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2010
Wedding credits – successful business idea
When one of America’s largest banks Lehman Brothers declared bankruptcy back in 2008 people were shocked and all credit institutions lost consumers’ confidence. Now you’ll definitely think twice before heading to any bank’s credit department. Unfortunately there are situations when you simply can’t cope by yourself and a wedding is one of them. Yet fear of borrowing from a bank is quiet strong and people start searching for alternative. Scott Almeida, a 35 year old venture capitalist, saw this business niche and founded a financial services company Wedding Plan Payment.
A wedding is one of the most important days of your life. It can also be one of the most expensive as total expenses are $28,000 on average. Wedding Payment Plan LLC offers a variety of wedding loans for desperate couples. The average loan runs about $10,000 with a fixed 9.9% interest rate paid back over five years. Although the company hasn’t yet financed 500 weddings, which would bring them on the level of profitability, futures looks safe and promising as in the last year applications have jumped 333%.
I guess the main reason of company’s success is that it has chosen quiet narrow yet perspective business niche: people usually tend to spend a lot for wedding to make this day really unforgettable. This makes wedding financial services a truly successful business idea!
