3 Ways of Jewelry Financing for Bad Credit with No Down Payment

3 Ways of Jewelry Financing for Bad Credit with No Down Payment

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Ashley Dull
By: Ashley Dull
Updated: February 22, 2019
Our popular “How-To” series is for those who seek to improve their subprime credit rating. Our articles follow strict editorial guidelines.

For nearly 25,000 years before the perfect diamond epitomized the height of adornment, humans have been using bits and baubles as decorative jewelry. From the fish-bone necklaces of our early ancestors to the golden torcs of Bronze-age Celts, and all the way to the modern engagement ring, jewelry has held a consistent role in human culture. These days, jewelry not only plays an important part in courtship, but it’s also a common part of other social rituals, including gift-giving.

Whether you’re looking for jewelry for a holiday gift, a special occasion, or to ask an important question, all types of jewelry tend to have one thing in common: a big price tag. With the average engagement ring ringing up at over $6,000, financing is often a popular option. While finding jewelry financing can be difficult with poor credit, there are three methods of financing that may provide the solution.

1: Credit Cards | 2: Personal Loans | 3: Merchant Financing

Best “Credit Cards” to Finance Jewelry with Bad Credit

Although credit cards aren’t an ideal option for long-term financing due to the high interest rates they charge, credit cards can be a good source of short-term financing for smaller jewelry purchases you can pay off in a month or two. Credit cards are a particularly good alternative to costly short-term cash advance loans, as credit cards typically charge lower APRs and have more affordable payments than short-term loans.

With poor credit, your two main credit card choices will be a subprime unsecured card or a secured card. Unsecured credit cards from subprime issuers tend to have higher rates and fees, while secured credit cards usually have lower costs but require an initial deposit. Start with our expert-rated list of credit cards for bad credit to compare options.

  • Easy application! Get a credit decision in seconds.
  • Build your credit history – Fingerhut reports to all 3 major credit bureaus
  • Use your line of credit to shop thousands of items from great brands like Samsung, KitchenAid, and DeWalt
  • Not an access card
  • Click here for official site, terms, and details.


Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
5 Minutes See issuer website Yes 9.0/10
  • Checking account required
  • Fast and easy application process; response provided in seconds
  • A genuine Visa card accepted by merchants nationwide across the USA and online
  • Manageable monthly payments
  • If approved, simply pay a program fee to open your account and access your available credit
  • Reports monthly to all three major credit bureaus
  • Click here for official site, terms, and details.


Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10
  • Get the security and convenience of a full-feature, unsecured Visa® Credit Card – accepted at millions of merchant and ATM locations nationwide and online
  • Reporting monthly to all three major credit reporting agencies
  • Perfect credit not required for approval; we may approve you when others won’t
  • Easy and secure online application
  • If approved, pay a Program Fee and you can access the $300 credit limit (subject to available credit)
  • Click here for official site, terms, and details.


Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
10 Minutes See Terms Yes 8.0/10

+See More Credit Cards for Bad Credit

If credit cards have one major downfall for financing jewelry purchases it is likely the size of the credit limit, especially when dealing with credit cards for poor credit. Your typical subprime credit card will not provide you with a credit limit large enough to purchase a $6,000 engagement ring, for example, often restricting new cardholders to an initial credit line of $500 or less.

Best “Personal Loans” to Finance Jewelry with Bad Credit

Personal installment loans are designed to allow long-term financing of purchases that you need to pay off a little at a time. For this reason, installment loans tend to have lower interest rates than credit cards or short-term loans, which often make them the most affordable way to finance a purchase if you need more than three to six months to pay it off in full.

Another factor in favor of using installment loans to finance large jewelry purchases is the fact that loans can generally be obtained in much larger amounts that short-term loans or revolving credit lines, especially for poor-credit consumers who don’t qualify for large credit limits. Some of our favorite bad-credit personal loans are available in amounts up to $35,000.



Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

+See More Personal Loans for Bad Credit

One thing to remember with installment loans is that the length of your loan has just as much — if not more — impact on the cost of your loan as the APR or monthly payment. The longer you take to repay an installment loan, the more that loan will cost you overall due to the additional interest payments.

For example, consider Imaginary Ivan, who uses a loan with a 15% APR to finance a $3,000 ring for his to-be spouse. If Ivan takes four years to pay off his loan, he’ll pay around $83 a month and the loan will cost him just over $1,000 in interest fees. If Ivan pays off his loan in two years, however, his monthly payment will rise to $145, but it will only cost him $491 in interest fees.

Best “Merchant Financing” for Jewelry with Bad Credit

If a traditional credit card or loan isn’t the right fit, either due to a low credit score or some other issue, you may be able to obtain financing through the merchant from which you make the jewelry purchase. Depending on the specific retailer, this may come in the form of a layaway program (more frequently offered during the Christmas shopping season), low- or zero-interest financing, or a store-branded credit card.

Merchant-facilitated financing is often easier to obtain than other types of financing, mostly because of the limited use (it can only be used with one retailer). With these kinds of financing offers, you’ll want to be cognizant of the high APRs, which are almost always above 25%. Most merchant financing offers that include low- or zero-APR deals will also employ deferred interest, which can get costly.

Zales Credit Card

A staple in malls across America, Zales Jewelers has been in the jewelry business for more than 75 years. The Zales Credit Card provides special financing of six, 12, or 18 months, with no down payment required.

Zales Credit Card

  • Receive special 6, 12, or 18 months financing
  • Get 10% off repair services paid for with your card
  • Free standard shipping for online purchases

Note that each promotional credit plan purchase will incur a $9.95 fee. Additionally, Zales Credit Card promotional financing operates using deferred interest, so you’ll need to pay off your entire purchase before your special financing expires to avoid being charged interest on the entire amount.

Amazon.com Credit Card

Though not the first place one thinks of for jewelry purchases, perhaps, Amazon has a wide selection of jewelry. Additionally, the Amazon.com Credit Card offers special financing deals on orders of $149 or more, no down payment necessary.

Amazon.com Credit Card

  • Amazon Prime members earn 5% cash back rewards
  • Receive special financing on orders $149+
  • Pay no annual card fee, ever

As with many merchant-assisted financing deals, the Amazon.com Credit Card’s special financing employs deferred interest for its financing. This means if you don’t pay off your entire purchase before your special financing expires, you’ll be on the hook for interest charges on the entire amount.

Macy’s Credit Card

According to many reviewers of the Macy’s Credit Card, applicants with poor credit have a fair shot of being accepted. While you shouldn’t expect a giant credit limit, you can finance a small jewelry purchase, plus receive Macy’s Plenti points for every dollar you spend.

Macy's Credit Card

  • Earn 1X point per $1 spent on eligible Macy’s purchases
  • 20% off Macy’s purchases for your first two days
  • Pay no annual fee, ever

As with most revolving credit lines, you’ll be charged interest fees on balances you carry from month to month. Pay off your jewelry purchase quickly to avoid being charged the Macy’s Credit Card’s 26.25% APR.

Your Credit May Be a Diamond in the Rough

No matter which form of financing you choose to employ, don’t spend more than you can afford on fancy jewelry simply to woo a potential mate (or a current one). For one thing, your purchase is unlikely to appreciate in value. Secondly, fancy bling isn’t going to cement your vows; studies actually show expensive engagement rings are more often a harbinger of a short marriage.

Lastly, debt isn’t an attractive look for anyone — and your partner will likely agree. Besides, not only can debt put a damper on your relationship, it can also cause some serious damage to your credit score. If you’re already struggling with poor credit, adding more debt to the problem will only make it worse.

On the other hand, using financing responsibly — including paying your debts on time and as agreed — can actually help rebuild your credit. Just be sure to only finance what you can realistically afford to repay, and always read the fine print of any financing offers before signing on the dotted line (or clicking the “Apply” button, as the case may be).