Personal Loans for Engagement Rings

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Engagement Ring Financing

How to Get a Loan & Financing for an Engagement Ring

Buying your loved one an engagement is not only a momentous occasion, but it can be a stressful decision to make. Besides the look of the ring, and often having to buy a ring without knowing if it will fit, there’s one big concern: how much it should, and will, cost. The average US couple spends around $6,000 on an engagement ring. Understandably, you may not be able to afford to purchase the perfect engagement ring outright, without crippling your savings, especially with wedding costs on the horizon. There are several options available for engagement ring financing so that you can make that very significant purchase without draining your bank account.

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Can you finance an engagement ring?

Yes. While the “cheapest” way to buy an engagement ring is using your savings, many people choose to finance it instead. If you don’t have enough or want to keep your savings intact there are options available to cover the cost of an engagement ring, such as in-store financing, a personal loan, or a credit card.

What is engagement ring financing?

Engagement ring financing is any type of funding that provides you with the money you need to purchase your dream engagement ring.

Best personal loans for financing an engagement ring

You may find that a personal loan is the most affordable type of engagement ring financing for you, and there are many lenders out there to choose from depending on the loan amount you are looking to receive and your credentials. Some of the best engagement ring personal loans include:

How much should you spend on an engagement ring?

You have probably heard the outdated belief that an engagement ring should cost 3 months’ salary, but this was in fact just a marketing ploy used around WWII to enhance the sales of diamonds!

The amount you should spend on an engagement ring comes down to what is right for you and your fiancé, considering your financial situation and how much you are looking to spend on your wedding.

How can I get an engagement ring loan?

There are several ways that you can finance an engagement ring, for instance:

  • Credit Card: A credit card will give you access to the money you need when you need it, but they are only worth considering if you can find a 0% APR introductory offer, or at least a low interest rate (under 6%). If you are unable to pay back your balance before the introductory offer ends, you’ll roll over into a much higher interest rate, so it’s best to do a balance transfer if you haven’t yet paid off your balance.
  • In-Store Credit: You might find that the jewelers or department store where you are looking to purchase an engagement ring offers an in-store credit card. These cards often offer a 0% APR introductory period, which allows you to make your purchase on the credit card without having to pay interest, and you may even get other store-related perks. Just be sure to check that you won’t be charged a high interest rate retroactively when the introductory period ends, and remember that with this type of financing you are limited to the one store.
  • Buy now, pay later lenders: In recent years, there has been an increase in ‘buy now, pay later’ lenders, spreading the cost over time, such as Klarna, and Affirm, and PayPal’s 3 or 4-month option. These lenders allow you to make a purchase from certain retailers and provide you with an installment loan so that you can pay for your purchase over time, often with 0% APR. Again, this limits your options to certain retailers and there may be a credit limit on purchases. You should also be aware that you may be required to make a down payment so you will need to be able to cover this cost outright, and if you don’t pay the loan back within the required time limit, you’ll usually be subject to high interest rates and fees.
  • Personal Loan: One of the most popular ways to finance an engagement ring is with a personal loan. You apply to a lender and, once approved, will receive a lump sum amount to your bank account. You’ll then be required to repay the loan, plus interest, via weekly or monthly payments, over the agreed term. Personal loans are offered by traditional banks, credit unions, and alternative online lenders, with borrowing amounts typically ranging from $600 to $50,000 depending on your credit score and the lender. A personal loan may be a better option if you are worried about a 0% APR introductory period ending on a credit card before you are able to pay back your balance. A personal loan will mean paying an interest rate throughout your loan term, but they are generally a lot lower than credit card interest rates so could end up being more affordable in the long run.

What are the pros and cons of engagement ring financing?


  • Afford the ring you want (or get the best you can afford)
  • Spread the cost into more manageable payments
  • Some engagement rings hold their value well
  • There are a lot of financing options to choose from to best suit your needs


  • If you want to get married in the near future, taking out credit may put a damper on your plans if you can’t pay it off quickly
  • If the ring is damaged or something else happens, you still have to repay the debt even if the ring is no longer worn
  • Not all choices hold their value, and most will drop significantly as soon as you buy them and won’t regain their value for some years

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What do I need to consider when choosing engagement ring financing?

There are a number of things that you should consider when choosing engagement ring financing. For instance:

  • affordability/financial situation, including future plans
  • the total cost of the ring plus your financing
  • any fees a lender adds
  • interest rate
  • added benefits, such as a 0% APR period

Should I finance an engagement ring?

Engagement ring financing may be the right choice for you and your fiancé provided you are sure that you will be able to afford the repayments. Otherwise, spending your first year of marriage in debt because of taking on more than you could afford might not be the best start to your life together - and may hamper future plans such as wedding costs or buying a home, or starting a family.

Can you finance an engagement ring with bad credit?

Yes, you will be able to finance an engagement ring with bad credit, but you should consider all the points we mentioned above, and use our financing calculator before you make your decision.

Taking on financing with bad credit means that, although you will receive the funding you need, you will typically be offered a high interest rate which can make the loan particularly expensive.

How much will an engagement ring loan cost?

To find out how much engagement ring financing is likely to cost you each month, and get a better idea of the affordability of the loan, you can use our calculator here:

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Apply for engagement ring financing online

If you are ready to purchase an engagement ring but don’t have the funds you need to get hold of the perfect one for your fiancé, you can think about engagement ring financing. We have made it easy to find the most affordable deal for you by putting together comparison tables of the best lenders available. Simply compare loan amounts, interest rates, and terms, and click apply to get the financing you need in no time at all.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

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