Wedding Ring Financing Options

When it comes to wedding ring financing options, there are two main paths you can take.

Wedding Ring Financing Options

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The first is financing in-store, through your jeweler. The second is financing online. We’ll discuss the finer points of both wedding ring financing options today, but first make sure you check out:

Can you finance a wedding ring? Spoiler alert: you can! And you can also finance engagement rings. We give a breakdown of why you’d want to finance your rings, and a few helpful tips for deciding if this is the right choice for you.

The Best Way to Finance Engagement Ring Dreams. In this post we get more into detail about the actual process of wedding ring financing options and what they entail (along with our opinion on the easiest way to do it.)

All caught up? Great, let’s start with in-store wedding ring financing options.

In-Store at the Jeweler of Your Choice

Wedding Ring Financing Options

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This is the traditional method of financing that most people are familiar with – if they already know about financing that is. Surprisingly, most couples don’t know about this tool until they start shopping. Which is shocking considering most of the couples who get their wedding and engagement rings from Diamonds by Raymond Lee do use some sort of financin­g!

When you want to finance, you can see how much you’re approved for up front, though most of our couples choose the ring they want, then see if they qualify for financing and for how much. The diamond expert helping you will have you fill out an application, which he or she then submits to the bank (and shreds that application, so your info stays safe.) The bank then sends back an amount immediately for which you qualified.

If the offer is too low, we can call the bank and see if they’ll come back with a counter offer. This amount is then applied towards the total of your ring, if it doesn’t cover it in full. You’ll get all the terms and conditions that come along with your financing – just like a credit card – and one more earnest reminder from us to make your payments on time and pay that sparkler off before your introductory interest rate expires! Seriously – only buy a ring you can afford.

In-store financing approval does require a hard inquiry on your credit too, just so you’re aware. However, if you’re shopping online, it’s a different story.

Online Financing

Wedding Ring Financing Options

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Shopping for an engagement ring online? Great idea. And now you can take advantage of financing tools that previously were only available in-store. We personally provide two wedding ring financing options online: PayPal and Affirm.

PayPal, the original Venmo, offers financing on purchases over $99. Their introductory, interest-free period spans 6 months, so it’s relatively short but if you only need to finance a portion of your ring, or if you already have the full amount, this is a great option. It lets you spread out your payments without any interest rather than spending the whole chunk of cash at once. But be warned – if you don’t pay off the ring by the time those 6 months are up, you’ll pay a 19.99% APR starting from the posting date (usually a few business days after you buy your ring.)

If you’re looking for more flexibility, the last of our wedding ring financing options is Affirm. It’s a new financing tool that caters perfectly to our generation: the generation that considers Amazon Prime practically an inalienable right. It was designed for online shopping, even for big ticket items, which shoppers are now more and more comfortable buying virtually. Anyway, it’s super fast, transparent, and flexible, offering interest rates that range from 10% – 30% depending on your credit score and payment period. It couldn’t be easier to use, and we love the clean, simple design. What we love more though, is that we can finally offer great wedding ring financing options to our long distance lovers.

Wedding Ring Financing Options

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Whether you’re shopping for your wedding rings online or in store, it’s important to only buy what you can afford. But wedding ring financing options like our in-store credit line, Affirm, and PayPal give you tools to make the engagement ring you want a reality.

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Florida Jewelry | Luxury Watches | Raymond Lee Jewelers

Implications of non-payment: There are no financial implications. If no payment is made the loan simply defaults. Collection practices include sending a text message or email reminding the client payment is due. There is no impact to a client's credit score for late or non-payment. Loans are renewed when an interest payment is made. Maximum APR; 36%. There are no additional fees or penalties when renewing a loan. No loans offered are under 60 days. Early prepayment options that are available are not associated with any fees or cost. The loan is not required to be repaid within 60 days. The minimum repayment period is 61 days and maximum is 10 years. An example of a loan is: borrower takes $100, repays $106 in 90 days. Loan is fulfilled.

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