Personal Loan for Engagement Ring

Compare monthly payment options from several lenders in under 2 minutes.
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won't affect credit score

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Get pre-qualified for loan offers with an easy online form

Won't impact your credit

Checking offers will not impact your credit score*

Competitive payment options

Funding up to $100,000 and APRs as low as 3.99%*

Receive funds quickly

Same-day and next-day available for certain offers*

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Learn How Secure a Personal Loan for an Engagement Ring

As you plan to take a knee and ask your significant other to marry you, you may need a personal loan for the engagement ring. So, can you get a personal loan for an engagement ring? You absolutely can. In fact, the payments may even be more affordable than you imagined.

Quick. Simple. Secure.

How To Apply For Personal Loan for Engagement Ring

1 Pre-qualify

Fill out easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select offer that’s best for you

3 Finish application

Complete application process on your selected lender’s website*

4 Receive funding

After loan approval, your funds should arrive within 1-2 business days*


“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”


- Mike T. (TN)

“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”


- Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”


- Bob S (WI)

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Learn More About Personal Loan for Engagement Ring

You may be able to qualify for a personal loan with less than perfect credit. To start, you will want to figure out what you qualify for and what kind of payment you can afford. Once you have your pre-qualification set up, you can go shopping for the perfect engagement or wedding ring. Keep reading to learn more about finding the best financing for an engagement ring.

Read more - FAQ

Can you get a personal loan for an engagement ring?

Personal loans are commonly used for engagement rings and wedding expenses. If you need a personal loan for an engagement ring or wedding expenses, you may want to consider an online lender. Online lenders live in a more competitive marketplace than a traditional bank. Therefore, they may offer more competitive offers and or they may have less strict qualification requirements. An added benefit is that you can easily compare offers from online lenders from the comfort of your home or office. At Acorn Finance, you can check personal loan offers from top national lenders within 60 seconds or less without impacting your credit score. In some cases, you may find an engagement ring retailer that offers financing. If you do, you should consider what they can offer but be sure to compare it to other offers. If they offer promotional financing, you may be able to take advantage of a 0% interest rate for a promotional period. However, if you cannot pay the balance off within the promotional period you may face high interest rates and backcharges. Always read the fine print carefully and understand the loan terms.

When should you take a loan for an engagement ring?

If you are financially stable and can comfortably afford the monthly payment for an engagement ring loan, you should consider financing. If an additional monthly payment is going to cause financial hardship, you should not use financing. Afterall, you want to start your marriage off on the right foot. Defaulting on a loan can set you back financially. With that being said, an engagement ring is important but the actual engagement is more important. Stay within your budget and what you can afford.

How much should you borrow for an engagement ring?

Engagement rings can vary significantly in cost. How much you decide to spend or borrow really depends on personal preferences and choices. Most lenders will have minimum and maximum borrowing amounts so this may impact how much you borrow. At Acorn Finance you can check personal loan offers between $1,000 to $100,000. On average, an engagement ring usually costs about $5,500. Most lenders that offer personal loans should offer a loan in this amount. In addition with fair or good credit, you may qualify for a loan amount close to this. When lenders evaluate loan applications they may consider factors such as annual income, credit score, and debt-to-income ratio. As we mentioned earlier, you should be financially stable before applying for a loan. This does not mean you need perfect credit but you should be able to show that you make an effort to pay your bills and have enough income to afford your lifestyle.

How much of a down payment do you need for an engagement ring?

If you use a personal loan, you probably will not need a down payment. If you want to lower your payments, you may want to consider paying for some of the engagement ring cash and only financing a portion. However, in most cases a personal loan is an unsecured loan that does not require collateral. There is higher risk for the lender with a personal loan so you may see slightly higher interest rates compared to secured loans. However, as a consumer there are many advantages for using a personal loan.

How do you pay for an engagement ring with no money?

If you don’t have enough cash to afford the ring you have been eyeing for months or maybe even years, you may want to consider financing. If you use a personal loan, you may qualify with no money down. However, you will need to be able to afford the monthly payment. If you are unable to qualify for financing or afford the monthly payment, you may want to enter raffles or apply for charity.

How long does it take to pay off a wedding loan?

Wedding loan terms can vary. Typically, terms are declared before the loan is funded. If you need a lower monthly payment you may discuss a longer loan term with the lender. While it’s extremely important to find a monthly payment you can afford, keep in mind that the longer the term, the more you may pay in interest. Terms available usually depend on the loan amount and the borrower’s credit. In most cases, personal loan terms range between one to five years, but some lenders may offer terms up to twelve years.

How much should I budget for an engagement ring?

As we mentioned earlier, the average cost of an engagement ring is $5,500. However, this does not mean you can’t find a ring for cheaper or more expensive. If finances are tight, you may want to start with an inexpensive ring, say $300. As you earn more financial freedom and stability you can always upgrade the engagement or wedding ring.

How can I get a personal loan for an engagement ring with bad credit?

If you have bad credit, you may still qualify for an engagement ring loan or personal loan. You may have to pay higher interest rates or fees, or you may not be able to borrow thousands of dollars, but there are plenty of lenders that can help borrowers with challenged credit. If your engagement ring purchase can wait, you should try to rebuild your credit before applying for a loan. If you are unfamiliar with your credit score, try downloading a credit monitoring app to find ways that you can improve your credit score. At Acorn Finance, most of our lending partners have a minimum FICO requirement of 600 or better. If you want to find out if you qualify, you can visit Acorn Finance today.

Where can I get a personal loan for an engagement ring?

Most banks, credit unions, and online lenders offer personal loans that can be used for engagement rings. One of the easiest ways to shop for personal loans is online. You may be hesitant to use an online lender, which should give you even more reason to use a platform such as Acorn Finance. At Acorn Finance, we have a network of trustworthy top national lenders that you can access personal loan offers from.

Closing Thoughts

Imagine the moment you pop the question ‘will you marry me?’ You will pry open the top of that engagement ring box and hope your person says yes. While the ring probably won’t be the reason they say yes, it certainly is the icing on the cake. A significant piece of jewelry that they will wear from that day on. If you prefer to make monthly payments to expand your budget for an engagement ring, you should consider financing. Personal loans can offer fixed monthly payments. In addition, they usually offer much lower interest rates than credit cards. If you are considering a personal loan for an engagement ring, check offers at Acorn Finance today.


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