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: 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 Finance, 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 Finance’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 Finance?
You must meet the following basic eligibility criteria before submitting an application:
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.
A personal loan is a fixed-term loan that allows you to borrow a set amount of money and repay it through regular instalments. Our online application process is designed to be fast and straightforward. Repayments remain consistent throughout the loan term so you can plan your budget with confidence.
Applying is Quick & Easy
Ready to get started? Apply now.
By submitting a full application for a personal loan, you are authorising a hard credit check. This means that other lenders will be able to see that you applied for a loan and could impact your credit score. Before you submit a full application with Jacaranda Finance, you can check if you qualify with no impact on your credit score*. This is called a soft credit check, and is only visible on your credit report to you.
How to check if you qualify for a secured personal loan?
If you’re considering applying for a loan with Jacaranda Finance, you can check if you qualify with no impact on your credit score*.
No, checking if you qualify uses a “soft” credit check meaning it does not impact your credit score or appear on your credit file to anyone but you. We recommend checking your eligibility before applying for a loan where possible to reduce the number of applications on your credit report.
To be assessed for a loan from Jacaranda Finance, you must meet the following basic eligibility criteria:
If you are unsure whether you’re eligible, you can check if you qualify with no impact on your credit score*.
We offer two main products at Jacaranda Finance:
For detailed information about who our products are designed for, please review our Target Market Determinations. Our Loan Repayment Calculator and our guide to Jacaranda Finance’s interest rates & fees could help you to predict your repayments before applying.
Using our loan repayment calculator you can estimate your repayments before applying.
Missed Payment Fees
For every missed payment, a fee will be applied. This cost is added to the account balance and can be paid with the next repayment cycle. If you’re concerned you’ll miss a repayment before the next due date, please contact our customer support team as soon as possible.
You can pay your loan back at any time at no extra cost. That means no early exit or payout fees.
Once you’ve been approved and have accepted your loan contract, we’ll automatically attempt to release the money to your account. Most customers get paid in 60 seconds3.
$3,000 - $25,000
