Jewelers typically promote interest-free financing for a certain period of time, like six or twelve months. Yet, this often comes with a catch. For instance, if you do not pay off the full money inside the promotional period, you are subject to high rates of interest and paying up to around fifty percent more for the ring than its actual price. Not all diamond jewelers adopt this policy though; some offer a credit card financing option too. Another alternative is to arrange finance for a diamond engagement ring through a personal loan. It gives you the money you need upfront with the option to pay it back over a period. Several personal loan firms make their offering sound great, but they typically charge initiation fees as well as high rates of interest. You have other financing options too, that are relatively risk-free. Some of them are withdrawing from retirement savings, selling personal antique belongings or assets that you do not require as such, and borrowing from a trusted friend or a family member. Besides, you can always cut back on your monthly expenses and spending, or do a side job to get extra money for the purchase.