Engagement Ring Financing for Bad Credit in 2024

Engagement Ring Financing With Bad Credit

Engagement ring financing with bad credit does exist. This is great news if you’d like to propose to your partner but lack a good or excellent credit history. Several nationwide lenders and jewelry stores can help bring your dream proposal to life.

They believe that poor credit shouldn’t stop you from getting down on one knee and proposing to the one you love. Let’s dive deeper into eight engagement ring financing options at your disposal.

Personal Loans | Store Financing | FAQs

Personal Loans for Engagement Ring Financing with Bad Credit

Personal loans can be used for just about anything, including engagement ring financing, and are worth considering if you don’t have the cash on hand to cover the cost of a special ring. Here’s a look at the best personal loans for engagement ring financing with bad credit.

  • Short-term loans up to $5,000
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • See official site, terms, and details.


Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

See representative example

MoneyMutual is not a direct lender but an online marketplace that can connect you to lenders that offer engagement ring financing. Once you fill out a short form, you may get matched to lenders that are willing to lend you money.

To use MoneyMutual, you should be at least 18 years of age, earn at least $800 per month, and hold an active checking account. Good credit is not required.

Fortunately, you don’t have to accept any installment loan you qualify for unless you agree to its terms and conditions. The MoneyMutual website is loaded with a variety of handy resources like a bad credit loans guide and frequently asked questions page.

With CashUSA, you can get approved for engagement ring loans from state-licensed and tribal lenders. To qualify, you must be at least 18 years old, a U.S. citizen, and make at least $1,000 per month after taxes. You will also need to provide a valid email address and work and home phone numbers.

The website does not perform hard credit checks, which means you can see which loans you’re eligible for without hurting your credit. Simply fill out the secure online application form. CashUSA also offers an Education Center full of informative articles on credit, financing, debt, and banking.

CreditLoan is an online marketplace that can assist you with jewelry financing. Even if your credit score is below 600, you may still get matched to online personal loans that offer fast approvals. Its only requirement is that you have a valid bank account.

If a lender wants to work with you, you’ll be transferred to its website. That’s where you will be able to review and approve the loan terms before you accept any loan offer. CreditLoan’s banking reviews and smart-finance blog are available to help you make smart financial decisions.

BadCreditLoans offers jewelry financing options through its online personal loan marketplace. It’s specifically designed for people with a bad credit score and “can help when others can’t,” as it says on its site. You can use its website for free and accept a loan online from the comfort of your own home.

To submit an installment loan request via BadCreditLoans, you must be at least 18 years old, have a regular income, and provide proof of citizenship through legal residency or a Social Security number. A valid checking account, email address, and phone number are also required.

PersonalLoans is a loan matching service you can use to help pay for a diamond engagement ring. The application requirements include a valid Social Security number, consistent monthly income, a bank account, and a responsible borrowing pattern. Once approved, you’ll be redirected to the lender for details on a loan agreement with terms and conditions.

The service’s website offers several resources that clearly explain the process of obtaining a personal loan. The site has a page with frequently asked questions that can clarify anything you may not understand. There’s also a blog with useful articles on personal finance, financial management, and loan options.

Jewelry Store Financing for Bad Credit

Jewelry store financing may be the way to go if you don’t want to take out a personal loan to pay for your partner’s ring. Not every jewelry store offers a financing option but many do. Here are the best jewelry store financing opportunities for bad credit.

6. Helzberg Diamonds

Helzberg Diamonds strives to, as its website says, “create moments that last a lifetime.” The jewelry store can help you find payment options that allow you to take home the perfect engagement ring.

You can opt for a store credit card, which comes with deferred financing plans and exclusive benefits, including a birthday bonus and holiday reward.

Helzberg Diamonds Screenshot

Helzberg Diamonds offers various financing options for jewelry shoppers who have poor credit.

There’s also a revolving line of credit by Concora and a leasing plan by Progressive Lending. Helzberg Diamonds also promotes easy installment plans by Affirm. If you go with the installment payment plan, you’ll make payments over a period of anywhere between three and 24 months.

7. Gage Diamonds

You can design the perfect engagement ring for your special someone at Gage Diamonds. All you need to do is fill out its short online application and get approved for financing within 24 hours.

Gage Diamonds offers a 0% purchase APR for up to 24 months plus no late fees or penalties. Best of all, no credit is needed.

Screenshot of Gage Diamonds' Financing

Gage Diamonds bases its financing approval decision on your income and banking information.

To apply for a jewelry loan at GAGE Diamonds, you need a valid driver’s license or ID, show at least three months of income history with your current employer, and a checking account that’s been active for at least three months. Your checking account must also be in good standing, meaning there haven’t been any negative balances or excessive overdrafts.

8. Crown Jewelers

You can find an engagement ring, anniversary ring, wedding band, watch, and so much more at Crown Jewelers. The fine jewelry store offers a store credit card for those with no credit and poor credit.

You can complete its online form to get approved for credit instantly with no credit check, meaning your credit report won’t be pulled, and you won’t incur a hard inquiry.

Crown Jewelers

Crown Jewelers offers instant credit approvals on its website when you provide your Social Security number and other details.

You’ll need to provide information that includes your place of employment, net monthly salary, and Social Security number. If you make on-time payments for six months, you’ll be eligible for a Guaranteed Zero Down account.

Can You Finance Jewelry with Bad Credit?

You don’t need good or excellent credit to finance an engagement ring. A personal loan through an online marketplace, like MoneyMutual, CashUSA, or BadCreditLoans is one option. You’ll need to pay at least your loan’s monthly minimum payment over an agreed-upon loan term.

If you prefer to finance directly through a jewelry store, you may want to wait for non promotional purchases, even if you don’t have the best credit history. GAGE Diamonds, for example, offers a 0% purchase APR for up to 24 months. Regardless of your financing choice, you’ll need to repay your ring via a fixed monthly payment.

It’s a good idea to explore all your jewelry financing options so you can select the right one for your budget and lifestyle needs. Be sure to read the fine print before you sign on the dotted line of any personal loan or jewelry store financing program.

Which Jewelry Stores Approve Bad Credit?

Fortunately, many jewelry stores will lend you money for an engagement ring if you have bad credit. You may have to make a qualifying purchase and meet certain criteria, like having a stable job and an active checking account. You should get approved fairly quickly If you meet these requirements.

Keep in mind that regular account terms usually only apply to non promotional purchases, so if your ring is on sale or otherwise qualifies as a promo purchase, you may need to explore other financing options.

Helzberg Diamonds, for example, offers credit cards, revolving lines of credit, and installment plans. Whereas with Gage Diamonds, you can get easy financing within 24 hours and receive a 0% purchase APR for up to 24 months with no late fees or penalties.

At Crown Jewelers, you can take out a store credit card and receive credit approval right away. You may qualify for the Guaranteed Zero Down account after you make timely payments for a six-month period.

Does Zales Finance Bad Credit?

Zales is a jewelry store that’s been around since 1924. It offers a Lease Purchase Program in which you can take home your engagement ring after it’s paid off. You can also complete an early buyout option.

Zales Lease Purchase Program

The Lease Purchase Program is administered through Progressive Leasing and is a good option if you have no credit or bad credit.

To be eligible for the Lease Purchase Program, you must be at least 18 years old with a Social Security number, an active checking account, and an active credit or debit card.  You can apply online for an instant decision and visit a nearby Zales store to finalize your lease. You can choose from flexible weekly, biweekly, or monthly payment options.

Zales also offers the Diamond Credit Card, but you need fair or good credit to qualify. The Diamond Credit Card comes with exclusive offers, including coupons, jewelry inspection reminders, and cleaning reminders via email throughout the year. This allows you to get your ring before you pay it off, but it’s only available with approved credit.

Can I Finance an Engagement Ring with a Credit Card?

Yes, you can finance an engagement ring with a credit card. However, there are a few caveats to this financing option.

First and foremost, the limits on credit cards are usually too low to accommodate such a large purchase. If you want to buy a diamond ring for $3,000 but your credit card limit is $1,000, for example, you’re out of luck because your credit card will decline the transaction.

The good news is you may qualify for a credit card from a jewelry store that will accommodate your purchase. And many jewelry stores offer branded cards that come with a 0% APR promo period. If you don’t pay off your engagement ring within this promo period, however, you’ll likely be stuck with a high interest rate and deferred interest.

Unless you’re confident that you’ll be able to repay your ring within the promo period, it’s best to stay away from a jewelry store-branded card because the high APR will make it difficult to pay the debt off. It can steer you into a cycle of debt that can cause financial stress in your marriage.

What Kind of Minimum Monthly Payment and Interest Rate Can I Expect?

Rates and terms will vary on engagement ring financing for bad credit. Your credit will often determine your required monthly payment and minimum interest charge. The lender or financing option you select will also play a role.

The good news is you’ll likely pay less with a personal loan or jewelry store financing option than you would with a traditional credit card. Shop around to ensure you land the best possible interest rate. You can save hundreds or even thousands of dollars on your diamond ring by comparing your financing options.

You can put the money you save toward your wedding to help avoid taking out a wedding loan so you can begin your engagement with extra money in your pocket.

Do Jewelry Purchases Qualify for Layaway?

You can make payments for your jewelry purchase over time with a layaway plan, and many jewelers offer them. Your ring will stay in the store until you’ve paid it off completely. You’ll likely need to make a down payment that varies depending on the total price of your ring to participate in a layaway program.

You’ll be required to make payments over time on a weekly, biweekly, or monthly basis. Some layaway plans offer 0% interest for a promo period, which may be six months or longer from the purchase date. So a layaway plan may make sense if you think you can pay off your purchase balance within this period and are taking your time to plan the perfect proposal.

Screenshot of Shane Co. Layaway Program

Many jewelers offer free layway programs, including the one pictured here from Shane Co.

In most cases, stores will require a minimum purchase before approving you for the layaway program. Fortunately, this minimum is usually $1,000 or so, which is easy to meet with a diamond ring.

Can I Get a Secured Loan for an Engagement Ring?

There’s a good chance you’ll qualify for a secured loan with bad credit. That’s because, with a secured loan, a lender can take your house, car, or other assets you put up as collateral if you don’t repay your loan. Since a secured loan is less risky for a lender, it may be easier to get approved for a secured loan.

An unsecured loan, like the loan options discussed above, is a financing option that is not protected by an asset like your house or car. If you default on an unsecured loan, a lender can’t take your ring. That’s why unsecured loans often have more stringent approval requirements.

Seek out an unsecured loan before a secured loan, even if you don’t have great credit. The online marketplaces listed above can help you find one. You can get a loan offer without putting any collateral on the line or risk losing your property.

Say Yes to Engagement Ring Financing with Bad Credit

Engagement ring financing with bad credit may be the key to your dream proposal. Whether you opt for a personal loan through a lender or payment option through a jewelry store, you’ll easily be able to buy an engagement ring.

Just make sure you explore all the engagement ring financing opportunities out there. Compare the rates and terms of each one so you can make an informed decision. Best of luck with your proposal!

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