Wedding Ring Loan: Ring it Up!

With the need for personal loans to cover a variety of expenses and obligations, many engaged persons are considering the importance of the wedding ring. They are then using it as a reason for loans. A wedding ring loan is essentially a small personal loan that is used specifically to purchase a wedding ring.

The average cost for an engagement ring in 2021 is between $4,770 and $5,580.

Loans for wedding rings often range from $2600 to $50,000. Most of them capped around ten thousand dollars in the loan amount. Because you have already spent a third of your salary on an engagement ring and budgeted your savings for a wedding, it is important to not overspend on a wedding ring loan.

These loans are often short in their terms. Indeed they are some of the one or two year payoff personal loans that are made available to customers. Since they are used for a single expense, they are relatively easy to repay. It makes the monthly payment affordable.

Before applying for one of these loans, it is a good idea to not obtain a secured loan for your wedding ring purchase. A secured loan has a property requirement that is needed in order to obtain the loan. Since wedding ring financing is not an emergency or a wedding ring requirement, you should not put the additional property on the line to make a wedding ring loan approval.

Where Can I Get A Wedding Ring Loan?

A wedding ring loan can be found in several places for those who are seeking to finance their wedding ring. From more traditional options to contemporary credit lines. Obtaining a loan for a wedding ring is much easier today than it was in the past.

Young married couple holding hands with wedding rings.

Bank or Credit Union

For those who like traditional lending options, the bank or local credit union is available for a wedding ring loan. These banks will require a minimum loan amount of around one thousand dollars, and max out a loan and several thousand more beyond that. This loan is available to those with the best credit. Those who are eligible for very low- interest rates based upon their credit score.

Major Jewelry Chain Credit Card

Sometimes you find the ring first before the loan. For many of the larger chain jewelry stores, they specifically understand the situation you are in. That’s why many offer an option to use a credit card to buy a wedding ring. This way, you have the ability to get the ring you want and make the monthly payments you can afford. The difference between this loan and the bank or credit union loans, however, is the interest rate. This is the difference that can be seen when you refer to the interest on the credit card.

Online Financial Lender

Having a choice in lenders is the preference of others who are seeking out a wedding ring loan. When seeking out the online lenders, applicants have the option to submit a pre-approval for the loan. Then they can review loan options based upon terms, interest, and loan amount. From there, applicants are able to make a choice on the loan offer that fits their financial needs and formally applies. Having these options available allow the applicant to take control of their finances. This way they have more of a negotiating handle on their loan.

What to Do before Getting a Wedding Ring Loan

Does your credit report reflect any outstanding debt that you should have taken care of by now? If so, you should consider having that debt satisfied before taking out a wedding ring loan. This debt can include small debts such as outstanding medical bills, utility bills, or anything that can be paid off in a matter of two or three pay periods. This debt will clog up your credit and increase your debt-to-income ratio, making your eligibility for the loan flawed.

Another outstanding debt that can impact your debt-to-income ratio is any car notes on your credit, student loan payments, and credit card balances. If your credit card balances are not below thirty percent, then you should consider paying them down quickly. Any time your credit card balances exceed thirty or forty percent, you can expect your credit score to be negatively impacted based upon this information.

How Can I Budget To Ensure I Afford A Wedding Ring Loan?

Before you take on a wedding ring loan, it is essential for the financial stability that you take on solidifying a monthly budget to ensure that a wedding ring loan is right for you. You should review your debt-to-income ratio yourself by comparing your income for the month against your outgoing bills and debts that you are responsible for on a monthly basis.

Based on this ratio, you should also consider how much income you need for monthly living expenses that are not reflected on your credit reports such as groceries, gas, and other expenses. When you add that to your debt-to-income ratio, you are left with an amount that can determine what your maximum wedding ring loan payment can be monthly.

It is a wise choice to not max out this number in loan payment, as you should still be using some of this money for savings.

Is A Wedding Ring Loan Right For Me?

Now you have reviewed a wedding ring loan and the requirements that are needed to obtain such a loan. It’s always better to find ways to save on your wedding expenses. You now have to make a decision if the wedding ring loan is right for you and your wedding needs.

If you do not plan to enter your marriage with additional debt, maybe you should consider other options. It’s not the sole way for earning the money necessary to purchase the wedding ring. Maybe you can avoid a wedding loan all together, or at least it’s not the best option for you.

Many turn to their parents or other family members to borrow an interest free loan in order to purchase the ring. In these cases, you should already have your ring picked out. Then you should be mindful of how you ask to borrow money. This is not something that should come through a text message. Invite your family member that you know is both emotionally and financially sound to brunch or dinner. Make the request face-to-face! This lets them know that you respect them and want to formally ask for their help. Describe the ring that you desire for your partner to them. Then let them know that you were hoping for minimal to no interest.

The con of this option is that sometimes we find family members wanting to dictate or have a say in the purchases we are making with their borrowed money. Do not be stressed by borrowing this money to save a little interest. If there will be consistent drama in the following days, consider heading on over to the bank or another lender for your peace of mind.

Do you have one of the premium credit cards that allow you the option of getting a cash advance? If so, you should head over to your bank with your credit card and see what is available for you. At least as far as a cash advance is concerned. This alone in many cases will provide you with the necessary cash to purchase the wedding ring. Plus, there is no additional monthly payment. Your cash advance payment will be factored into your monthly credit card payment, making it easy to pay back.

The drawback to this, however, is that the cash advance will make your credit card balance rise, which could negatively impact your credit score. Also, because cash advances also have a separate and sometimes higher interest rate than the APR for purchases applied to the card, your monthly payment may rise significantly.

Maybe you have a side talent that you utilize to make money. If you have the ability to tutor, babysit, pet sit, or have any additional services you would like to offer at a cost, consider doing this before taking out the loan. This can save you tons in interest repayment, and you can generate a second source of income which could not only pay off the wedding ring you desire for your partner but help you financially in the months following. If you are crafty and creative, you can also use your talent to make things and sell them to customers at your leisure. Things like custom shirts, door hangers, and other neat home decorations are a hot commodity and provide a solid source of income.

Many engaged couples find themselves taking on second jobs temporarily as a way to edge out their wedding costs and eliminate any debt before the wedding. Instead of taking a shift job, maybe you could join a direct sales company as a consultant selling products such as bags, make-up, or jewelry to friends, family, and the local community for additional money. These jobs are no longer just for stay-at-home moms and have provided a solid additional income for men and women everywhere over the last few years.


Making a wedding ring purchase is a big deal and an important part of your wedding expenses. Because it is essential to have that ring for your partner, sometimes funds get exhausted and we need the option for a wedding ring loan. Like any other loan or debt, however, it is critical to determine what type of debt this wedding ring can put us in, and ensure that the wedding ring loan is right for you.

If you are unable to take on one of the alternatives to a wedding ring loan and you still require cash, then it is important to make sure your credit and debt-to-income ratio is up to par for such a loan. Do not take on so much of this debt that you find yourself struggling shortly after marriage. Ensure that you take out a loan that is right for you.


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