How to Finance an Engagement or Wedding Ring with a Poor Credit

How to Finance an Engagement or Wedding Ring with a Poor Credit

As one of the first major steps in a couple’s life, purchasing an engagement ring is nothing short of a big deal. Of course, finding and buying the perfect engagement or wedding ring can be all the more difficult if you’re equally facing poor credit. Don’t spend a couple months of salary in order to pay for your ring up front and look into installment loans online for bad credit instead!

How Does One Finance a Ring

As the popular song Single Ladies states: “If you like it, then you shoulda put a ring on it”. But how does one get a ring on her finger if your budget is tight and your credit score is poor? Don’t stress! We’ve got you covered with a few ways on how you can go about purchasing that perfect engagement or wedding ring anyway.

 

Look into Jewelry Store Financing

Why not just pay for the engagement ring with a credit card, you’re asking yourself? The problem is, not everyone has access to the same credit level. For example, zero-percent APR credit cards are typically reserved for individuals with good credit – anything less than the latter, and you can pretty much consider yourself out of luck.

On that note though, beware of zero-percent APR financing offered by certain jewelry stores – which is basically an in-store credit card. Although this may seem like a good idea at first, the truth of the matter is that doing so can actually worsen your financial situation.

How is that so? Simply put, the amount you’re going to be charging is most likely very close to the card’s limit. Such a transaction will cause your credit utilization rate to increase greatly and in turn, reduce your credit score enormously until the amount is paid back in full.

Furthermore, once the no-interest period comes to an end, if the engagement or wedding ring has not been fully paid for, you may be charged interest from the day of purchase!

 

Diamond, Really?

Sure, diamonds make for great pieces of jewelry; They shine in the light and sparkle in the sun. However, it’s important to keep in mind that a diamond is not mandatory in terms of an engagement or wedding ring. In fact, diamonds have only been popularized more recently – so keep your eye out for different stones that don’t cost you a downpayment on a house!

 

Think About Requesting an Online Loan

If you’re thinking about taking out a loan for bad credit in order to purchase an engagement or wedding ring, then it’s important to ensure that you choose an installment loan from a valid and trustworthy lender. You don’t want to get caught in a sticky financial situation later, either!

For example, if you’ve had a previous experience with a lender who didn’t report on-time payments to credit bureaus, didn’t provide a simplistic summary of your loan terms or didn’t offer long term payment options in order to cut back on monthly payments – you should definitely reconsider borrowing from them a second time.

Ultimately, you should always keep in mind that in order to get engaged, you don’t actually need an engagement ring – let alone an extremely expensive diamond and gold plated one. Start married life off on the right foot and purchase an engagement ring that is well within your budget!

You can find more tips on planning a wedding here: How to Plan a Wedding on a Small Budget.