How to get a Loan for an Engagement Ring
When you ask someone to marry you, you’re telling them that they are the most important, unforgettable person in your life. So, the engagement ring you propose with, should equally special.
Choosing the right engagement ring that fits your budget can be hard, especially if you have not saved much in advance. Financing can be your best friend in this situation. From personal loans to credit cards and in-store financing, there are plenty of options to choose from. While you would like to present your partner the dream ring, you don’t want it to eat up your wedding budget.
3 Ways to Finance an Engagement Ring
So what are the options to finance your engagement ring? To figure out the most optimal deal, it is important to consider all your options and zero in upon the one that offers you the most competitive interest rate. Here are the top three financing choices to buy your engagement ring on credit.
Most of the reputed jewelry stores have their own financing plans to relieve your burden of paying up at a single go. There’s not much paperwork involved in securing in-store financing, but the rate of interest is often much higher than the market standards.
It may not matter a lot if you can clear the payment in 2-3 installments, but if the repayment duration spans close to a year, then you are likely to cough up a significant amount as interest.
Paying With Your Credit Card
This is the most convenient option for most buyers. If you have a credit card, there is always the temptation to use it in buying expensive articles. However, do keep it in mind that irresponsible use of credit card may lead you to a debt trap and deteriorate your credit health. Failure to repay the loan on time will affect your future credit line, which will result in difficulty to secure new loans.
Using a Personal Loan
Personal loans are your all-purpose credit avenue to finance various needs. If the idea of buying your engagement loan with a personal loan hasn’t occurred to you yet, then do give it serious thought.
Personal loans are easy to get and they offer better interest rates compared to credit cards and in-store financing. If you have a good credit score and a steady stream of income, then the personal loan can be your best bet to purchase the engagement ring with the lowest payable interest.
How to Get a Stilt Loan for an Engagement Ring?
Stilt offers personal loans with the most competitive interest rates, whether you are a U.S. citizen or an immigrant on a visa. If you meet the eligibility criteria, then you can get a personal loan within 2-3 days to buy your dream engagement ring.
With Stilt, you have the convenience of online application. There is no need for you to personally visit the branch office. Just fill in the loan application form and submit it with the required documents.
Stilt will then verify the proofs that you have submitted to find out if your financial affairs are healthy enough to afford the repayment schedule. If all goes well, then your application is be approved and the funds are released. All in all, it takes just 2-3 days to complete the entire procedure. It may take another 1-2 days for the loan amount to reflect in your bank account.
Benefits of Using a Personal Loan for an Engagement Ring
Personal Loans are Unsecured
There is no mortgage requirement for getting personal loans. While jewelry stores might want to have some collateral or pawn a valuable against the financing, personal loans are simply unsecured advances.
As already pointed out, as long as your credit health is decent and you have a reliable income to bank on, you will find it extremely easy to secure a personal loan with any lending agency.
You’ll Have Years to Pay it Off
Personal loans come with flexible repayment terms. You can choose your own repayment schedule as per your convenience. There is no need to go shoe-string in order to clear the loan within 3 or 6 months. You can take as much as 24 months or more to pay off personal loans if you desire so.
Quick Loan Process Gets You Cash Fast
If you are concerned about the time required to secure personal loans, stop worrying. Many banks and other lending organizations now have a single day loan disbursal facility. Your loan application gets processed promptly and it doesn’t take more than 2-3 days for you to receive the credit in your bank account.
3 Great Ways to Save Money on an Engagement Ring
Looking for ways to save money to finance your dream engagement ring? Here are 3 effective ways to achieve your objective.
Set a Budget
It helps to have a fixed realistic budget in mind. Every month you can set aside a little money until you have enough to afford the engagement ring. Don’t get dazzled by the typical showroom tactics and fast-talking sales persons persuading you to spend more. Stick to your budget and spend what seems comfortable to you.
Know the Four C’s
It won’t be too off the mark to presume that you want to present a diamond ring to your life partner on engagement. When you are investing in diamonds, there are 4 C’s that you must be aware of – Cut, Color, Clarity, and Carat.
Cut defines the craftsmanship of the diamonds which is responsible for its sparkling nature. Color plays an important role in fixing the price. A colorless diamond is costlier than the ones that have yellow or beige taint. Clarity is measured by the inclusions or blemishes of the diamond. A transparent diamond is of better quality and hence attracts a higher price. Last but not least, carat specifies the physical weight of the diamond. The higher the weight is, the more is the price.
So while purchasing the diamond ring, pay close attention to the four C’s to prevent yourself from spending more than is needed on your engagement ring.
It’s a crime to limit your engagement ring shopping to one or two jewelry stores. Leave no stone unturned to shop around. Visit multiple outlets to get an idea about the price and quality. You may come across seasonal discount offers and ultimately make a decent saving on your engagement ring.
Unable to afford the dream engagement ring due to financial woes? Don’t worry, there are several ways to buy an engagement ring on credit. Personal loan, with low-interest rate and flexible repayment terms, can be an ideal choice. Do make sure to shop around and set a realistic budget to make a significant saving.