| Everybody loves a bargain -- even when it comes to | | | | Good qualifiers for this kind of loan would be good |
| jewelry. Very often we don't want to lose out on | | | | credit history and limited cash flow. If you think your |
| quality just to save a few dollars. Unless you have | | | | history may prevent you, getting a co-signer might be |
| been saving money for a long time, financing is a very | | | | a good idea. |
| reasonable means to turn to when you are making a | | | | Another kind of unsecured credit from a jewelry store |
| big jewelry purchase. Today, many jewelry stores | | | | is known as a 90 day account. In this option, you pay |
| offer financing and unsecured loans on site, and many | | | | your balance in full through three equally monthly |
| banks also are currently offering lines of credit | | | | payments without any interest. You may have to pay |
| specifically geared towards diamond purchases. Here | | | | a larger initial amount, around 20-30% for your first |
| you will find out what kinds of unsecured loans you | | | | purchase in store. If you establish a good credit history |
| should be looking out for in the jewelry business. | | | | with the store, you may be able to reduce the down |
| The first kind of unsecured loan is a revolving account | | | | payment for future purchases. |
| and works very similarly to a credit card. You will | | | | Another kind of unsecured loan occurs when a |
| probably get a card that has the store logo and | | | | jewelry store partners with a bank to finance your |
| information on it with your account number. You will be | | | | jewelry. Probably, this will be the best alternative for |
| able to make minimum monthly payments against the | | | | you, if your credit history can support it. With this type |
| balance of the cost of the purchase over a specified | | | | of unsecured loan, you are going to be getting bank |
| time period. Generally this is around 36 months or 3 | | | | rates and bank policies, instead of retail interest rates |
| years. The loan provider might need you to make a | | | | which are always much higher. This type of loan will |
| minimum down payment on the jewelry and you can | | | | offer a more competitive rate, probably no money |
| expect this to be around 10$ of the total cost of the | | | | down or annual fee, and no-prepayment penalties. |
| purchase. Put as much down as you can upfront, this | | | | Further, reusing this line of credit is possible as you pay |
| will decrease your overall balance from the get go. | | | | it down and you will probably have longer terms, up to |
| Here your monthly payments will depend of course on | | | | as long as 5 years. |
| the balance you owe, and how much you put down. | | | | |