What Type of Diamond Engagement Ring Financing Options Are Possible?

July 16, 2016

Hi Bob Mullen from Mullen Bros. Jewelers in Swansea. One of the questions I get asked about all the time is financing. Not everybody has the ability to just drop down some cash on a diamond engagement ring, so we offer a lot of different interest free financing options to help people out in all situations.

Our most popular option is Well's Fargo. They offer 12 month interest free financing, sometimes we're able to get a promotion with 15 months, but certainly all year they offer 12 months interest free financing. Well's Fargo is ideal for higher FICO scores, so if you generally have good credit you're going to get  approved. They've been doing really well lately, we've been really happy, they get a lot of great approvals and they're certainly our most popular option. Well's Fargo does 1 year interest free, which gives you plenty of time to space out your payments, and you won't have to pay a dime of interest. 

If you don't have the highest credit score, our secondary lender is The Help Card. They offer six months interest free financing, so it's not quite as good as Well's Fargo, but they do accept a lot lower FICO scores. So they approve a good amount of people that Well's Fargo turns down and they're still able to get six months interest free financing. 

If you don't have good credit, if your credit is generally pretty bad, maybe you had issues with student loans in the past, or car troubles. We have two different no credit check options.

One of them is through Progressive, that's a 90 days same as cash option. Make sure you bring your checkbook in, because they take a look at your checking account and make sure that you haven't had any overdrafts. They also want to make sure that you have a job for a least three months, that kind of thing to get approved. They will do usually up to $3000 and that's 90 days same as cash, with no credit check at all. And they do not require down payment.

If you do have a down payment, you can go with IGW. They do six months interest free, but you have to put down at least 50 percent as a down payment. So if you have some money saved up for a down payment, but maybe not everything you need for the ring, you can go with IGW, and they will guarantee you six months interest free, and that's even if you have bad credit. Or no credit all.

Sometimes it also makes sense to purchase through our website. We have two different financing options on our site as well. One of them is PayPal credit, where you can do six months interest free, right through paypal, so it's super convenient. A lot of people have PayPal accounts already, so you know what that's all about.

We also have a thing called FuturePay, now FuturePay is not based on FICO scores at all. And rather than interest free, what they do is charge a five dollar fee, for every 500 dollars that you borrow. They just charge a simple flat rate for the fee instead of interest, for the amount that you're carrying, and they have really low minimum payments too. Usually only about $25 a month for the minimum payment, so that's FuturePay, not based on your FICO score at all, and something that is available through our website, locally or nationally, wherever you might be in the world, you could use that that option.

We also have good old-fashioned layaway, so if you like, you can put a deposit down, and we're able to hold the diamond and get the order started on the ring, and you can pay for it over time as you go. We don't send out statements, there is no credit check, because the ring is here. So as soon as it's paid for, it's ready to go. You can also combine the two together, maybe get started with a layaway, stretch it out for a few months, and then do the interest free financing at that time, to give yourself even more cushion.

Financing is something that's really important to us. We work with people that have all different budgets, and all different amounts to spend. So it's really important that we're able to help everybody out. That's something that we're super passionate about here. So if you have any questions about financing, or if you're ready, come on in. We'll get you setup, go through the options, and find something perfect for you.

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