How much should you spend on an engagement ring for your fiancée-to-be?
The honest answer is, we can’t tell you!
Anyone who does try to tell you, is probably trying to sell you something, or make you feel bad for not having a vast budget. (De Beers, we’re looking at you – 3 months’ salary? Really?)
That said, sometimes you need a little help to be able to afford what you want.
Borrowing money isn’t a sin
Most of us borrow money at some point in our lives, for a house purchase, or from a friend for night out at the end of the month. And many of us use a Finance option to make a big purchase as well, whether for a car, furniture, or something else.
Here at Ethica, we know that a diamond engagement ring is a major purchase, and not something that many of our customers can purchase without carefully considering their bank accounts. This is why we offer an interest free finance option for our jewellery, to make it easier for you to afford the ring (or rings) you want, without making your credit card cry.
We have partnered up with Klarna, a Swedish bank which specialises in offering finance options to customers of big retailers. They’re the number one market leader in buy-now-pay-later services, and we trust them – and we hope you trust us.
There are a collection of technical details that you need to be aware of, if you’re considering paying through our finance option, which are really unexciting, but we’ve got to spell it all out for you. Our business is built on ethical transparency, and we are not about to start hiding details of finance options while exposing the seedy side of the mined diamond industry – it is just not the way we do things.
You have to be over 18.
You have to have been resident in the UK for 3 years or more.
You have to be able to make repayments by direct debit.
You have to be in regular employment (minimum of 16 hours per week) including self-employment, or in permanent residence with your spouse/partner who is in regular employment. If you are retired and receive a pension, or registered disabled and unable to work, Klarna may ask for proof of sufficient income.
What can I borrow?
The lowest priced item on our website for which you can use interest free credit is £500, and the maximum you can borrow is £5,000.
We ask for a 10% deposit, which will need to be paid immediately.
Exactly how much you borrow will depend on the item you choose, the deposit you have, and the monthly payments you can afford.
You can spread the payments over 6, 9, 10 or 12 months, with no interest charged.
Please, please check what you can afford to pay back each month.
How does it work?
First, you choose the ring or rings you want to purchase. This is the longest and most fun part of the whole process. We have several blogs and guides to help you, if you need some advice, or contact our showroom to have a chat with one of the team.
Make sure you finalise all the options you need – the size of the stone, the size of the ring, the metal, and then extras like engraving, or priority delivery.
Second, click on ‘More info’, next to the Klarna logo.
This will open up a window where you can explore options around how many monthly payments you want to make, and what deposit you can put down now. Obviously, if you put down a bigger deposit, the payments will be smaller. And if you opt to pay over more months, the payments will also be smaller.
We cannot tell you what your budget is, and how your finances will be affected by the payment, but make sure you choose a ring you can afford, and work out monthly payments that will be reasonable.
Finally, when you are happy with the amounts, click ‘Apply for finance’. This will open up another window, where you will be asked for your details.
After completing all of these steps, and filling in your details with Klarna, you will be notified whether you have been accepted or declined. Some applicants end up with the third option, where they need to provide additional information in order for Klarna to make their decision.
If you are refused credit by Klarna, that is not anything that we can change, so please don’t ask us to.
If you are accepted, that is a financial agreement you make with Klarna, and again, not anything we can change.
Once you are accepted, you will simply have to pay the deposit on our website. The rest of the payments will all be handled by Klarna. You will be contacted by our sales team to discuss delivery details for your purchase, and then you get to sit back and wait, while your ring is made to order, and delivered to you.
Then you propose, your beloved says yes, and you get married – it’s as easy as that!
For more information, you can visit our Finance Instructions here.