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Engagement Ring Loans

Seal your commitment by financing the perfect engagement ring through Savvy and enjoy an instant outcome on loans up to $5,000.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 11th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 11th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Planning to pop the question? If you’re struggling to pull together the funds you need for the special engagement ring you want for your loved one, a fast small loan through Savvy can help you do just that. By applying for finance through us, you can receive an instant outcome and approval and funding as soon as the same day on loans up to $5,000. Start your journey to forever by applying with us today!

How do I get a engagement ring loan?

You can secure a rapid and straightforward small loan tailored to cover the cost of an engagement ring through Savvy. These loans are crafted for swift application, efficient approval, and prompt fund transfer, making them a suitable solution for meeting immediate financial needs related to important life events.

Navigating the application process through Savvy is streamlined and user-friendly. Follow these uncomplicated steps to apply for a speedy engagement ring loan:

  1. Complete our application form, providing necessary details about yourself, including credit score, income, employment, and more.
  2. Submit your application and receive an instant, automated outcome promptly from our network of lenders.
  3. If conditionally approved, your application undergoes assessment by your designated lender, possibly requiring additional documentation.
  4. Upon the lender's satisfaction, you'll be granted formal approval and provided with loan documents outlining terms, fees, repayment schedule, and other relevant details.
  5. After signing and returning the documents, your funds will be efficiently transferred to your nominated account, enabling you to proceed with the purchase of an engagement ring for your loved one.

How much can I borrow with an engagement ring loan through Savvy?

Planning for a special occasion? Savvy offers a versatile borrowing range for engagement ring loans, allowing you to secure any amount between $2,050 and $5,000, provided you meet the necessary lender eligibility criteria. This adaptable spectrum caters to various financial needs for purchasing an engagement ring, empowering you to choose an amount tailored to your specific requirements.

Factors such as credit score, income, existing liabilities, savings, and other relevant financial considerations influence your borrowing capacity. Keep in mind that the amount you can borrow may vary based on your unique financial situation. Additionally, your income must come from one or more jobs with stable pay and hours and/or eligible Centrelink payments.

How long will it take to receive my engagement ring loan funds?

Securing funds for your engagement ring is a streamlined, express process, with the potential for formal approval and fund release on the same day, possibly within one hour of application. Approval is subject to your application satisfying all necessary lender criteria and successfully passing required assessments. Consider that the speed of your application's approval may be influenced by various factors:

  • The complexity of your application, including considerations such as defaults and the stability of your income.
  • Your lender's processing time, determining how quickly they can assess your application.
  • The timing of your application submission, particularly if it occurs outside regular business hours, requiring waiting until your lender resumes formal assessment.

Why apply for a small loan with Savvy?

Frequently asked questions about engagement ring loans

Can I receive a loan for an engagement ring with bad credit?

Yes – you can receive a loan for an engagement ring despite having bad credit, assuming your profile is approved by your lender. Unlike traditional lenders, those offering engagement ring loans understand that credit situations can vary and not everyone has a fair credit score. They assess your current financial standing, making it possible to secure a loan for such special occasions.

Is early repayment possible for my small engagement ring loan?

Yes – early repayment is possible for your engagement ring loan. Lenders offering small loans allow for early settlement without additional charges. This means paying off the loan for your engagement ring loan ahead of schedule can save you important money.

Am I able to use the funds from my loan for purposes other than buying an engagement ring?

Yes – you can utilise the funds from your loan for purposes beyond buying an engagement ring. If you have leftover funds and wish to address other financial needs, such as food and other household expenses, you have the flexibility to decide. However, it's crucial to be aware of certain restrictions on using the funds, such as settling other small loans or engaging in activities like gambling.

How much will my engagement ring loan cost?

Your engagement ring loan costs include the establishment fee (capped at $400) and monthly fees (capped at 48% of your loan’s total value per year). The total amount you pay will be determined by:

  • The size of your loan
  • Your loan term (between 16 days and two years)
  • Your repayment schedule (weekly, fortnightly or monthly)
  • Whether you make additional repayments
  • The potential impact of conditional fees, such as late repayment or dishonour fees

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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