First Associates Loan Servicing, LLC to Provide Primary Servicing for Promise Financial Consumer Lending Platform Dedicated to Wedding Finance

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Loan servicing from First Associates enables Promise Financial to rapidly scale its operations while achieving industry-leading security and compliance

First Associates

Exceptional service is critical in the wedding business, so First Associates was the natural choice to entrust with servicing loans made through the Promise Financial platform.

First Associates Loan Servicing, the leading servicer in the online lending industry, has partnered with Promise Financial, the first marketplace lending platform exclusively focused on the underserved market for wedding finance.

In the U.S., there are approximately 2,000,000 weddings annually with an average cost of $30,000, yet prior to Promise Financial a dedicated financing option for weddings did not exist and many couples used expensive credit card financing to cover wedding expenses. Promise Financial is addressing that need by providing access to borrower-friendly loans which allow individuals to pay for weddings over time, with low rates, transparent pricing and no hidden fees. The platform offers a convenient online process, which underwrites applicants on a fully automated basis and delivers loan offers in just a few minutes.

“We are very pleased to partner with First Associates Loan Servicing,” said Joshua Jersey, Co-Founder and CEO of Promise Financial. “Exceptional service is critical in the wedding business, so First Associates was the natural choice to entrust with servicing loans made through the Promise Financial platform. First Associates is the market leader in the online lending industry and their solid reputation along with their state-of-the-art technology and infrastructure assures us that borrowers are in good hands.”

“We are very excited to partner with Promise Financial.” said David Johnson, CEO of First Associates Loan Servicing. “Promise Financial is an exciting new entrant into the online lending space. Their unique model provides a much-needed financing option to engaged couples and their families. We look forward to growing with them.”

First Associates has more than 25 years of industry experience in the consumer finance industry and has partnerships with the online lending industry’s leading companies. In addition to primary servicing, the company offers support services, such as backup servicing, contract validation, verification calls, and title management.

About Promise Financial
Promise Financial is the only marketplace lending platform focused exclusively on wedding finance. The company's mission is to improve the way couples pay for weddings by offering innovative finance products, tools, and advice. Loans through Promise Financial are available in over 40 states, have a 3-year term, range from $3,000 to $35,000, and are funded in 2 to 3 business days. Promise Financial was founded in June 2014 and is based in Hoboken, NJ. All loans on the Promise Financial platform are originated by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC and Equal Housing Lender. For additional information, please visit http://www.promisefinancial.com.

About First Associates Loan Servicing, LLC
Based in San Diego, First Associates Loan Servicing is the fastest growing third-party loan and lease servicer in the United States. The company offers a wide range of solutions for a variety of asset classes including business, consumer, solar, auto, timeshare and student loans. First Associates has experienced management and staff, full SSAE 16 II audit, best-in-class IT infrastructure, as well as strong institutional relationships with commercial and investment banks, finance companies, hedge funds and credit unions. First Associates Loan Servicing leads the marketplace lending industry in providing customized technology and customer service solutions for its partners. For more information, please visit http://www.1stassociates.com.

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Larry Chiavaro
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