What is Engagement Ring Financing?

Dec 23rd 2021

What is Engagement Ring Financing?

Great news! You spotted the perfect engagement ring for your longtime partner, and you’re ready to take next steps. But how do you pay for such a precious piece of jewelry? You don’t have $5,500 in cash, and you’re in no position to put such a large purchase on your credit card at one time.

Have you considered financing your ring? If you’re not sure what that means, we’re here to help! Learn more about the world of engagement ring financing and how you can have that gorgeous ring today!

What is Financing?

The term “financing” might sound intimidating, but it simply means that you can buy now and pay later. That’s right. You can bring your beautiful ring home today and only pay a portion of the total cost. The remaining balance is then split into more manageable, future payments.

Several financing options are available, but you should be careful when choosing a plan, as they can include hidden terms and fees. For example, some jewelers offer 0% interest if you pay for your ring in full within six or 12 months. But even though you’re not paying that interest, it’s still collecting in the background. If you miss a payment at any point or can’t complete your payments within the given timeframe, you’ll have to pay interest from the day you made your purchase.

You might also see low-interest plans as another common financing option. With this type of offer, you’d pay a reduced interest rate (typically around 8-10%) in addition to your monthly payment. While you usually have a longer timeframe to pay for your ring in full, your interest rate will skyrocket if you miss a payment or the deadline to complete all payments.

You should also be aware of hidden fees that come with some of these plans, such as late fees for skipping payments. And if your bank account has insufficient funds, you could be responsible for a returned payment fee. Yikes!

Finance with LendFirm

Unlike other jewelers, our financing terms are simple and straightforward. Through our financing partner, LendFirm, we offer financing as low as 4.95% for 12 or 24 months on everything, from engagement and wedding rings to diamonds and other fine jewelry. No hidden fees, penalties, tricks or gimmicks. Just 100% financing on purchases up to $20,000. You can even shop with less than stellar credit!

Sound too good to be true? It gets better! To apply for Gage Diamonds’ financing, simply provide a valid driver’s license or state ID; record of a direct deposit from your primary employer or benefit provider into a three-month-old checking account; and proof of a checking account in good standing. You can be approved in 24 hours!

Plus, we link to your checking account and align your jewelry payment plan with your employer’s pay schedule. If you get paid on the first and 15th every month, we’ll schedule your jewelry payments on those days too, so you’ll always have sufficient funds to meet your payment timeline. No returned payment fees here!

Have a question? We can help!

Gage Diamonds is Chicago's premier jewelry showroom and online retailer of engagement rings, wedding bands, and fine jewelry. We offer a selection of rings featuring dazzling, handpicked diamonds, moissanites and other gemstones.

We’re committed to helping you find the ring of your dreams. For inspiration, browse our website or set up an appointment with a member of our trusted staff at our in-person showroom.

We offer no-credit-needed financing – apply and get your approval within 24 hours!

Pay over time, because love shouldn’t wait.