Engagement Ring Financing Options
An engagement ring is that one item that you don’t mind putting yourself on the line for. You probably have a burning desire to buy your loved one the most extravagant ring on the market if it will cause her to say yes. An inadequate bankroll may be the only thing standing in your way. Fortunately, you have a variety of personal loan options that you can use to get the love of your life that beautiful ring that she desires. You can consider any of the following five personal loan options. Read the reviews and special information on the engagement ring financing options and then choose accordingly. This review of online personal loan alternatives will help you make the best financial decision.
What Is Peer-To-Peer Lending?
Peer-to-peer lending is a friendly alternative to traditional lending that may work well for your situation. The personal loans that come from peer-to-peer lending sites come from investors that consist of business persons, interested parties, kind souls and more. Such people are interested in helping other people who have a vision and a goal but are unable to reach it because of strict traditional lending policies or their credit scores.
How Does Peer-to-Peer Lending Work
You basically just sign up for an account and ask for some funds. If you gain approval, you will receive the money directly into your bank account, and you will have steady monthly payments just as you would with a traditional loan but at a much lower rate.
The story that you tell could make all the difference in whether you receive your funds or not. Traditional banks aren’t emotional, but private investors are. Peer-to-peer lenders such as Lending Club, Prosper and similar places allow you to create a personalized story about why you need the funds. You can post pictures of yourself with your loved one and write a sappy novel on your profile if you like. Investors just might fall in love with your dream.
What Are the Benefits of Peer-To-Peer Lending?
The biggest benefit of peer-to-peer lending is that you get to deal with down-to-earth people who just want to see your dreams come true. You don’t have to deal with harsh judgement if your credit score isn’t perfect. Another benefit of peer-to-peer lending is that it’s processes go much faster than other types of loan processes.
How Do You Get Started With Peer-To-Peer Lending?
To sign up for an account, you’ll need to verify your identity and then have your credit score assessed. Just like with traditional credit, your credit score will determine your interest rate. The difference is that peer-to-peer rates are much lower than traditional rates are. As a matter of fact, some Lending Club users who borrowed money for debt consolidations had this to say about Lending Club’s interest rates: They were more than 20 percent lower than the rates that they had from their individual lenders.
To apply now just visit LendingClub.com – Get Low Rates on Personal Loans from $1,000 – $40,000
What Are Loan Brokers?
Visiting a loan broker is another way you can take advantage for some amazing engagement ring financing options. Loan brokers are companies that do not actually loan money to applicants. Instead, they communicate with their network of lenders who then offer the applicants loans based on the information that they provide. Loan brokers are impartial parties that work with a number of lenders that have various criteria.
How Do Loan Brokers Work?
Typically, the process of applying for financing through a loan broker like personalloans.com is similar to the processes at other places. What you will do is apply for the advance online over a secure server. You will have to provide identifying information such as your name, address, social security number, employment information and the like. The brokers will then verify the information and then start hunting for the best deals for you. Because they aren’t partial to a specific lender, they can truly produce the lowest interest rates for you. If you go through a broker like personalloans.com, you are not obligated to take any deal that a lender offers you. It’s completely up to you whether you want to accept a certain offer or not, and you should only take something that works for you in your current financial situation.
What Are the Benefits of Loan Brokers?
The biggest benefit of using a loan broker is that you are not confined to one lender. These companies sometimes have access to thousands of lenders, and they can find several that can cater to your every need. Because they have access to such a vast assortment of lenders, you can receive an offer for a loan with an interest rate that you love.
What Is a Low-Credit Lender?
A low-credit lender is a personal loan lender that does not have high requirements for loan approval. This person may approve you for a loan if you have fair or perhaps bad credit. You may be subject to a much higher interest rate in exchange for the funds that you receive to buy that gorgeous ring. The interest rate could be as high as 35 percent but it may not be. Avant Loans is an example of such a provider. They will possibly approve you even if your credit score is in the 500s.
What Are the Benefits of a Low-Credit Lender?
The main benefit of hiring a low-credit lender is that you will be able to obtain an approval where you would otherwise have a low approval potential. Low-credit lenders generally work quickly, as well. Avant Loans is a fine example of a low-credit lender that is reliable and operates with a high level of integrity. The company has many positive reviews, uses 128-bit encryption and gives people a chance even when they don’t have the best credit score.
What Are Payday Loans?
The previous options that you read about were installment loans. Installments loans are personal loans that give you a significant amount of time to repay them. Payday loans are short-term advances that are fast but have a very short turnaround time. You may only have have 14 days, 30 days or 45 days to pay your entire cash advance back. Lenders base payday loans off of your job and your earnings, not your credit score. Generally most pay day advances are between $100 and $1,500. This amount may be too small for the ring that you are attempting to purchase.
What Are Title Loans?
If you own a vehicle, you can try to get a title loan instead of a payday loan. Title loans are based on the value of your car. If you have a brand new car, you may have access to a pretty high loan. You may be able to borrow $5,000 for that ring, for example. You do, however, have to allow the lender to place a lien on your vehicle. If that doesn’t sound appealing, then the title loan may not be for you. The benefit of taking a title loan is that it is fast and does not check your credit.
Now you know of a few of the most common options that you can take to get that perfect ring for your special mate. Choose the one that is best for you and then give the most spontaneously amazing proposal that you think of.