It is a known thing that diamonds are really rare, and this is one of the main reasons behind their huge price. In addition, the process of mining raw diamonds from the Earth and transforming them into the sparkling gemstones that you get to see at jewelry stores is expensive and arduous. This fact will also contribute to the value of these captivating gemstones. However, the price of brilliant diamonds must not stop you from buying one and proposing to the love of your life with the rock.
Note that there are many diamond ring financing options available in order to help you with the expenses. Now, the skeptic bees may have many doubts regarding this process, such as who will finance your ring, how it works, etc. All such doubts are quite justifiable since a good amount of money is at stake here. Therefore, you need to be aware of the below important points regarding online diamond ring financing.
How does Diamond Ring Financing Work
Actually, diamond ring financing is pretty much the same as that of most other valuable things such as a house, vehicle, appliances, etc. However, you will get the entire cost of your sparkler covered upfront in this case, unlike other loan options. Plus, there will not be any hidden fee here, usually. The borrower will have to sign a contract with the online diamond shopping site or financer, agreeing to that he will repay the money with interest within the promotional period.
The interest rate for diamond rings usually ranges from 10% to 30%. However, it will vary according to the design, price, age, etc., of the ring that you choose. All the details such as repayment options, promotional period, etc., will be documented in the contract. Generally, the buyer will have to pay an amount every month and he can easily accomplish this by means of online money transfer.
Not everyone will be eligible for financing diamond rings. For starters, you must be above 18 years of age for that. In addition, there shall not be any record of crimes or money lending scams on your name. Sometimes, the eligibility criteria for diamond ring financing may vary with different online diamond shopping sites as well. Nevertheless, the above-mentioned norms are common for almost every brand.
You will first have to fill their online form as well. Then, the company will inquire about your previous financial dealings and other records prior to signing the contract with you.
Overall, diamond ring financing will be a great option if you are about to get engaged, but cannot afford a dazzling ring at the moment. Just make sure to read the contract carefully, especially when it comes to the interest rates and the time period to repay the loan amount.