Are you planning to purchase an engagement ring? It is going to be an expensive buy, and you might need to look for ways to finance it. However, you are sceptical about this decision as your credit scores are not good. Possibly, your current financial condition might not allow you to purchase the engagement ring. Your credit stature might stop you from borrowing. Find a midway out of this trouble from this blog.
You are in a dilemma where you do not have a steady cash reserve and favourable scores to seek other ways. Do not take too much stress! Not all doors are out of your reach yet.
You can still fulfil your dream of buying the best engagement ring for your partner. Try it out personally to arrange some percentage of the ring price. You can cover the remaining part by applying for bad credit loans with a direct lender in the UK.
Why not take out the entire amount from the loan? It is because you are already stuck in a tricky financial state. If you borrow a large amount and fail to repay on time, your situation will be worse.
For this reason, you must try to stash away money by adjusting some of the usual payouts. You can even seek financial assistance from someone in the family. They will understand your problem and can even get ready to offer you help.
It means you can have a few options to explore despite being in troubled water. Buying an engagement ring with bad credit is not impossible if you search carefully for the right financing option.
Check out different means of extracting funds
Poor credit scores are not at all a problem when you are with direct lenders like Cash Facts. Their lookout is never your credit history. Instead, they will be interested to understand your financial potential, which can further ensure a timely repayment.
Therefore, if you keep aside the credit score problem, you can also explore a wide variety of financing options.
These loans have one of the most common uses, i.e., purchasing individual items. You must not hesitate to try it out for the same purpose. However, prevent yourself from drawing out the purchase price through loans.
You should not forget that these loans are meant to be repaid within a fixed duration. Above all, it will have an interest rate, making the total amount bulkier for you. As discussed earlier, work out the amount you can comfortably borrow and repay without exertion.
Direct lenders can help you obtain loans at competitive rates. Again, this is a very good thing for borrowers with a budget issue. You will have to pay less if you borrow less, and vice versa.
One thing you must keep in mind ahead of applying for loans. It is to have a repayment plan so that that phase can pass smoothly. When you know how to arrange money for loan payments, it will reduce half of your struggle.
Try your hands on saving as well
This is not an odd idea after all. You must have tried it already. However, the only difference would be your approach.
There is no need to be strict with yourself while saving for the engagement ring purchase. People fail most of the time because of inconsistent effort. They start with full energy but give up midway. It happens because they have set a big target for them to achieve.
If time is on your side, you must start by analysing your monthly budget. It can only show the various avenues for saving money for this purpose. It will tell where you are spending more money.
Most importantly, it will highlight all your most essential and unimportant payouts. With this clear picture in mind, you can set a realistic target for yourself.
It would be great if you could cut back past debts before starting to save. You will be surprised that debt consolidation loans available for bad credit from direct lenders in the UK can be your saviour. You can borrow the necessary amount of money to disburse pending dues.
These loans will let you manage multiple debt issues in the most effective way. It will club together all the debts into one loan. This way, you can quickly meet the due payments, as you will have to deal with a single loan and a single interest rate.
Please note that you will be able to get rid of debts only when you will repay these loans on time. It will not be helpful if you clear off past debts and lag repaying these loans timely. You will remain in the same situation.
Add up an income stream
If your multiple attempts to save money went in vain, it could be because you cannot have the extra cash available with you all the time. In this scenario, you can think of adding up another income. With this, you can manage additional money for saving.
It is practically not possible to do two jobs at the same time. However, a freelance job is doable. It will be like a part-time job for you.
Utilise your spare time to try out marketing or your special skills to generate a side income source. You can directly keep the money you will earn for engagement ring savings.
Use your credit card to buy Engagement Ring (if any)
It is not necessary you have to have a credit card. If you own one, you can use it to pay the price of the ring. This card is very useful until you make the payments on time.
It will be miserable to handle if payments do not come in time from your end. So you can even take advantage of 0% APR introductory offers with a particular type of loan. You need not have to pay the interest till the offer expires.
You will also find other attractive deals. However, they might differ from each other. Some do not even relieve you from interest payments, while others cause interest to accrue once you delay the payment.
Seek finance from the jewellery store
It will be well and good if you can avail of in-store jewellery financing. Many of them offer a 0% APR purchase deal. It will be available for a specified duration only.
You can even opt for store credit cards. You will have the upper hand with them, as your scores will not create any hurdles in getting financing options. In addition, they come with other perks.
The only drawback is that you will not be able to use it for any other purpose. Make sure you do not carry a balance till the offer expires. In that case, you will bear the burden of the accrued interest rate. Moreover, these cards will carry a high rate of interest than the usual credit cards.
The bottom line
You are not able to buy an expensive engagement ring for your partner due to budget constraints. On top of this, you have bad credit tags. It will not allow you to borrow even.
For this reason, borrowing with poor credit history is only possible with direct lenders. Besides, there are ways which can serve the same purpose. To get more interesting topics, stay with Online Idea.
Validate which would be the most convenient option for you, keeping your requirements and financial capability in mind. Review the pros and cons of each option carefully.