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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. Read more