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4 Alternatives to In-Store Jewelry Financing


With more than 43 million Americans having a FICO credit score of 599 or less, it can be difficult for many to finance engagement rings or other meaningful jewelry purchases. A low credit score is an additional headache on top of the already stressful wedding planning and engagement process. The good news is that there are ways to go about jewelry financing that work with or around your low credit score.

Credit cards

One common way to achieve bad credit financing for jewelry is through credit cards. Jewelry stores are known to charge high interest rates on purchases, so it’s likely that you will find a more competitive rate from a credit card company. There are some great options out there for those who have less than ideal credit with 0% interest promotional period. This gives you time to pay off the item without concurring interest on top.

Friends and family

Another option to consider is utilizing your personal connections for an interest-free loan. Rebuilding credit takes time, so asking for help from friends and family offers the opportunity to pay for jewelry in a timely manner, without the added interest. One thing to keep in mind, though, is that you want to be sure you can pay this person the full amount by an agreed-upon date so you don’t damage any interpersonal relationship with distrust.

Personal loan

Yet another popular option for those seeking jewelry financing with bad credit is a personal loan. Opening up a new credit card can seem like too much of a commitment. In that case, you can seek out a personal loan. The good thing about personal loans is that the both interest rates and payment terms have fixed options. However, something to consider is that personal loans typically don’t have an interest-free option. You’ll want to make sure you can afford the interest on your payments when looking at your finance options.

Lease purchasing

Another choice in jewelry financing is lease purchasing. Essentially, this is a lease to own program where you pay a recurring amount until you reach a total that qualifies you to own the item. Similar to a personal loan, a lease-purchase has a fixed term. Unlike a personal loan, lease-purchase programs often have a down payment towards the cost of the item and are often more flexible on term length. Should you get ahead of schedule, you can opt for an early buyout. Additionally, this is a no-credit option so you won’t have to worry about your FICO score.

You can still make these important life moments matter without your credit score getting in the way. There are plenty of options available that allow you to access the funds necessary to achieve your personal goals. So long as you’re able to make consistent recurring payments, you can purchase your ideal jewelry piece and not have to worry about the upfront cost. Rely on Okinus to help make your jewelry payments on time.

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