Engagement ring financing available through Monzi. Buy the ring of your dreams today. Apply from $2,100 to $15,000. No paperwork, 100% online.
How much should I spend on an engagement ring?
There is, of course, the old saying that an engagement ring should cost three months salary. This is, however, becoming much less realistic for people across Australia.
According to the 2018 Australian Wedding Industry Report, the average Australian will spend around $5,000 on an engagement ring. Obviously, not everyone will spend this much, but it shows just how expensive a wedding ring can be.
Put simply, when it comes to buying an engagement ring, you need to reconcile:
- Your partner’s personal taste.
- Your own financial situation.
Nobody will be able to answer the above question for you. Therefore, crunch some numbers to work out what you can afford, and do a little research on your different ring options. Ideally, you should know what kind of ring your partner prefers by now.
Engagement ring financing – where should I buy the ring?
It is completely at your discretion as to where to buy an engagement ring. Moreover, weigh up what you’re looking for in a ring. Specifically, consider the following:
- Do I want a custom piece made?
- Am I trying to save a little bit of money?
- Does the ring have to come from a well-known jeweller?
If you are looking to save a bit on your ring, you could consider purchasing a secondhand ring. There are plenty of options for buying a secondhand ring, from private online sellers to pawn shops and jewellers.
On the other hand, if you are looking for a bespoke piece for your partner, you will likely have to go to an established jeweller.
It is important you decide on what kind of ring you are looking for. After all, your decision will have a big impact on how much engagement ring financing you apply for.
Is financing an engagement ring a good idea?
This is completely dependent on your individual situation. For example, if you have budgeted well and you have enough in your savings to buy the ring outright, borrowing money may not be the best option.
If, however, you do not have enough saved, but you earn a sufficient amount to afford repayments, financing your ring may be an option when you need cash today.
In short, it all comes down to your financial situation, as well as you and your partner’s personal taste.
The below table shows some typical personal loans that could be put towards a ring:
|Engagement ring financing||Personal loans|
|Instant loan||Same day loan|
|Wedding loan||Unsecured loan|
What credit score do you need to finance an engagement ring?
When you apply with Monzi, we try and match your application with a potential credit provider. From there, it is completely at the lender’s discretion on how to assess your application. Moreover, as each lender is a separate company, Monzi cannot speak on their behalf and guarantee what kind of credit score you need.
Keep in mind, however, the lenders within our system are potentially able to consider offering bad credit engagement ring financing. In fact, your credit score is only one aspect of your application that lenders will assess; others include:
- Recent banking history
Is there engagement ring financing for bad credit?
If a few negative credit listings have left your credit score looking pretty bruised, there are still options available for financing an engagement ring.
As we mentioned above, Monzi works with lenders that may be able to offer same day bad credit engagement ring financing of up to $15,000!
Therefore, some financial hiccups in the past do not need to stand between you and the perfect proposal. Quick loans for bad credit could help you purchase a ring you love.
Can you make payments on an engagement ring?
There may be jewellers with payment plans available for engagement rings. However, you may not need to finance through the jewellers themselves. Instead, you could apply for a personal loan through Monzi’s lender-finder service.
As a result, you can purchase the ring of your dreams and make repayments over several months, depending on the loan you take out.
Unlike certain payday lenders that offer only very short repayment terms, personal loans often have repayment terms ranging from several months to years. Therefore, repayments are smaller and more manageable.
How do I make repayments on engagement ring financing?
Repaying your personal loan is a walk in the park. Usually, lenders set up a direct debit from your account. Therefore, repayments are automatically deducted until the loan is settled.
As a result, your repayments can literally be deducted automatically as you walk through an actual park. In other words, you don’t have to worry about making manual repayments on your loan.