Engagement Ring Loans

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.

Depending on how much the ring costs and whether it fits within the maximum credit limit, BNPL can let you split the purchase in multiple instalments. As long as you don’t overuse these platforms and pay each instalment on time, BNPL could be a suitable option to buy an engagement ring.

See our article on the potential implications and dangers of failing to use BNPL responsibly.

We offer secured and unsecured loan products. 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. With our Express Personal Loan, you can borrow between $5,000 and $25,000. 

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.

We use the information you provide in the online application form as well as information on your bank statements to make sure that you qualify for a loan product during our credit assessment. If you don't qualify, your application will be declined without a credit check being conducted.

Once we have verified that you meet our non-credit report-related criteria, we do perform a credit check as part of our credit assessment, where an inquiry will be left on your credit file.

We will never perform a credit check without your express consent, which you provide to us when you apply for a loan with Jacaranda Finance. We store your acknowledgement and consent for seven years, and it can be supplied on demand.

There are four credit reporting bodies that we may use to conduct a credit check:

• Equifax
• Experian
• illion
• Talefin

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.

Provided you are meeting your minimum contractual repayments, you can change the date of your direct debit payments, make extra repayments, change your bank account details and more from either the FastMoney app or online portal.

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:

• Holidays & travel
• Rental bonds
• Buying furniture or white goods
• Car repairs
• Debt consolidation
• Medical & dental bills
• Vet bills
• Home improvements & renovations
• Weddings
• Buying a car