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Personal loans 'an option for buying engagement rings'
People who are looking to get romantic this Valentine's Day could benefit from using a personal loan to purchase an engagement ring, it has been claimed.
According to Andrew Hagger of Moneynet.co.uk, the best option is to buy a ring on a credit card, but one alternative is to use a loan to cover the cost of the jewellery.
He explained that those looking to borrow should consider what options are available to them, particularly how much they will have to pay back over the course of a 12-month period.
"Just be aware that finance isn't as freely available as it once was, so if your credit rating isn't in good nick, you may end up being charged a higher interest rate or in some circumstances even have your application declined," he added.
Recent figures published by Moneyfacts revealed that rates available on personal loans are at a nine-year high.