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.

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Getting engaged can be a dream come true for many people, but it’s a dream that doesn’t come cheap. With wedding costs also looming in the background, you might be wondering how you’re going to afford a ring, too. Before you get down on one knee, we can help you find the right loan so you don’t pay more than you need to.

Compare personal loans to fund an engagement ring

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

Compare up to 4 providers

Important information:
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

warning icon Warning: late repayments can cause you serious money problems. See our debt help guides.

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:

  • Personal loan. A personal loan is when you borrow a certain amount of money from a specialist lender, and you pay this back over an agreed period of time by monthly installments. You can purchase your engagement ring with the money you receive upfront, and then pay back the money monthly.
  • Credit card. With a credit card, you can purchase the ring and pay it off over a period of time, with a minimum, required amount to be paid every month. You could consider a 0% purchase card to give you an interest-free period. However, if you have a bad credit rating or no credit history, you may struggle to be approved for loans or credit cards. In this instance, you may wish to enquire about a credit builder credit card, which is specifically designed for people with bad or no credit history. Whilst the terms are less favourable, you will have the same perks as a credit card and will be able to spread your purchase of an engagement ring over monthly payments.
  • In-store finance. Many jewellers offer you the ability to pay for your engagement ring over an extended period of time, sometimes with a 0% interest period. You can then spread out the cost of the ring over several payments.

Key features of personal loans at a quick glance

  • Loan terms. The terms can include the loan duration as well as interest rates and repayment plans.
  • Loan amounts. The amount of money that you are allowed to borrow.
  • Get a personalised quote. This will give you an indication about the terms in which a provider will lend you money, and will have no bearing on your credit rating.
  • Price matching. Some providers offer a price guarantee to match or beat offers from other providers.
  • Monthly repayments. You will be able to repay your loan in monthly installments.
  • Repayment holidays. This is an agreed period with your lender, perhaps either one or two months, where you will not have to make repayments. However, interest will still build up.
  • Quick decisions. Providers will usually make a fast decision about whether they will lend you money or not.
  • Access to funds. You are able to get access to all the funds upfront.
  • Fees. You may incur extra costs, such as interest or late payment fees.
  • Perks. With some loans, there may be special benefits such as a 0% interest period.
  • Overpayments. If you wish to pay off your loan sooner than agreed, making overpayments is the way to do it. Most overpayments will not incur a penalty so long as you remain within the overpayment limit. It is important to check the small print of your loan before you make an overpayment.
  • Early repayment. For many loans, you will incur a penalty and additional costs if you repay your loan in full earlier than expected.

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:

  • Loan amount. The amount that you can borrow will differ between lenders, so make sure you have a value in mind when choosing your loan.
  • Interest rate. There are some loans available that are interest-free, which will save you some money. If the loans you are considering are not interest-free, make sure you take the interest rate into consideration.
  • Fees. You may be required to pay upfront or ongoing costs that will add to the cost of your loan.
  • Eligibility criteria. Whilst you may be eligible for some loans, you may not meet the criteria for others.
  • APR. The Annual Percentage Rate is designed to provide consumers with an annual summary cost for the loan, including any setup fees and interest. Different loans will have different APRs, but it is important to remember that they are only representative, and your costs may be more expensive.
  • Loan terms. The length of the loan period may differ between providers, as well as the terms and conditions of taking out the loan.
  • Overall cost. As well as the loan amount, you should also take into consideration any start up costs and any interest.
  • Early repayment. Although you may find yourself in a position to pay off your loan early, some loans charge extra costs if you repay your loan too early.

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!

FAQs

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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