Engagement Ring Loans

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.

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Borrow $3,000 to $25,000
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Same-Day Approval2
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25-48 month terms

Check If You Qualify

With no impact on your credit score!

Check If You Qualify with no impact on your credit score!

*Subject to lending criteria, T's and C's'

*Subject to lending criteria, T's and C's'

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.

Decorative graphic of a Coin
Borrow $3,000 to $25,000
Decorative graphic of a clock
Same-Day Approval2
Decorative graphic of a calendar
25-48 month terms

Award-winning lender

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What is an engagement ring loan?

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.

About Jacaranda's engagement ring loans

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 48 months.

We're a 100% online lender. That means there's no hefty paperwork or long lines. Instead, you could:

  • Complete your application in just 5-12 minutes1 depending on your circumstances;
  • Receive a same-day outcome on your application2 if you apply during normal business hours; and
  • Have the funds transferred to your account in under 60-seconds3 if approved (if you have an NPP-enabled bank account).

See below for more information on how our application process works or click here if you're ready to get started!

Loan Details
Loan Amounts:

$3,000 to $25,000

Loan Terms:

25 months to 48 months

Loan Type:
Show the About Security modal

Secured and unsecured

Rate type:

Fixed

Repayment Options:

Weekly, fortnightly or monthly

No Early Payout or Exit Fees:

Customers who pay their loan out early do not incur any additional fees or charges for doing so. Fixed fees that have already been incurred are due and payable.

THE APPLICATION PROCESS

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.

What does the average engagement ring cost?

Two silver platinum and titanium diamond wedding rings on white rope background

What does the average engagement ring cost?

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!

How much should I spend on an engagement ring?

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:

  • Your finances and budget
  • Your partner's preferences
  • And how much you're willing to shop around

Do you need to have the ring to propose?

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.

Check out our personal loans today.

Two silver platinum and titanium diamond wedding rings on white rope background

How to finance an engagement 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.

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

Can I use a loan to finance my wedding?

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.

Venue Hire

Prices for venues can vary depending on factors such as location, guests and if you plan to have the reception and ceremony separately or not. The average venue hire cost is around $13,785.

Bands, DJs and entertainment

The average couple spends about $1,600 on music for their wedding, whether that's for a DJ or an actual band.

Photography

Curating memories of the big day can be quite a hefty expense. Wedding photography can set you back an average of $3,211.

Catering

Good food often makes a wedding day that much more special. Catering can cost anywhere between $4,000 and $10,000.

Floral Arrangements

Floral arrangements can create a gorgeous, romantic atmosphere. The average couple will pay around $1,620 for their wedding flowers.

Bridal gown

At the forefront of the minds of many brides-to-be is the gown. Saying yes to the dress normally sets brides back about $2,637.

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Am I eligible for a Jacaranda loan?

The basic eligibility criteria you must meet before submitting an application:
  • Be at least 19 years of age.
  • Be employed on a permanent or casual basis.
  • Have a consistent income going into your own bank account for the last 90 days.
  • Be in control of your finances and be handling existing financial commitments comfortably.
  • Be an Australian citizen or permanent resident with a fixed address.
  • Have an active email address, phone number, and online banking account in your name that belongs to you.

We accept a wider range of credit history than a bank or a prime lender, but we do not recommend submitting an application if:

  • You are currently or recently bankrupt (you must be three years discharged and in control of your finances)
  • You are not comfortably repaying your existing financial obligations
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Why you'll love dealing with Jacaranda

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:

  • We've been providing finance to hardworking Australians for nearly 10 years. We've already helped over 50,000 customers and we have thousands of positive reviews.
  • Get started with an application and be done in as little as 5-12 minutes1 or once you've started an application come back and pick up where you left off in your own time. The application time varies per customer and it might take you longer.
  • Our smart technology allows us to get back to you with a fast outcome. Most applicants get a same-day outcome once the application is completed2 during normal business hours.
  • If you accept our loan offer by signing your digital contract the funds are usually in your bank account and ready to use within 60-seconds3 if you have a New Payments Platform (NPP) enabled bank account. If you don't, your funds are usually available overnight.
  • Our friendly and respectful Australian-based customer service team are here to help you. Existing customers can log into the self-service customer portal, 24/7, 365 days per year.
  • Anyone unsatisfied with their loan for any reason, and who still has the funds, can return the money within a 48-hour cooling-off period and cancel their loan. Simply contact our customer service team.

Don't just take our word for it

We strive to offer superior customer service - our Australian-based teams are friendly, personable and helpful and most of the time the first person you deal with can assist with your query. We're open on Saturdays too!

Don't believe us? Check out what scores of happy previous Jacaranda customers have had to say below!

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Rates & Fees

Interest Rate
Comparison Rate
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Loan Term
Repayment Cycle
Secured or Unsecured
Show the What does it mean? modal
Establishment Fees
Show the What does it mean? modal
Monthly Fees
Show the What does it mean? modal
Risk Fee
Show the What does it mean? modal
Comparison Rate Warning*
  • Unsecured
    Personal Loan
    $3,000 - $15,000
    Interest Rate
    17.95% to 27.95%
    Comparison Rate
    Show the About Comparison Rate modal
    32.40% to 42.80%
    Loan Term
    25 - 36 months
    Repayment Cycle
    Weekly, fortnightly or monthly
    Secured or Unsecured
    Show the About Security modal
    Unsecured
    Establishment Fees
    Show the About Establishment Fees modal
    $130 to $990
    Monthly Fees
    Show the About Monthly Fees modal
    $24 p/month
    Risk Fee
    Show the About Risk Fee modal
    $0 to $995
    Comparison Rate Warning*
    Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
  • Secured
    Personal Loan
    $3,000 - $25,000
    Interest Rate
    14.95% to 27.95%
    Comparison Rate
    Show the About Comparison Rate modal
    29.30% to 42.80%
    Loan Term
    25 - 48 months
    Repayment Cycle
    Weekly, fortnightly or monthly
    Secured or Unsecured
    Show the About Security modal
    Secured
    Establishment Fees
    Show the About Establishment Fees modal
    $130 to $990
    Monthly Fees
    Show the About Monthly Fees modal
    $24 p/month
    Risk Fee
    Show the About Risk Fee modal
    $0 to $995
    Comparison Rate Warning*
    Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
This is not an offer for credit. The amount you can borrow as well as the offer you receive may vary once you complete an application and all relevant details are captured and verified. Fees, credit criteria and terms and conditions apply. Example tables and calculators are illustrative only and are not intended to be your sole source of information when making a financial decision. Consider whether to get advice from a licensed financial adviser.
Interest Rate Comparison Rate
Loan Term Secured or Unsecured
Monthly Fees Repayment Cycle
Establishment Fees Risk Fee
  • Unsecured
    Personal Loan
    $3,000 - $15,000
    Interest Rate
    17.95% to 27.95%
    17.95% to 27.95%
    Comparison Rate
    32.40% to 42.80%
    32.40% to 42.80%
    Loan Term
    25 - 36 months
    25 - 36 months
    Secured or Unsecured
    Unsecured
    Unsecured
    Monthly Fees
    $24 p/month
    $24 p/month
    Repayment Cycle
    Weekly, fortnightly or monthly
    Weekly, fortnightly or monthly
    Establishment Fees
    $130 to $990
    $130 to $990
    Risk Fee
    $0 to $995
    $0 to $995
    Comparison Rate Warning* Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
  • Secured
    Personal Loan
    $3,000 - $25,000
    Interest Rate
    14.95% to 27.95%
    14.95% to 27.95%
    Comparison Rate
    29.30% to 42.80%
    29.30% to 42.80%
    Loan Term
    25 - 48 months
    25 - 48 months
    Secured or Unsecured
    Secured
    Secured
    Monthly Fees
    $24 p/month
    $24 p/month
    Repayment Cycle
    Weekly, fortnightly or monthly
    Weekly, fortnightly or monthly
    Establishment Fees
    $130 to $990
    $130 to $990
    Risk Fee
    $0 to $995
    $0 to $995
    Comparison Rate Warning*
    (Personal Loans)
    Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
    Comparison Rate Warning* Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Engagement ring loan FAQs

Find out the answers to some of our most frequently asked questions here about our engagement ring loans.

"

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 $3,000 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:

We're here to help

Need a hand?
Our customer service team are here to help.

If you have any questions, whether you're a new customer or an existing one - our friendly customer service team will be happy to help you. Our customer service team is 100% Australian-based in Brisbane: at Jacaranda, you speak to a real human being every time.