How to Buy an Engagement Ring With Bad Credit

By on February 7th, 2019

financing an engagement ring

Engagement is an important step in a couple’s life. For many, purchasing a pricey engagement ring can be not an easy task, especially, if they have a poor credit score.

If you are thinking about how to buy an engagement ring, you don’t need to spend a couple of months of salary in order to pay for it. We all face financial difficulties from time to time. You may consider a few effective ways to buy the perfect engagement or wedding ring with a low credit rating.

One can easily buy an engagement ring without falling into trouble. Wondering how? Continue reading to find out the answers to the question of how does one gets a ring on his fiancee’s finger if he has a tight budget.

Throw out the Old Rules

For around 25 thousand years, humans have been using jewelry as a way of decorating themselves. You might hear of the “three-month rule” that is concerned with buying an engagement ring to the fiancee. This rule is a part of the important social ritual that signifies that you want to dedicate your life to the closest person.

According to this old tradition, a fiance must spend three months’ salary to buy an engagement ring. However, not everybody can afford such a purchase. Don’t worry! Even a poor credit score is not a good reason to call off an engagement.

There are many methods of financing the perfect engagement or wedding ring that looks adorable and still does not cost much. So, all you need to do is to find an engagement ring, plan the perfect proposal and choose your favorite method of financing the engagement ring.

get a loan online

Many think that this old rule is indeed insane. Similar to other types of jewelry, engagement rings are very expensive. A good engagement ring may cost $5, 000. However, a price tag on the engagement rings can reach up to $10,000. This does not necessarily mean that you should fork over your savings.

Engagement or wedding rings financing is a far more popular option. While it can be difficult with poor credit, below are some of the more convenient methods that may provide the solution suitable for any pocket.

Think of what else you could buy instead of such an expensive purchase for your spouse. For example, some clothing, a honeymoon, a trip to your dreamed place, a down payment on a house, a car, holiday presents, groceries for a year, etc.

However, it is totally understandable that you are willing to throw on your future fiancée’s engagement ring the whole fortune. So, let’s take a closer look at some of the most effective engagement ring financing options.

Why Go for Diamonds?

If you need some help in managing your engagement or wedding rings finance, you can purchase vintage or pawned jewelry. There is actually no need to buy your future spouse an expensive engagement ring, for the reason that it will be replaced for the wedding ring. So, why not look for a cheaper option that will not ruin your budget? For example, you can look for some local vintage or pawn shops for a beautiful but still affordable piece of jewelry.

The truth is most Americans don’t save money, they don’t even have $5,000 on their bank accounts to spend on an engagement ring. Fortunately, the rule of three months’ salary is not obligatory. Therefore, one can go for a cheaper stone or metal of the ring.

Of course, diamonds are pretty. This shiny stone looks like ice sparkling in the sun. But this is probably a matter of personal taste or fashion as diamonds only recently became the top choice for a ring. It is important that a diamond is not mandatory in terms of the engagement rings.

Many other stones like ruby, emerald, topaz look stunning as well. Their advantage consists of colorfulness as many people are simply in love with some specific color. Other options include zirconia, moissanite that look extremely similar to diamond. According to TIME, it even features “greater brilliance and fire”. In addition, moissanite is known to be extracted from meteorites. Isn’t that romantic?

As for the metal of the engagement ring, gold or platinum can be replaced for other plain metals most popular of which is silver. A silver engagement ring looks no less pretty than a gold ring. It can be purchased in every jewelry store for a much lower price which is a great way to a finance wedding ring with bad credit.

Finance an Engagement Ring Through Your Jewelry Store

Not everyone has a good credit score. if you are not able to use your credit card to buy an engagement ring, you can ask for help from some jewelry stores that finance bad credit. The jewelry stores’ offers are easy financing for engagement rings with bad credit. You are offered with zero-percent APR financing. The thing is you need to sign up for a store credit card. This might seem a great idea at first glance but it can cause some financial problems.

The amount you would be charged will probably exceed your credit limit on the jewelry store, the interest rate would be higher than in the bank. This all together would bring down your credit score significantly as you would not be able to completely pay off the purchase.

bad credit jewelry financing

Open a Credit Card for Bad Credit Jewelry Financing no Down Payment

Americans do not really prefer saving money for engagement rings. Many of them turn to credit cards in order to finance the engagement. But, there is one tip you need to take into account when opening a credit card. The customer can be offered a credit card with a limit exceeding even his three-month threshold.

However, the use of it would cost him serious money in the long run. The interest that would be added every month on a $5-10,000 balance – it is in no way an attractive idea. If you insist on this method, you simply need to open a new credit card with an introductory 0% interest rate.

Jewelry financing for bad credit with no down payment is one of the best options. During the no-interest promotional period that lasts from 6 to 18 months, you have the possibility to completely pay off the credit debt. It is known that credit card is not an ideal option for long-term financing an engagement ring. It is still a better alternative to costly short-term loans with high interest rates.

Think About Taking Out a Personal Loan

To finance an engagement ring, consider requesting an online quick and easy loan. The bad credit jewelry financing by borrowing money from lenders is not the cheapest option as this method implies many pitfalls. So, when taking engagement ring loans in order to finance a pricey piece of jewelry, make sure you’re doing it the right way.

Get a Loan
If you are not ready to spend three months’ salary on the engagement rings, buy now pay later option may be helpful. However, be aware of the fact that not all lenders are trustworthy. This is the ugly truth. Some predatory lenders offer so-called no credit check loans that allow getting cash quickly. In the end, you will be caught up in a credit loop, a cycle of debts with a high-interest rate.

You may still need a bad credit loan online to finance an engagement ring. It is better to go for a poor credit installment loan from a valid, well-known and respected lender. A responsible lender has to report on-time payments to the credit bureau, give the client a clear summary of his loan terms.


If you are planning to get engaged, you don’t necessarily need an expensive engagement ring. Let alone all those pricey diamond and gold rings. Otherwise, you can request a personal loan, open a credit card, etc. It is important to start married life off on the right foot. So, purchase an engagement ring that fits your budget!