One of the most important tasks facing future newlyweds in preparation for the wedding is to buy engagement rings that will strengthen their union for many years.
Wedding rings have long been a symbol of endless sincere love, devotion and mutual unquenchable feelings. Traditionally, wedding rings are made of gold, because this noble metal is a symbol of beauty, fidelity, eternal love, purity and abundance. The round shape of the ring symbolizes the continuity of your feelings and the strength of the marriage ties. For such an important celebration, people want to choose special rings, the price of which will be considerable. However, you can have not enough money for this. In this case, an engagement ring loan will come to the rescue.
How do engagement ring loans work?
Targeted loan is the largest loan to date granted by a bank to purchase a specific product. The purpose of obtaining a loan is always specified in the contract between the bank and the client, a person cannot use a loan for other needs. As a rule, in fact, money is not granted to the borrower in their hands, but transferred by the bank directly to the seller’s account, otherwise the bank will require confirmation of the intended use of the funds. Usually, targeted loans are offered directly at retail outlets where the buyer can apply for a loan from a bank representative.
Non-targeted loan is a popular form of borrowing money, the essence of which is granting funds without reference to the specific purposes of their use. During targeted personal lending, the borrower is required to report to the bank for the use of money by providing checks and receipts. Non-targeted loans are granted in cash or in the form of wire transfer.
Express loan is a type of loan that is granted as soon as possible. The granting time can be 15-60 minutes. An express cash loan is granted by financial institutions, usually for the purchase of goods, but it can also be just cash for personal needs. The high speed of granting is due to the fact that the bank automatically checks the borrower in the database: income, credit history, an express portrait is drawn up. Such information is sufficient to assess the solvency of the borrower for granting funds in the short term. But due to the simplified conditions for obtaining a loan, quick issuance and loyalty to the borrower, the financial institution carries significant risks. All this entails an increase in interest rates in order to minimize losses from loan defaults.
How can I apply for an engagement ring loan?
Today, almost any adult US citizen can get a personal loan. This service is available on many banks websites working around the clock without days off and holidays. The registration process takes several minutes, and upon approval of the application, funds are transferred to a bank card.
In order to get a loan for consumer purposes, you must do the following:
• register on the website;
• fill in the proposed form, indicating personal data, phone number;
• choose the type of loan, the required amount and term;
• confirm the application.
After the bank considers your application, a bank employee will contact you to discuss the loan details.
How much does it cost to buy an engagement ring?
You can choose classic models that are relevant at all times, their European modifications, gold models of several colors – red, white, lemon, as well as rings with stone inserts. If you have any special wishes, it is possible to make wedding rings of your design to order. It is possible to produce rings in a wide variety of combinations of precious metals, with a variety of inserts and different sizes. It all depends on your desire and financial capabilities.
Although there is no standard amount, recent sales data report that the average price people pay for a diamond engagement ring is between $ 3,600 and $ 6,000. These numbers are intended to become an informative starting point – the amount you choose must be accepted by you personally.
What should I pay attention to when looking for engagement ring financing?
First of all, study the conditions for calculating interest. Both for a cash loan and a secured loan, interest should accrue not from the date of signing the contract, but from the moment the borrower actually gets the funds (receives them at the cash desk or on the current account).
Pay attention to the full cost of the loan (effective interest rate). According to the law, they must be indicated in the loan agreement: if they are not there, do not sign the document and ask to enter these points into the agreement. Also check the type of repayment schedule that is specified in the contract (annuity or differentiated) with the one that is printed as an annex to the contract. For a better understanding of the issue, we recommend that you familiarize yourself with the procedure for calculating interest and the schedule of loan payments.
In case of untimely payment of debt, the bank has the right to apply not only penalties, but also write off funds from all accounts opened by the borrower in this credit institution, but only if it is prescribed in the contract. Also, in most agreements it is indicated that the bank has the right to the property of the borrower in case of refusal of the latter to fulfill its obligations.
We recommend that you pay attention to the terms of early repayment of the contract: in this case, banks are prohibited by law from levying fines or applying any other sanctions. The borrower has the right to carry out early repayment of the loan in part or in full at any time convenient for him/her (sometimes there is the requirement to notify the bank in advance).
What are the main advantages of a personal loan?
- This loan opens up great opportunities for most borrowers. After all, what was not available to them before they can now purchase easily.
- In the struggle for each individual client, a large number of banks are constantly improving their loan programs and simplifying the conditions for lending to the population. Therefore, personal lending to citizens is available to almost everyone, regardless of their social status and material well-being.
- The borrower can repay his debt gradually, not all at once. Moreover, these terms depend on many conditions and can stretch for many years. Therefore, the systematic repayment of the loan does not hit the family budget so much.
- Quick review of the application when deciding whether to grant a personal loan.
- Personal loans require a relatively small set of documents from borrowers. It is especially convenient if the money is urgently needed to solve the problems.
Also, our website provides detailed information about wedding loans and vacation loans. Webmoneyloans is always ready to help you.
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