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Why You Should Finance Your Engagement Ring

Engagement Ring Financing at Gage Diamonds At 0% interest, financing your engagement ring at Gage Diamonds can help to reduce the financial burden of buying an engagement ring

You have decided it’s time to pop the big question.  But first things first, you have to buy the ring.

The average price of an engagement ring hit $6,351 last year, a 25% increase from 2011, according to The Knot’s 2017 Jewelry & Engagement Study that surveyed 14,000 engaged couples and newlyweds.

The general rule of thumb on how much you should spend on an engagement ring will vary from one month's salary to three month's salary. But, this is a very wide range that most people don’t have the luxury of spending.

Why Should You Finance An Engagement Ring?

You start shopping and realize that the ring you wanted may cost more than you have saved up. Or maybe you want to ensure that you have a cushion for any other wedding expenditures that could pop up. Regardless, you now have an option that offers you the best of both worlds: Engagement ring financing.

You have heard about jewelry credit cards, but are worried about the high interest rates and in the end just how much you will spend. Other jewelers offer financing, but at what cost?

At Gage Diamonds, we offer financing for designer engagements rings and certified diamonds without charging you any interest. That’s right, 0% APR guaranteed for all customers for up to 24 months so that the only thing you pay for is the ring – no extra costs. What you see at checkout is always what you’ll pay.

Now, we are in no way advocating that you spend well beyond your means like this couple. At Gage Diamonds, we believe in responsible lending. While we do want you to get your dream engagement ring, we also advocate responsible borrowing. Since we are charging 0% interest, we want to get you into a plan that you can afford and make your payments on.

Too Good to Be True?  How Can You Offer 0%?

At Gage Diamonds we saw an opportunity to provide better financing options for consumers shopping for engagement rings. Unlike other financing companies, we are sister companies with our financing partner 50|50 Pay. We make our “interest” by sourcing our products at wholesale prices and offering them at competitive retail prices, which allows us to offer 0% APR financing to our customers. At Gage, we want to get you into a payment plan that you can pay back without putting a burden on your current finances.

How Easy is it to Get Financing?

At Gage Diamonds, we don’t turn away customers simply because they have less-than-stellar credit.  All we ask is that you have the following three things:

  • A valid driver’s license or State ID
  • Direct deposit from your primary employer or benefit provider into a checking account with at least 3 months of history
  • Checking account in good standing (no excessive NSFs, overdrafts and negative balances)

It’s that simple.  As long as we can verify your information, than you’ll have a good chance of getting approved regardless of your credit history.   The best part is that you can get approved in less than 24 hours  and start shopping at Gage Diamonds for that special engagement ring.

Why do you need my bank account information?

We link directly to your checking account and automatically debit payments on the same day you get paid so that you’ll never have to worry about making payments. Plus, it reassures us that you’ll have the funds to make your payments (we like to get paid too!). By automatically syncing the payments to your pay dates, we are able to offer feeless, 0% APR financing for up to 24 months to our customers.

Gage Diamonds is Chicago’s choice for designer engagement rings, certified diamonds, wedding rings and fine jewelry.  Our jewelry payment plans give you the flexibility to find that special something for the important person in your life..

If you are interested in financing your engagement ring, wedding ring or other fine jewelry, please visit our financing page to learn more and apply. If you have any questions, feel free to reach out to a customer service representative at cs@5050pay.com or by calling 855-440-5050 (M - F, 10am to 6pm CST)