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When you’re preparing to pop the question, your finances may not be the first thing on your mind — but they might be the second. Engagement rings and the weddings that follow can be among life’s priciest purchases, so starting on the right foot is key.
Though it’s best to pay for a purchase with cash whenever possible, many couples may not be able to cover the cost of an engagement ring upfront. That’s where engagement ring financing comes in.
What's the average cost of an engagement ring?
The average cost for an engagement ring is $5,200, according to the latest data from wedding website The Knot . Engagement ring prices run the gamut, though, so while some couples may choose to spend less than $1,000 on an engagement ring, others may spend closer to $10,000.
If you’re unable to pay for an engagement ring with your savings, compare popular engagement financing options below, including how to qualify and when each option is best.
🤓 Nerdy Tip
NerdWallet doesn’t recommend going into debt over a non-essential purchase like an engagement ring. If possible, try to save cash in a sinking fund, so you can avoid the cost of financing. If you do choose to finance, go with the lowest-interest option and make sure to pay off the debt before any promotional period expires. Ways to finance an engagement ring
Credit cards for engagement rings
You can finance an engagement ring with no interest using a 0% introductory credit card. These cards have promotional periods of 15 to 21 months, during which you pay no interest on any purchases you make. What’s more, choosing a card that also grants travel rewards can mean cash for a honeymoon.
However, note the credit limit on the card. If the ring purchase exceeds 30% of your overall available credit, your credit score may take a hit. So if your credit limit is $9,000, you’d want to keep the cost of the ring at or below $2,700.
How to qualify: You typically need good to excellent credit (a score in the mid-600s or higher) to qualify.
When it’s best: Zero-interest cards are best if you qualify for one with a high credit limit and you can pay off the balance within a year or so, avoiding high interest rates that kick in after the promotional period.
“Buy now, pay later” for engagement rings
“Buy now, pay later” providers like Affirm, Klarna and Afterpay can divide the cost of your purchase into smaller installments, often for zero interest. These companies partner with all types of merchants, including jewelers like Zales, Kay Jewelers, Brilliant Earth and Jared.
You can apply for BNPL when you check out online or in-store. The provider will conduct a soft credit check only — meaning your credit won’t be affected — then display your payment options.
The most common option is a pay-in-four, which is when your purchase is divided into four equal installments, each due two weeks apart. Some providers offer longer, monthly plans with terms up to five years.
How to qualify: There’s no minimum credit score requirement. BNPL providers may look at the funds available on the debit or credit card you’re using at checkout, any prior history you may have with that lender, the price of your purchase and your credit score.
When it’s best: BNPL payment plans are best for a one-time purchase, like an engagement ring, when you can qualify for a low rate and can make all payments on time.
» COMPARE: The best buy now, pay later apps
Jewelry store financing for engagement rings
Some jewelers offer their own credit cards that include no-interest or lower-interest promotional periods. These cards then charge higher interest rates — up to 36% — after the period ends.
Promotional periods on jeweler cards tend to be long (think two or three years), giving you more time to pay off the ring. But if you still have a balance once the promotion ends, the jeweler may retroactively charge interest accrued since your purchase. This is different from no-interest credit cards, which charge interest only on any balance remaining after the promotion ends.
How to qualify: Few jewelers disclose minimum credit requirements, but it's likely you need good or excellent credit to qualify for many store credit cards.
When it’s best: A jeweler payment plan may be the right choice if you qualify for a no- or low-interest plan and can pay the ring off in full before the promotion ends.
Personal loans for engagement rings
You can use an unsecured personal loan (meaning a loan that doesn’t require collateral) to purchase an engagement ring.
These loans give you a lump sum of money that you repay in fixed monthly installments. Personal loan payments are easier to budget for than revolving payments on credit cards, since the amount you pay each month won’t change.
Rates on personal loans start range from 7% to 36% APR, and repayment terms are usually two to seven years.
Use a personal loan calculator to see estimated rates and monthly payments, based on your credit score. You can also pre-qualify with most personal loan lenders. This includes filling out a short application online and viewing potential terms. Prequalification won’t hurt your credit score.
How to qualify: Borrowers with good or excellent credit, little existing debt and high incomes are more likely to be approved for the lowest personal loan rates. Those with lower credit scores may still qualify, but may pay more interest.
When it’s best: A personal loan is a good engagement ring financing option if you qualify for a low rate and need two or more years to pay off the ring.
Personal loans from our partners
SoFi 
APR
8.74-35.49%
Loan Amount
$5K-$100K
Avant 
APR
9.95-35.99%
Loan Amount
$2K-$35K
Best Egg 
APR
6.99-35.99%
Loan Amount
$2K-$50K
Can you finance an engagement ring with bad credit?
If you have bad credit, you can still finance an engagement ring, though you may not qualify for some of the options listed above, like a zero-interest credit card.
Buy now, pay later plans are an option for borrowers with bad credit, since lenders don’t rely as heavily on your credit score to approve you. You may even be able to secure a 0% offer even with fair or bad credit (any score between 300 and the low 600s).
Personal loans for bad credit are another good option. You’ll want to make sure you can afford the monthly payments, since interest rates may be high for borrowers with lower credit scores.
Doing what you can to boost your credit before popping the question, like paying off small debts or fixing errors on your credit report, can help build your score.
Looking for more wedding content? Check out these links.
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- 1. The Knot. Here's The Average Engagement Ring Cost in 2025, According to Real Couples. Accessed Jan 23, 2026.
