Propose in style with the right ring – without saving up years in advance

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Picking the right ring while sticking to your budget can be difficult, especially if you haven’t saved up much in advance. Lucky for you, there are quite a few financing options to consider – from personal loans to in-store PA installment loans financing to low-interest credit cards.

How does financing for an engagement ring work?

Financing an engagement ring works like financing anything else. You apply for a loan that covers the amount you’re seeking and, if approved, use those funds to purchase your ring.

The complexity of the process depends on the lender you choose. If you go through a bank, you may have to wait a week or two before your funds are deposited into your account. Online lenders are faster, but often charge higher interest rates.

Once you have your loan, you can pay through card, check or cash. Then you start the payback process, which is usually done in fixed monthly payments for one to seven years.

What are my options to finance an engagement ring?

Sometimes your heart moves faster than your savings. If you don’t have cash on hand to pay for the ring of your partner’s dreams, options for borrowing include:

Jewelry store financing

Many big-name retailers offer in-house plans, with some extending no-interest financing. Just be wary of high interest once those promos revert and stiff penalties if you miss a payment.

Personal loan

A personal loan will likely be your best option because of the wide selection of lenders available. Loans through banks, credit unions and online lenders will be unsecured, and your rate will largely depend on your credit score and personal financial situation.

Credit card

If you can qualify for a credit card with a low- or no-interest period, you might find that you’re able to pay off your purchase before any intro APR expires. But be cautious if you can’t – credit card revert rates are typically higher than personal loan rates, starting around 16% APR.

Friends and family

Deep down, we’re all romantics. Your loved ones may jump at the chance to help out. By asking for the most personal of loans, you could land flexible terms and rates as low as, well, no percent.

To avoid any complications or awkward conversations later on, carefully outline the terms of your agreement using a service like LoanWell. And make sure you understand any tax implications that come with borrowing from family.

Personal loans to help you pay for that rock

We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision.

6 features to consider when comparing engagement ring loans

Before deciding on an engagement ring loan, compare the following features to ensure you’re getting the best deal available to you:

1. Interest rate. Your loan’s interest rate significantly impacts the total cost of borrowing, so compare your options to find the lowest rate available to you.
2. Fees. Fees add to the cost of a loan. Go through the loan contract to find out how much you might have to pay in application fees, loan disbursement fees, late payment fees and prepayment penalties.
3. Loan amount. How much you can borrow differs between lenders. Generally, maximum loan amounts are between $25,000 and $40,000, though you should be able to find smaller loan amounts to cover more modest rings.
4. Loan term. Getting a longer loan term can be tempting, as the monthly payments will be lower. However, the longer you take to pay off your engagement ring, the more you’ll pay in interest. Ideally, you should repay the loan as soon as possible.