score developed by FICO®. It is used by many financial institutions to analyze applications for credit. The FICO® Score rates an individual’s credit risk on a scale from 300 to 850 based on their debt payment history, current debt outstanding, length of credit history, new applications, and mix of existing credit.


Jean-Paul Ndong
Chief Credit Officer

Do you look at my credit history when I check my rate?

Yes, in order to check your rate we will pull your credit report and credit score.


Jean-Paul Ndong
Chief Credit Officer

Does checking my rate impact my credit score?

Our Check Your Rate process will not impact your credit report or credit score. The process uses a “soft” credit inquiry to determine whether a pre-approved loan offer is available, which does not impact your credit report or credit score.

If you continue with the application process and accept a loan offer, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

If you take out a loan through Promise Financial and pay back the loan on time you will build credit history that may improve your credit score.


Joshua Jersey
Co-Founder | CEO

How do I update my contact information?

Please Contact Us to update your contact information.


Joshua Jersey
Co-Founder | CEO

Repayment


How do I repay?

Repayment is simple and convenient. During the application process, we’ll give you the option to either (i) set up automatic electronic payments from your bank account, or (ii) to pay by check.


Joshua Jersey
Co-Founder | CEO

How long do I have to repay?

You will repay your loan in 36 equal monthly payments made over 3 years. The balance of your loan will decline over time as you make payments and there is no “balloon” payment at the end of your loan term. You can also choose to prepay your loan at any time with no additional fees.


Brad Vanderstarren
Co-Founder | President & CFO

Can I pay off my loan early?

Yes, we allow prepayment of any amount and at any time, without any fees or penalties.


Joshua Jersey
Co-Founder | CEO

Security & Technology


Is it safe to provide my information to Promise Financial?

Your security is a top priority for Promise Financial. We hold ourselves to a very high standard to keep your information safe by utilizing secure, best-in-class technologies and we are third-party audited to ensure our compliance with information security standards.

If you have further questions about identity theft and how to protect yourself, please refer to http://www.ftc.gov/bcp/edu/pubs/consumer/idtheft/idt01.pdf.


Yaw Joseph Etse
Chief Technology Officier

What does Promise Financial do with my personal data?

We keep your information safe and private and make sure it remains that way all the time. We store your personal data in secure cloud-based data repositories and we will never sell your information to third-parties. Our Privacy Policy provides additional detail on how your information may be used by Promise Financial.


Yaw Joseph Etse
Chief Technology Officier

How do I reset my password?

Please click here to reset your password.


Yaw Joseph Etse
Chief Technology Officier

Contact Us


Loan Applicants


info@promisefin.com
(201) 645-4805

8:00am – 7:00pm EST
(Monday to Friday)

Existing Borrowers


PromiseFinancial@FA-servicing.com
(888) 949-5195

9:00am – 10:00pm EST
(Monday to Friday)
10:00am – 3:00pm EST
(Saturday)