Is an Engagement Ring Loan Ideal?

Not everyone loves the idea of taking out a loan. Often, the aftermath is quite troubling, one most people don’t wish to witness. Why purchase an engagement ring only to see your credit score tank on an unimaginable scale? No doubt, you intend to prove your love to your would-be spouse. But this shouldn’t be at the expense of your credit. There are other ways to give your lover a surprise treat – a question of a lifetime. Of course, this goes with an engagement ring. One way to make it happen is to procure a personal loan.

A personal loan comes with the initial amount and interest. Individuals with high credit score may easily access low-interest rates. Once approved, you should note the amount to pay each month.

Time to Have That Table Talk

Presumably, other family members have spare cash lying around. In truth, these individuals are more generous than the typical lenders. How factual is this statement? Most of them don’t charge interest. If you have anyone in the family, it is time to have that table talk. But if you don’t find this option an ideal go-to solution, other alternatives are available.

Exploring Other Alternatives

If you don’t have family members financially equipped to meet your needs, applying for a credit card may a call in the right direction. Many credit companies offer bonus on sign-ups. However, you have to meet some financial requirements. This task shouldn’t be difficult as it cost less than the price of the ring. You can also get reward points.

When shopping for a perfect engagement ring, ensure that it is within your financial reach. Avoiding spending way more than you can pay. It is not uncommon to find engagement shopping becoming a spending spree. Taking this path will only put you in a financial quagmire.

In some cases ring financing is not the ideal path to take, especially if you don’t have the financial means to pay back. You wouldn’t want your lender to interrupt your honeymoon. Besides, there may be other future needs to cater to using loan options. A bad experience with ring financing can hamper future eligibility, putting you at a disadvantage.

“Cash is king,” like they say. If you have the money, don’t hesitate to foot the bills. If you don’t, ensure that you have a plan detailing the amount you intend to save during a timeframe. Ideally, the cost of a ring should be equivalent to three-month paychecks – at most. You can map out three to six months to raise the money for your engagement ring. Save a considerable amount of money each month. This gives you the option to purchase your ring of choice.

Additional Points to Note

When selecting a ring, avoid focusing on the cost alone. This piece of jewellery holds a symbol of eternal love, commitment, and unity. These elements should reflect in your motives as well. get an affordable engagement ring, and at the same time, befitting for your spouse. Once done, it is time to pop up that long-awaited question – Will you marry me? If you can afford an engagement ring, purchase it; if not, move on to the next one.

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