Compare loans for engagement rings

Learn how to choose the right loan for buying the perfect engagement ring.

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Personal loans to help you pay for that rock

Data indicated here is updated regularly
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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Plenti Fixed Rate Personal Loan

From 5.99% (fixed)
6.27%
$2,001
3 to 5 years
From $99 to $499
$0
You'll receive a fixed rate between 5.99% p.a. and 15.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: Waived $295 establishment fee for all applications submitted before 15 February 2021.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
NOW Finance No Fee Unsecured Personal Loan

From 6.95% (fixed)
6.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan advisor. No security required.
Plenti Variable Rate Personal Loan

From 5.59% (variable)
6.25%
$2,001
1 to 3 years
From $99 to $499
$0
You'll receive a variable rate from 5.59% p.a and 12.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
NAB Personal Loan Unsecured Variable Rate

From 9.99% (variable)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
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According to the 2020 Australian wedding industry report, an average couple spends $5,367 on their engagement ring. Whether you're planning on spending a lot less or a lot more, you may still be considering how you're going to come up with the money. Picking the right ring while sticking to your budget can be difficult, especially if you haven't saved up much in advance. If you are considering an engagement ring loan, it's important to consider all of your options.

You have a few options if you're looking into financing for an engagement ring. These include in-store financing, interest-free finance and personal loans. Here is what you need to know about financing an engagement ring.

Cropped shot of a young couple taking a selfie with their engagement ring at the beach

Valentine's Day proposals

If there were ever a day made for showing your partner just how much you love them, Valentine's Day would be it. And what better way to show your devotion to your partner than by buying an engagement ring and getting down on one knee and asking for their hand in marriage? That's why February 14 is one of the most popular days for couples to get engaged, and millennials seem to agree that it's the perfect day for proposals.

What with the endless supply of long-stemmed red roses, chocolate candies and sales on diamonds, it's no wonder that this love-filled holiday sees millions of couples getting engaged each year.

Not sure which ring? Check out our guide to choosing the right engagement ring.

What are my options to finance an engagement ring?

Sometimes your heart moves faster than your savings. If you don't have cash on hand to pay for an engagement ring, you can consider the following:

  • Interest-free finance. Providers such as Zip and Afterpay allow you to shop with various jewellery retailers and repay what you borrow interest-free.
  • Personal loan. You can also consider a standard personal loan. Some lenders allow you to apply for as little as $2,000 and most unsecured loans let you apply for up to $50,000. You'll generally have between one and seven years to repay what you borrow. Compare some of your personal loan options on this page.
  • Credit card. There is a range of credit cards that offer a 0% purchase rate for an introductory period. That means anything you purchase during that year is interest-free – so just pay it off within the period and you will pay no interest. 0% purchase rate cards can come with introductory terms that typically vary from 3 to 14 months.
  • In-store finance. Many jewellery stores, such as Michael Hill, Zamels and Wallace Bishop Jewellers offer in-store finance or payment plans. Remember to check the fees, rates and terms before you apply.

Features to consider when comparing loans for engagement rings

  • Interest rate. As outlined above, there are some interest-free options to consider. Make sure to check whether interest applies after a certain period with these options and make sure you'll be able to repay it in that period. For unsecured personal loans, you'll find rates of between 8-17% p.a.
  • Fees. You may need to pay upfront or pay ongoing fees, which can add significantly to the cost of the loan. Check for establishment or application fees and monthly or annual fees.
  • Loan amount. The amount you can borrow differs between lenders. For interest-free and in-store finance, the amount you can get is tied to the ring's value. With unsecured personal loans, you can generally borrow between $2,000 and $50,000.
  • Loan term. Interest-free finance terms are usually between six weeks and one year depending on the provider. Payment plans for in-store finance will differ between stores. With unsecured personal loans, you will have your choice of terms which usually start from one year and can extend up to seven.
  • Eligibility criteria. Check the minimum income, age and employment requirements for whichever option you're looking at applying for before you submit your application.

Engagement ring

How much should I spend on an engagement ring?

First and foremost, forget the "two-month salary" rule. It's a longstanding marketing ploy made up by established diamond company DeBeers. How much you are willing to spend on an engagement ring is completely and utterly up to you.

Diamondport's survey, which found that couple's spend an average of $5,297.50 (a close match to the Australian wedding industry report) on engagement rings, also noted that 4% of survey respondents spent over $20,000 on their engagement ring and 1.5% spent over $25,000. It also found that while there was a correlation between income and the cost of the ring (understandably), it wasn't a hard and fast rule.

There are only two things you need to consider when figuring out your engagement ring budget:

  • Their preferences
  • Your financial situation

Your partner might have a specific style in mind and would prefer a less-expensive version of that than an extremely expensive ring in the wrong cut. Try to suss out their preferences before making a big purchase. Diamondport also found that both partners contribute to the cost of the ring 20% of the time, so this may be worth considering if you know that they have a preference that exceeds your budget.

No one goes into a marriage proposal thinking that their partner is going to say "no" but unfortunately it can happen. So what should you do if you took out a loan to pay for the ring?

First things first, you should try to return the engagement ring to the retailer you purchased it from. You'll need to reach out to whatever store or online retailer you bought your engagement ring from to get their specific return policy.

If you took out a loan to purchase the ring, things get a little trickier. Check if you will be charged early repayment fees before repaying your loan in full. If you will be charged these fees, such as additional or early repayment penalties, try giving your lender a call and seeing if these can be waived.

Common questions about financing an engagement ring

Image: Shutterstock

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Harmoney Unsecured Personal Loan
    Harmoney Unsecured Personal Loan

    You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
    Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

    Logo for NAB Personal Loan Unsecured Fixed
    NAB Personal Loan Unsecured Fixed

    You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
    An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
    A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

    Logo for Pepper Money Unsecured Fixed Rate Personal Loan
    Pepper Money Unsecured Fixed Rate Personal Loan

    You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
    A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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