Personal Loans Guide
By: Micheal Reese

Here is an article that may help you understand your question better.

Good Luck.

Let the poor guy buy you a simple band.
Then after your married and can afford it he can by you something nicer.
Never take out a loan to buy a ring.

There is only one thing the bank takes into consideration - will you pay back the loan?

To determine that they look at everything that is relevant.

1) Do you have an income?

2) After you pay your monthly bills is there any money left over?

3) Have you had a loan before? Did you pay it back?

You said he has loans that he NEEDS to pay off. If he has missed payments and fallen behind then it will be difficult to get a loan from a bank.

What about a credit card? They will give those to almost anyone.

It depends on how much he wants to borrow and how an interest rate he’s willing to pay (the riskier he is as a credit risk, the higher the interest rate will be.)

He needs to be able to show current employment (usually a couple of months of paystubs will suffice); needs to list all his debts (that is credit cards and everything else for which he owes money); needs to have sufficient income to cover his basic living expenses in addition to being able to repay the loan; needs to be able to explain satisfactorily any bad stuff in his credit report; has to have a stable employment history and length of residence.

Why do you want to start off your marriage so far in debt? Save up for the ring and then buy it. Is he wanting to buy you the ring or are you pressuring him into buying you a ring?

The alarms are going off either way….he shouldn’t be wanting to pile up debt and you shouldn’t be wanting him to pile up debt.

If he has a job and has not missed any payments on his current loans, that will be in his favor. I hope you will accept a simple ring- he shouldn’t have to go much deeper in debt for that.

Basically to get a personal loan you have to all but prove that you don’t really need one. Sad, huh ?

They’ll look at his employment history, his overall credit rating, his income to debt ratio, how long he’s lived at his current residence, other outstanding credit accounts, his repayment trends (how often and how well he pays off debt), the amount of the loan versus his income. Loan brokers love to meddle about details.

It depends on how good his credit is. Normally places will give a credit card and you can pay it back to get the ring. To get a personal loan they look at the credit, your income, things like that. Good luck and Congrats!

read more tips on loans and credit on this site

why not prove your love by getting a cheap stand in then when he can afford it an expensive one?
The engagement should be about your love for each other not an expensive ring