How can I finance an engagement ring?

Some people just can’t handle the thought of credit and financing procedures. If this is you, you still have some other options when it comes to financing an engagement ring. One of these is a personal loan.


If you go for a personal loan, you will have to settle the amount as well as the accompanying interest. If your credit rating is poor, your interest will go up, but after all calculations have been done, the benefit is that you will know what fixed monthly amount you are in for.

Keeping it in the family

A large amount of people turn to family instead of a lender, in order to minimise or if they’re lucky, avoid interest entirely. If your family is able to help, and the commitment is not too much of an inconvenience, it won’t hurt to ask. Conversely, if anything about this idea leaves you feeling uncomfortable or embarrassed, rather steer clear.

The downside of financing your ring

Some obvious points include:

It should be about love, not the amount of money spent on the ring.

Starting a marriage in debt is unpleasant and scary,

Hopefully, by the time you get engaged, you are both in agreement about your respective money philosophies. The answer is simple: if you can’t afford it, don’t buy it.

What else can I do?

If you sign up for a store-specific credit card, the value of an engagement ring should be high enough to help you clock up huge rewards, if your card is linked to a points system. Some stores even offer cash bonus incentives, which you, in turn, could put right back into the ring.

An unusual perspective on credit card payments is that, depending on what rewards programme you’re linked to, the rewards could form a very real part of financing your honeymoon – think travel points and vouchers, and even promotional accommodation!

Should I or shouldn’t I?

Proposals are the frontline of a series of high-value spending sprees – buying a house if you haven’t yet, a family car that comes a bit later, and let’s not forget the wedding itself! These are all very solid reasons to take care of your finances, and not to splurge where you can save.

Maybe not…

If you have no other option but to finance a ring, please think carefully about your options, and make sure you feel comfortable with your choice of lender. Spend the time and make the effort to find a solution that is best for your needs. Keep your debt low, and your credit rating high. Engagement rings are notoriously pricey, and I definitely understand that you have to do what you can do to make a plan come together. Weigh up your options, and pick the best one for your lifestyle.

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