How does engagement ring financing work

Lenders such as Affirm , Klarna and Afterpay let you shop with certain retailers and apply for an installment loan to pay off your purchase over time. There are a few different ways you can use a credit card to pay for an engagement ring. So how do you know which engagement ring financing option is the right choice for you?

There are a few things you should consider when comparing any financing offers. Image: Man and woman standing together on a beach, smiling together for a selfie and showing off the new engagement ring on her hand. In a Nutshell Buying an engagement ring is a significant purchase, and it may be hard to pay for a ring upfront. This material may not be published, broadcast, rewritten or redistributed. You May Also Like. We know the answer. A Great Way to Save on Your Cell Phone Bill You can protect yourself and your budget by saving on your monthly bills -- especially your cell phone bill.

These cards have promotional periods of 15 to 18 months during which you pay no interest on purchases you make. Increasingly popular buy-now-pay-later services like Affirm , Klarna and Afterpay can break your purchase into smaller installments, sometimes with low or no added interest.

These companies partner with all types of vendors, including jewelers Brilliant Earth and Best Brilliance. Qualifications: Affirm and Klarna offer pre-qualification, which lets you see what interest rate and payment plan you may qualify for without affecting your credit.

Afterpay says it reviews available funds on your debit or credit card and any history you have with the company. Promotional periods on jeweler cards tend to be long, but if you still have a balance once the promotion ends, the jeweler may retroactively charge interest accrued since your purchase.

This is different from no-interest credit cards, which charge interest only on any balance remaining after the promotion ends. Qualifications: You need good or excellent credit or higher FICO to qualify for many store credit cards.

Well-qualified borrowers may get a low interest rate on a personal loan that can be used to purchase an engagement ring. Select personalised content. Create a personalised content profile. Measure ad performance.

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Credit Card. Personal Loan.