Okinus Site Map

How to Buy Diamond Jewelry with Bad Credit

diamond wedding earrings hanging on wooden background, selective focus

Although bad credit may make you hesitant to purchase some items, it should not prevent you from buying a token of affection for your loved one. Continue reading to learn more about jewelry purchasing options for individuals with bad credit.

Purchasing Jewelry With Bad Credit: Is It Possible?

There is no official credit score cutoff for many financing options. It is possible to finance jewelry purchases. However, lenders may be wary of lending to someone with a low credit score due to concerns that they may not receive repayment.

To minimize the risk, some lenders offer subprime financing rates to poor credit scores. Subprime financing is typically associated with higher interest rates, shorter repayment periods, and additional fees. Having some options for financing is always better than having none at all.

Options For Purchasing Diamond Jewelry With Bad Credit

Typically, consumers choose one of these options to finance their expensive jewelry, but every choice has drawbacks. Select the option that best suits your finances!

Apply for a 0% interest credit card: With a 0% interest credit card, you can make payments on your purchases without paying interest for a certain period, such as 12 or 18 months. It sounds simple, but it’s more complex than it seems. Even though you won’t be paying interest for several months, it’s still building up in the background.

Consider a low-interest credit card: Even though you must pay interest on your purchase, the rate is lower than the national average for credit cards, i.e. roughly 16%. Your interest rate may be lower for a length of time, around 24-60 months.

Like the previous option, you’ll be penalized if you don’t pay your purchase in full by the end of the promotional period. If that happens, you’ll have to start paying nearly double (about 30%) the interest on your remaining balance!

Get a personal loan: This type of loan gets approved by a bank, credit union or other financial institution, and you receive a lump sum of money and need to repay it over time in smaller, monthly installments. People with bad credit usually pay higher interest rates than those with good credit.

Jewelry Lease-Purchase Programs With Okinus Credit

At Okinus Credit Solutions stores, we offer jewelry financing, making it possible for you to get the beautiful jewelry you want and pay for it gradually. All you need to do is make timely, regular payments based on the jewelry price and the financing option you choose. As you make more payments, you are closer to owning the jewelry 100%.

A lease-to-own program could be the best option when it comes to jewelry financing. Ask about all the financing options, including the ability to make early payments, max approval, 24-month terms, and benefits.

The friendly and knowledgeable staff of Okinus contractors are always ready to help with superior customer service. Please fill out our lease-purchase application online or give us a call today at 844-450-0221 for more information.