Engagement Ring Financing – Say I Do To Loans Up To $10,000

Engagement ring financing is becoming a reality for more and more Aussies each year. After all, picking the right ring can be difficult with a limited budget. You could, however, consider financing an engagement ring with a credit provider from Monzi’s lender-finder service. With loans available up to $10,000, you may be able to put a ring on it sooner than you think.

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 financingPersonal loans
Instant loanSame day loan
Wedding loanUnsecured loan

The worst-case scenario

This is going to be a real mood-killer, so get ready.

Nobody purchases an engagement ring thinking their partner will eventually turn them down. Unfortunately, however, it does happen.

If you have taken out a loan to finance your purchase, but your partner says no, you may find yourself in a bit of a tight spot.

You could keep the ring for a later date, and make the loan repayments until it is settled. Alternatively, you could try and sell the ring for as much as you can, and pay your loan out early; just be aware of any early payout fees you may be charged.

How should I finance my purchase?

There may be a number of options available to you if you’re looking to purchase a ring. We’ve included some of the more popular ones below:

  • Credit card
  • In-store financing
  • Personal loan

How can Monzi help me?

If you’re considering financing the ring through a personal loan, Monzi’s lender-finder tool may be able to point you in the right direction. In the direction of a potential lender that is, not the ring itself.

We’ve been in the lender-finder game for a while now, and over that time we’ve built up a strong network of trusted credit providers. Moreover, the lenders within our network may be able to offer personal loans up to $10,000.

Instead of spending time applying with different lenders, lodge one application with Monzi and we’ll aim to do the rest. We can’t guarantee you’ll be approved, but we’ll do our best to match you with a potential credit provider.

Am I eligible?

Unlike trying to pick the right ring for your partner, qualifying for Monzi’s lender-finder service is simple and straightforward. In fact, there are only four easy loan criteria you will first need to meet:

  • 18 years or older
  • Australian Citizen or Permanent Resident
  • Have a personal email address and mobile number
  • Earn regular income into personal account for the past 3 months

Apply in 3, 2, 1

It’s easy to lodge an application on our website; here’s how it all works:

  • Select the amount you want to apply for and your ideal repayment terms.
  • Fill in the submission form.
  • Wait while we try and match you with a lender.
  • Lenders will assess your application and get in contact if they are able to make an offer.
  • Funds will be transferred after approving digital loan contract.

Two rings bought with engagement ring financing

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:

  • Income
  • Expenses
  • Recent banking history

Is there engagement ring financing for bad credit?

Yes, absolutely!

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 $10,000!

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.

What if I’m unemployed?

Certain lenders may be able to consider your application if you are unemployed. You must, however, show a capacity to repay your loan. In other words, you will need to be earning some sort of regular income.

Often, this can come in the shape of consistent Centrelink payments. Although, there are other options.

For example, if you own a rental property that generates you a consistent income, you may be considered for approval.

All in all, lenders need to confirm you will be able to afford your repayments. More specifically, will your regular income be able to cover your usual expenses plus the additional repayments.

As always, approval is completely at the discretion of the lender themselves.

Does receiving Centrelink impact my chances of approval?

Not necessarily, no. More to the point, certain lenders may be able to consider your Centrelink payments as income. That way, they may offer loans to people on Centrelink.

Monzi, however, cannot guarantee your application will be approved. After all, each lender is a completely separate entity, and we cannot speak on their behalf. So keep in mind individual credit providers may have their own rules around:

  • Which benefits they can consider (e.g. Newstart, Disability Support Pension).
  • How much of your total income government benefits make up.

I need a loan instantly – can you help?

If you are in a last-minute scramble to secure an instant loan for a certain special ring, Monzi’s lender-finder tool may be useful.

Specifically, consumers can cut down on the time it takes to apply with multiple lenders. Instead, they can lodge one on our site, and we’ll get to work finding you a lender offering online loans with instant approval.

If you apply during normal business hours, there is a chance you may even receive an outcome in less than 60 minutes!

Finally, if a lender is able to make you an offer, they’ll be in touch directly. Generally, most applicants receive their funds in less than 24 business hours of approving their contract.

After your proposal

If your partner has said yes (congratulations) you should start thinking about the next big step: the wedding.

Ideally, your wedding day shouldn’t be too long after you propose. In fact, the typical engagement period averages at around 13 months in total. Therefore, you have a bit of time between drinks to figure everything out.

According to ASIC’s MoneySmart, the average cost of an Australian wedding sits at around $36,200. Therefore, you may want to factor the cost of your wedding into choosing an engagement ring.

If you need additional funds to put towards your big day, consider applying for wedding loans through Monzi.

Do I need a down payment for engagement ring financing?

If you are offered a personal loan through one of Monzi’s lenders, you will not be required to make a down payment. Instead, your funds will be transferred once you approve your digital loan contract.

If, however, you apply for a loan of $2,100 and over, you will be required to attach one of your assets as security against the loan. While security is not a down payment, it is something you will need to have organised before you apply.

Generally, lenders can accept a car, caravan, motorbike or boat as security. You must, however, be the registered owner of the vehicle you wish to use as collateral.

Can you offer an engagement ring payment plan?

Technically, your personal loan will act as a payment plan. In other words, consumers purchase the ring now with their loan and pay it back over several months.

Depending on the lender you’re paired with, you may be able to choose a repayment term anywhere from 12 to 24 months.

In addition, your regular repayments will generally include:

  • The loan’s principal
  • Interest rate
  • Upfront fees (e.g. establishment fee)
  • Ongoing fees (e.g. monthly fee)

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.

Can you find me a lender that won’t do a credit check?

We cannot guarantee the lender you’re paired with will offer a no credit check no paperwork loan. This is because a credit check may be part of a lender’s assessment processes. Moreover, as we cannot speak on behalf of other companies, we cannot guarantee whether or not you will be offered a no credit check loan.

Even if a lender does a credit check of your application, however, you may still be considered for approval. Moreover, lenders may be able to offer a bad credit loan.

Worried about having the right engagement ring financing credit score? Don’t stress too much, Monzi may be able to help.

Engagement ring FAQs

Now that you have your ring, you may have some other, non-finance related questions. Luckily, we will try and answer as many of these for you as we can.

Should I sleep with my engagement ring on?

Many people feel sleeping with your engagement ring is not a good idea. After all, an engagement ring is an expensive and fine piece of jewellers and should be properly cared for. Specifically, your engagement ring may get caught in your hair or in your bedding and may loosen the diamond in the setting.

We recommend having one designated, safe spot in your house to keep your ring. Therefore you know for certain, if it isn’t on your hand, it can only be one other place.

At the end of the day, it’s your ring, so do what you wish. If you feel like wearing your ring to the gym or the public pool, go for it!

How tight should my ring be?

Realistically, you will know when a ring is too tight, too loose, or just right.

A perfect-fitting ring should, ideally, slide on to your finger without much friction, and fit comfortably on around the base of your finger. Moreover, there should be a little resistance when pulling the ring back off, but not too much.

If, for example, you need to reach for oil to get the ring off, it is too tight.

Should I wear my ring when I shower?

Ideally, no.

The soaps and scrubs most of us use can cause damage to the ring or the diamond itself. In addition, water and soap can build up over the diamond and give the stone a cloudy look.

What do I do with my engagement ring on my wedding day?

Generally, most people swap their engagement ring to their right ring finger for their wedding day. Then, once their actual wedding ring is on, move the engagement ring back to their left hand.

Other people, however, choose to entrust their engagement ring with their family, maid of honour, or equivalent.

At the end of the day, it is completely up to you. Luckily, we are no longer bound by tradition and people can really do what they want on their wedding day. After all, it is your day.

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.

I can no longer afford my repayments

Circumstances change, and so too can your ability to afford your repayments. Specifically, you may lose your job, or you may be badly hurt so you’re no longer able to work.

Whatever it is, if you are experiencing financial hardship trying to repay your loan, get in contact with your lender’s hardship department.

You will need to supply evidence of hardship when you apply. This may come in the form of bank statements, termination of employment notice, or a medical certificate.

Lenders will assess your hardship claim and if you’re approved, offer a solution. This may be a break from your repayments, or an adjusted repayment term, or both.

Who do I talk to about my loan?

If you have any questions about Monzi or the application process, you can get in contact with our customer service team at hello@monzi.com.au. In short, you can always be sure you’ll be talking to a real person, just like you.

However, we are limited in how we can speak for other lenders. Specifically, we cannot tell you the exact reason why your application was denied by a particular lender. In addition, if your application has been matched with another lender, your application technically belongs to them now. As a result, you will need to direct your queries and concerns to the lender in question.

Will I be charged a fee for missing a repayment?

Lenders will more than likely charge a dishonour or penalty fee for missing a repayment. These fees can vary between lenders, so Monzi cannot guarantee what it will be.

All the fees and charges associated with your loan, however, will be included in your contract. Therefore it is important to read through your contract thoroughly before approving your contract.

If you are unsure about anything in your loan contract, get in contact with your lender. They should be able to walk you through each step and ensure you know exactly what you are signing up for.

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You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. The minimum and maximum loan term is 12 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000


13 months (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.