If there’s one question that jewelers get all the time, it is about the financing options for diamond engagement rings. Not everyone has the ability to pay cash on a very expensive diamond ring so many jewelers came up with many interesting refinancing options to help people out in all situations.
What Diamond Engagement Ring Financing Options Are There?
Financing with Trusted Banks (Should have outstanding credit standing)
The most popular is financing tied with a bank. The most popular is the Wells Fargo financing that offers 12-month interest-free financing. And sometimes the institution can offer up to 15 months. This gives a buyer the chance to space out payments and you don’t have to pay a dime for an interest. Wells Fargo jewelry financing is offered to top-level FICO scores. So if you generally have good credit and that you are able to prove that you have been doing really well lately, you can get quick approval.
Financing With Help Card (For those who have fairly good credit standing)
If you don’t have the highest level credit score, the second option would be the Help Card. They offer six-month interest-free financing. It’s not quite as good as Wells Fargo but they generally target and accept people with low FICO scores. Help Card gets a good number of borrowers who were turned down by Wells Fargo.
90-day Same As Cash or The IGW Finance Alternative
If you don’t have a good credit standing or if you generally have had issues with past student loans that made a great impact on your credit standing, there are still options for you. Many jewelers also tied up with financing that requires no credit check options which is a great offer for those who have bad credit or no credit at all. This could be a 90-day same as cash option (no downpayment) and the IGW (6 months interest-free but requires downpayment).
The latest financing option that you can get is PayPal credit. They offer six-month interest-free financing through PayPal. This is a super convenient way to pay for your diamond ring. Many of us already have a PayPal account from which PayPal credit can be made available to you. For more information about PayPal Credit, you can always browse through their website for the information you need.
This type of financing is not based on FICO scores at all and rather than interest-free offers, what they do is they pay or they charge a five-dollar fee for every five hundred dollars that you borrow. Therefore, they just charge a simple flat-rate fee instead of an interest for the amount that you borrowed. They also have low minimum payments. For more information about Future Pay, you can check out their website for all the information you need.
Most jewelers today offer one or all of the financing options listed above. Make sure to check with your choice of jeweler what financing options they have for you and your circumstance. You may also want to check out Merchant Cash Advance Financing Options | Fora Financial. Check to see if they have the right offer for your financing needs.