Ready to pop the question? Wanting the perfect ring for when you go down on one knee?
Let Jacaranda Finance help you finance it with an engagement ring loan.
*Subject to lending criteria, T's and C's'
*Subject to lending criteria, T's and C's'
An engagement ring loan is a personal loan to help you cover the cost of buying a ring. Given the high cost of most wedding rings (more on that below), it can hurt to dive into your hard-earned savings, even if it is for something as special as an engagement.
By using a personal loan to finance the purchase of your perfect ring, you can pay for it in manageable instalments over time. After all, proposing is already stressful enough - don't add financial stress into the mix!
See also:Â Funding a Wedding Using Savings vs a Loan.
A Jacaranda Finance engagement ring loan could be the solution to help you buy that ring you've been eyeing. With Jacaranda, you can borrow up to $25,000 over a period of 25 months to 36 months
We're a 100% online lender. That means there's no hefty paperwork or long lines. Instead, you could:
See below for more information on how our application process works or click here if you're ready to get started!
We Make Applying Easy
We know how important it is to receive your funds in a timely manner. As a hard-working Australian, you don’t have time to waste on needless paperwork.
That’s why our loan application process has been perfected over time to be as simple and quick as possible.
According to numerous sources, you could be looking at spending a few thousand dollars at least on the typical wedding ring. The 2022 Easy Weddings Australian Wedding Industry Report found the average Aussie couple spent $5,500 on an engagement ring, while 2019 data from Daimondport found the average spend was just under $5,300.
At the higher end of the income spectrum, 4% of people popping the question spent over $20,000 on their engagement ring and 1.5% spent over $25,000!
There's no hard and fast rule for what you should spend on an engagement ring despite what you might've heard. There's often a consensus that you need to spend a certain amount on a ring - sometimes one month's salary or even three months' worth - but Daimondport's survey found nearly three-quarters (72%) ignored those rules completely.
Ultimately, how much you should spend on an engagement ring should come down to:
You don't necessarily need to already have the ring to pop the question, as about 20% of proposals are done with a stand-in ring (or no ring) instead. If you'd prefer to take the time to find the right one, think about your current financial situation and whether you need a financial boost to help you buy the perfect ring.
There are a number of ways you can finance the purchase of a wedding ring, one of them being a personal loan. With Jacaranda’s fixed-rate loans, you can borrow over a set period of time and manage your repayments with ease online. We also allow for additional repayments to be made at no extra cost if you feel like paying off your loan early.
Other options at your disposal when buying an engagement ring are listed below. Just remember to carefully consider the details as well as the pros and cons of each.
If you’re good with money or already have enough stored away in a bank account, using your hard-earned savings to buy that shiny ring is worth considering. After all, you can be done with the purchase upfront and have nothing left to pay if you use cash.
Taking thousands of dollars out of your savings account can sting though, and could leave you vulnerable to other expenses in the near future.
Some Jewellery stores offer their own in-store finance and payment plans to customers. While it can be very quick to sign up for this type of finance, compare the rates, fees and loan terms on offer before signing a contract, as they could be less competitive than other options.
If you’re a responsible borrower, using a credit card to buy a ring can be a good option, especially if you take advantage of a low-rate introductory offer. Just be wary of the interest rate on that credit card: failing to repay the full balance in time can incur some hefty charges.
See also: Credit cards vs personal loans.
You certainly can! As you're probably already finding out if you're on this page, the ring isn’t even the most expensive part of getting married.
The average Aussie couple in 2022 spent $32,000 on their wedding, with around 25% going over budget! Here are just some reasons people choose a wedding loan to fund a portion of their big day.
For more information on using a personal loan to pay for that big day, check out our wedding loans.
Am I eligible for a Loan with Jacaranda?Â
You must meet the following basic eligibility criteria before submitting an application:
At Jacaranda, we know that sometimes life can throw the unexpected at you. That's why we're on a mission to assist hard-working Australians with fast, reliable and responsible access to finance for life's expenses when you get caught short. We're 100% online, Australian-owned and operated, and we make applying for finance simple and fast.
Here are some other reasons our customers love us:
Our loans are designed to be fast, fair, and, above all, affordable, with no hidden fees. See the table below for a quick guide to our charges, or visit our fees page to learn more. For detailed information about who our products are designed for, please review our Target Market Determinations.
Find out the answers to some of our most frequently asked questions here about our engagement ring loans.
We offer both Secured and Unsecured Personal Loans to suit many purposes. We also provide Secured Car Loans.
See our article on secured vs unsecured loans to learn the differences between the two.
We generally require an asset such as a car or vehicle to be used as security for a secured loan, and will not accept the ring itself as security.
You can apply for varying loan amounts with Jacaranda, depending on your needs:
For detailed information about who our products are designed for, please review our Target Market Determinations.
Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loans, visit our rates and fees page.
Before you formally apply with Jacaranda, you can check if you qualify for a loan in a way that does not impact your credit score. We do this by performing a 'soft' credit check that is only visible to you.
If you don't meet our initial criteria, your credit score won't be affected.
Once you've checked your eligibility and we've let you know that you do qualify for a loan, you have the option to move forward with a full application.
We will perform a credit assessment during this process, which involves checking your credit report. By submitting a full application, you authorise Jacaranda Finance to obtain a copy of your full credit file, referred to as a 'hard' credit check.
Other lenders will be able to see that you applied for a loan with Jacaranda.
This might impact your credit score.
Review our Privacy Policy for more information.
Our loan application process has been designed to be as simple and quick as possible, as we know how important it is to receive your funds in a timely manner. How quickly you can apply for a personal loan and receive your funds will depend on your situation.
Applying for a loan with Jacaranda Finance takes most people 5-12 minutes1, but it could take longer depending on a number of factors such as but not limited to how fast you are at typing or if you have all the required information on hand.
After applying, most customers get an outcome on their loan application on the same day during normal business hours once we have received all of the supporting information we require. We do not guarantee same-day outcomes for all customers.2
Once an applicant has been approved and they have signed a contract, we automatically attempt to release the money to the applicant's bank account. Most customers have a New Payments Platform (NPP) bank account and receive the money in their bank account within 60 seconds. For other customers, the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.3
Repayments on your loan are automatically set up to be deducted via direct debit from your bank account in line with your pay cycle.
You can view your repayments from either the Better Credit app or online portal and contact our friendly customer service team to request any changes that you need.
Download the app on the Google or Apple store today.
Read more: Personal Loan Repayments 101.
A loan with Jacaranda Finance is a flexible option you can use to pay for some of life's biggest expenses: planned or unexpected.
Here are some of the most common reasons our customers take out a loan:
$3,000 - $25,000
