Financing Engagement Rings With Bad Credit

Consumers have more options than ever before when it comes to financing engagement rings with bad credit. If you do not have a good credit history, you can still get the engagement ring you desire using bad credit financing. Continue reading to learn more about these important aspects of financing an engagement ring with bad credit:

  • What Exactly Is Bad Credit Engagement Ring Financing?
  • Does “No Credit Check” Mean the Same as “No Credit Needed”?
  • Where is Engagement Ring Financing for Bad Credit Available?
  • Who Can Get Engagement Ring Financing and How Do I Apply?
  • FAQs About Bad Credit Engagement Ring Financing

How Does Engagement Ring Financing Work with Poor Credit?

Purchasing an engagement ring from jewelers with bad credit can be challenging. Most financial institutions and credit unions consider buyers with bad credit as high-risk borrowers and often decline to offer them loans.

Bad credit financing for an engagement ring is a payment plan for people with bad credit to purchase high-quality rings. It allows you to purchase the perfect engagement ring for your future spouse. As a note, a credit score below 580 is considered low and accounts for 11% of American consumers with bad credit.

These types of financing plans come in handy when you want to purchase an engagement ring but have no savings and a less-than-stellar credit history. You can apply for engagement ring financing from several financial institutions online.

display of engagement rings in silver, rose, and gold

No Credit Check vs. No Credit Needed Financing for Engagement Rings

Bad credit refers to a series of credit problems, like late bill payments, credit defaults, and bankruptcies. A bad credit history may significantly affect your credit score, making it challenging to get approved for jewelry financing.

man surprising woman with engagement ring

No credit check financing for engagement rings means credit will not be checked when applying. With traditional financing options, having a bad credit history or a low credit score may prevent your application from being approved.

No credit needed financing may be your best option if you need financing for engagement rings without pristine credit. Here’s the difference between “no credit check” and “no credit needed” in financing.

No Credit Check vs. No Credit Needed

  • No Credit Check is when someone’s credit will not be pulled.
  • No Credit Needed means you may be approved for a loan without using your credit score. Your credit will be checked, but the financing process does not solely depend upon your credit score for approval.

You can check your credit report with credit reporting agencies. The good news is that no credit needed financing providers don’t rely solely upon your credit score to prove your eligibility for financing.

woman trying on ring in store

What Kind of Jewelry Can Be Financed with Bad Credit?

Bad credit financing may allow you to purchase a wide variety of jewelry, including engagement rings, diamond earrings, pendants, necklaces, bracelets, bridal sets, and more.

You might be wondering: Is a lease the same as a loan?

Leases & loans are quite different – here’s what you need to know:

  • A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
  • A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.

Popular Engagement Ring Items

An engagement ring expresses deep love and commitment, so you don’t want to compromise quality. You can get financing for engagement rings at various prices, including diamond, ruby, rose gold, and yellow gold rings. Here are the most popular engagement rings and their average prices. The average cost depends on the center stone, the number of carats, and the ring metal.

Type of Engagement Ring


Solitaire: Find a Store*


Halo: Find a Store*


Three-Stone: Find a Store*



Bezel: Find a Store*


Channel: Find a Store*



Engagement rings with a solitaire setting comprise a single stunning diamond stone to highlight the engagement ring’s center. This setting is a popular choice for a diamond engagement ring. The solitaire setting sturdy prong arrangement allows for daily wear. You can shop from a wide selection of solitaire rings from different brand names, designers, and stores online. There are three types of solitaire diamond engagement rings.

  • Cathedral style – Features a gold ring shank with the ring’s outer edges rising on two sides of the center diamond stone.
  • Half-round style – A variation of the traditional six-prong solitaire but with a more elegant prong structure. The ring shank is flat on the inside and rounded on the outside.
  • Bezel set – A popular solitaire style for medical professionals, it has prongs sticking out to hold the diamond stone in place.


Halo engagement rings are famous for their dazzling center stone, surrounded by a shiny circle of smaller diamonds. The diamond halo complements the visual impact of the center stone. Halo engagement ring designs are available in different configurations to suit a variety of styles.

There are two types of halo diamond engagement ring settings:

  • Double halo – consists of two concentric circles of gemstones surrounding the center stone.
  • Hidden halo – features a complete loop of diamonds or gemstones sitting below the center diamond.


Three-stone engagement rings are famous for their dazzling trio of center stones. The shiny center stone is paired with complimentary side stones.

Where Can I Use Financing to Find My Engagement Ring?

Some jewelry stores offer in-store financing options, and a credit card is commonly used for large jewelry purchases. Unfortunately, these options are often only accessible to those with good or great credit scores.

In partnership with our retailers, we offer payment solutions to make it possible for you to purchase the engagement ring for your significant other. Browse our list of partnered retailers using our merchant search tool. Find the merchants you can choose from near you.*

Popularity of Financing Engagement Rings in 2021

Engagements are an important part of life, and what better way to make it the perfect proposal than with a high-quality ring? However, these types of rings are expensive and require a huge investment.

One popular way to purchase an engagement ring is by applying for financing. However, most people with bad credit often have difficulty qualifying for funding from lending institutions. According to Experian data, this has led to the popularity of tertiary financing options for engagement rings, with close to 35% of Americans having a subprime credit score between 580 and 669.

There are now more alternative payment options* available for people with bad credit. Compared to an option like layaway, the increased accessibility, evolution, and improvement of these bad credit financing options have contributed to their growing popularity.

Bad Credit Financing Options

Purchasing a quality engagement ring is a costly affair. Engagement rings with diamond, ruby, and gold center stones may carry a high price, with most merchants requiring substantial upfront payments. Luckily, more bad credit engagement ring alternative payment solutions exist than have in the past, giving more consumers access to payment options.*

Bad Credit Engagement Ring Financing in Summary

Bad credit engagement ring financing options are a great way for people with bad credit to acquire financing to buy a quality wedding band for their future spouse.

There are more payment solutions* providers for bad credit engagement ring financing than ever, which means a wider selection of rings to choose from. Some arrangements offer periodic payment plans to help finance jewelry purchases from specific stores. Always be sure to know the terms of any contract before you sign.

close up of hand grabbing gold band with dark stone ring from display box

Financing Engagement Rings With Bad Credit – FAQs

Financing engagement rings with bad credit is possible, and there are flexible options available to you. Here are some frequently asked questions about engagement ring financing for people with bad credit.

Q: What Qualifies as “Bad Credit” Financing?

A: Bad credit financing refers to a type of financing for people with bad credit or low credit scores under 580. Late payments, credit delinquencies, and bankruptcies often contribute to having a bad credit score. We specialize in making payment solutions available to people who have bad credit which helps them obtain the financing they need.


Q: What Credit Score Is Required to Get Bad Credit Ring Financing?

A: Different financing options require different credit scores for loan approval. Conventional loans may require a credit score of at least 670, while credit scores between 580 and 669 fall into the alternative payment options* category. Each lender has its own terms, so be sure you know what they are before signing a contract.


Q: Where’s the Best Place to Finance an Engagement Ring?

A: The best place to finance an engagement ring depends on your taste and preferences. In many cases, engagement ring financing is offered either through in-house jewelry store financing or tertiary lenders.


Q: How Can I Finance Engagement Rings With Bad Credit?

A: You can apply for engagement ring financing right here on our website in minutes. Not everyone will be approved, but having bad credit doesn’t automatically mean you’ll be denied. Your credit may be checked, but having a less-than-perfect credit history doesn’t necessarily disqualify you. To begin, select your preferred jewelry store near you.*


Q: Where Can I Use My Engagement Ring Financing if Approved?

A: Where you can use your financing to purchase jewelry will depend on the company you choose to sign a contract with. Always be sure to gather all the helpful information you need before agreeing to a contract.