Last Minute Proposal? How to Finance an Engagement Ring this Valentine’s Day.

With hearts everywhere and cupid’s bows shooting from all directions, it’s easy to see why so many couples get engaged on Valentine’s Day. If you’ve finally made the mental commitment to pop the question next week, you need to get a ring pronto!



It’s the stuff of dreams… your favorite restaurant, a cozy table in the corner, candlelight, soft music, the most beautiful ring you’ve ever seen lolling about in a champagne glass. If you love the idea of a the perfect proposal, you have 8 days to pull it off! There’s one problem, you don’t have the cash for a ring.

The Pressure is ON!

Getting engaged is an exciting yet nerve-wracking milestone. There were hints, from your partner and your family, but committing to the biggest decision of your life took its toll, and time. Now, FINALLY, you are 100% ready to pop the question. With such little time left and no savings to fall back on you need to finance that ring as soon as possible. An engagement ring is often the first major purchase of your new coupled life. It’s a big decision that shouldn’t be taken lightly. Getting finance to purchase the ring needs to take priority, and here’s how…

Financing Expectations

The best way to afford the ring of her dreams is planning early and saving up. Financing an engagement ring should be your absolute last resort. After all, there are other larger expenses that come after marriage including moving, buying a home or starting a family that you could spend that money on instead. But if you’ve falling short on finances for that dream proposal, financing could be the way forward.


Start by being honest with yourself. Factors you should consider when determining your ring budget include:

  • Your income
  • Your monthly expenses
  • Your savings potential
  • Your future goals

Once you’ve determined what you need, and more importantly, what you can pay off, it’s time to start looking for financing options.

1. Jewelry Store Financing

If your go-to jewelers offers you 0% financing on your ring – great! Just watch out for the monstrous interest if you miss a payment or find yourself unable to pay off the ring before you encounter some serious financial issues. Before you sign on the dotted line, ask yourself:

  • How long does the promotion last and can you pay the ring off in time?
  • What are the repercussions if you miss a payment?
  • What’s the regular interest rate once the 0% financing is over?

Jewelry store employees can pressure you into financing a ring for their own incentivized goals, so doing research prior to walking is a must.

2. Opening a New Credit Card

This could be a smart move even if you do have the cash to pay for the ring outright. Many credit cards offer a long 0% APR promotional period. As with store financing, make sure you have a plan to pay off the ring before the promotional period ends. Otherwise, you’ll be hit with a high interest rate.


You may want to apply for the card ahead of the purchase and then request a credit limit increase if it’s necessary. You will have to call in and manually request one because issuers will rarely permit an increase for a new cardholder.

3. Taking out a Personal Loan

This is a great option if you want to avoid credit cards and/or your bank turns you away.  You’ll have to pay interest on a loan, but the monthly payment is fixed. This means the terms and rate of your loan can’t change over time.


For borrowers with good credit, personal installment loans can offer great APRs and are much safer and more affordable than payday loans (some even beating the best low interest credit cards). But even if you have bad credit, you should still shop around and apply to a well-reviewed and highly rated lender.

Final Thoughts

Paying cash is always the best option if you want to avoid more debt as you start your marriage journey. But if you want/need an engagement ring and if it’s financially out of reach right now, a loan may be your best option.


No matter what financing option you choose, be sure to do your research and read all the fine print before you sign. Otherwise, that sparkly diamond could become a major financial headache.


Engagement Ring Financing from TLC Loans

Total Loan Company, LLC is a consumer installment lender offering a personal loan online in the states of Illinois, Missouri, South Carolina and Utah. We specialize in helping people seeking a personal loan who are turned away by traditional banks.


If you need to finance an engagement ring in a hurry, TLC Loans is a highly rated lender with a long history of working in the consumer finance industry. Most of all, we understand the challenges facing our customers and their families. We know there are times where you may need an installment loan to make your proposal dreams a reality. TLC is here to help!


The loans we make are as individual as the people who apply for them! We make borrowing easy, convenient, and affordable with fast loan solutions. If you need a personal loan, we can help! Apply today and get your money tomorrow.


Happy proposal season from the team at TLC Loans!