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Jewelry financing

They say a diamond is forever — here are 5 ways to pay for it.

If you're ready to add to your collection or looking to buy an investment piece, knowing your financing options might get you better rates than those offered by a retail credit card.

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
BadCreditLoans.com
$500 to $10,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
 Brigit
Up to $250
Same business day to 2 business days
Have an active checking account
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
Possible Finance Mobile Installment Loans
Up to $500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
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Compare up to 4 providers

Must read: Be wary of financing companies that offer no credit check

Some financing companies offer small loans or rent-to-own agreements without checking your credit. While this may seem like a convenient option, be cautious: The interest and fees these companies charge can double or even triple the cost of the piece of jewelry you're buying.

If this is the only type of financing you can qualify for, you might want to hold off and take steps to build your credit and save up instead.

How can I finance jewelry?

These five financing options are a few ways people pay for pricier pieces:

  • In-store financing. Some jewelry stores like Helzberg offer retail credit cards or in-store financing to break up the cost of expensive pieces into more manageable installments. This is often the fastest way to finance jewelry, but it may not get you the best rate.
  • Pay later programs. Depending on the jewelry store, you might be able to use a pay later program like Affirm or Afterpay. Affirm works similar to a credit card, where you purchase the piece of jewelry immediately and then pay it back in monthly installments — usually over one year. Interest rates range from 0% to 30% depending on your credit history. With Afterpay, you don't pay any interest. It simply spreads out the cost of your purchase over several weeks.
  • Personal loans. If you've already shopped around and know the estimated cost of your jewelry, you can request a personal loan. Top lenders like LightStream offer low starting rates, and you may not need to guarantee the loan with the jewelry you're buying.
  • Credit cards. If you can afford to make large payments each month, you might want to look into a credit card with a 0% APR intro period — some last as long as 21 months. Just make sure you can have it paid off before the intro period ends. Otherwise, you'll be stuck with an APR that's usually much higher than those that come with personal loans.
  • Payment plans. Some retailers might offer payment plans, though this isn't the most common option. You generally have to make a down payment on your piece, followed by equal installments spread out over anywhere from six to 24 months. With some stores, you may only receive your piece of jewelry after you've made the last payment, though this isn't always the case.

How much does jewelry financing cost?

Interest and fees are the two main factors that impact the overall cost of financing a piece of jewelry:

  • Interest. You can find 0% APR intro periods from many retailers and credit cards, but watch out: Some offers might require you to pay off your entire balance within the promo period or else you'll be charged interest for that time — all at a high credit card rate. If you choose a personal loan instead, you'll make monthly payments over three to six years, typically at an APR less than 10%.
  • Fees. Each lender charges fees differently. Keep track of origination fees, prepayment penalties and late fees to ensure you're not overspending on your loan or credit card payment.

3 situations when financing jewelry might be a good idea

If you can handle the large monthly payments, here are a few times financing an expensive piece of jewelry might be worthwhile:

  • You're looking for a long-term investment. Some items may maintain their value over time, making them a solid investment piece in a long-term financial plan. Authenticated gold and diamonds from top designers tend to hold their value best.
  • You found a really good deal on a piece of jewelry. Provided your return on investment covers the cost of financing, you can turn around and sell it for a profit.
  • You want to improve your credit mix. If your credit report includes multiple credit cards and closed loan accounts, financing jewelry with a personal loan can add diversity to your credit profile.

Bottom line

Financing jewelry is a relatively straightforward process. By comparing personal loans, you may be able to find an option that beats a retailer's credit card.

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