Loans for an engagement ring
Can’t wait to pop the question, but worried about how you’ll afford a ring? A loan is one option. Here's our guide to finding the best loan for an engagement ring so you can truly spoil your other half.
Compare personal loans to fund an engagement ring
What's in this guide?
How can I finance an engagement ring?
There are several main options available to you when searching for a loan to cover the purchase of an engagement ring. The options available to you are:
Key features of personal loans at a quick glance
How should I compare different loans for engagement rings?
You should identify the differences between loans in terms of their important characteristics. We have listed some of the things to take into consideration below for you:
Am I eligible for an engagement ring personal loan?
You should only apply for a personal loan to finance your engagement ring if you are absolutely certain that you can meet the repayment terms, otherwise you will face additional costs and it may impact your credit rating.
To apply for a personal loan, you will need to meet the following criteria:
- You are over the age of 18.
- You will be no older than 70 when the loan term finishes.
- You have been a UK resident for over 3 years.
- You have a regular income above £12,000.
- If you are self-employed, you have been so for over 2 years.
- You must have a good credit rating, with no history of bankruptcy or County Court Judgement.
- You hold a UK bank or building society account that is able to pay direct debits.
How can I apply for a loan?
If you have decided that a provider’s loan is right for you, simply fill in the application form for the loan via their website. You will need proof of the following:
- Your ID
- Your address details for the past 3 years.
- Your current income and employment details in the form of payslips and bank statements.
The bottom line
So, if you just can’t wait to take the next step with your loved one, fear not as there are many lifelines out there to help you to achieve your goal. Whether you opt for in-store finance or a personal loan, make sure you choose the option that is right for you – and your bank account!
Will you be approved?
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