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Should You Take A Loan Out For An Engagement Ring?

If you can’t stand the thought of credit and financing anything, then you’re in luck. There are a couple of other ways you can get the engagement ring your loved one deserves. One popular way is with a personal loan.

If you choose to go with a personal loan, you will have to pay for both the interest and the amount owed. If you have a low credit rating, you will have a higher interest rate. However, once everything has been calculated, you will know exactly what amount you have to pay each month.

Talk to Family

Another route that some people take is to ask a family member rather than a lender for a loan. Most of the time the family member won’t charge interest. If you do have someone in the family who is willing to help and the idea of the loan isn’t too much of an inconvenience, don’t hesitate to ask somebody. But if the idea of it makes you uncomfortable, then try an alternate route.

Are There Other Options?

There’s always the credit card option if you have no other means of funds. You can sign up for a credit card that the store offers and the cost of the ring should get you some pretty decent rewards if they offer a point system. There are even some stores that offer cash bonus incentives. Pretty neat, right?

There are also some credit cards that have rewards linked to them such as travel points and vouchers to put towards your honeymoon. There are also various promotional accommodations.

It’s important to take care of your finances and not spend in places where you can save. A proposal could lead to a spending spree, such as buying a car or a house and even paying for the wedding. Don’t get yourself into debt if you don’t have to.

Is It The Right Choice?

Is bad credit engagement ring financing the right choice? Not in all situations, as a marriage that starts off in debt is bound for disaster. Don’t start your marriage off with debt and poor credit. If you have no other means of getting an engagement ring, then just think very carefully about your options. Make sure you know what your lender can do for you and that you’re comfortable. Make sure your debt is minimal and your credit is good.

What to Remember

You should always remember that the ring you choose should not be about money, but about love. You should never start a marriage in debt up to your eyeballs. Before you pop the question, you should discuss your views of money. Generally, the rule is if you can't afford something, don’t buy it.