Shop pay Installment Payments

Convenient, Flexible Payment Options for Your Wedding Ring Purchase

When it comes to buying your wedding ring, we understand that it’s not just a simple purchase—it’s an investment in a symbol of love, commitment, and a lifelong journey together. At our store, we offer an easy, flexible way for you to manage your purchase through Shop Pay Installments, which allows you to break down the cost of your wedding ring into smaller, manageable payments over time.

One of the greatest benefits of using Shop Pay Installments is that it makes your purchase more affordable by offering a payment plan with no hard credit inquiry—meaning it won’t impact your credit score or history. Instead, Shop Pay performs a soft inquiry, which is used to assess your eligibility for installment payments without affecting your credit.

On this page, we’ll explain how Shop Pay Installments works, how you can use it to finance your wedding ring purchase, and give you some real-life examples of how this payment option can work for you.

What is Shop Pay Installments?

Shop Pay Installments is a payment plan service offered through Shop Pay that allows you to split the total cost of your purchase into equal installments. With Shop Pay, you can opt for a 6-month, interest-free payment plan or choose longer-term plans with financing options at competitive interest rates based on your eligibility.

Key Benefits of Shop Pay Installments:

  • No Hard Credit Check: When you apply for Shop Pay Installments, Shop Pay conducts a soft inquiry, which doesn’t affect your credit score or history.
  • Interest-Free for 6 Months: If you qualify, you can select the 6-month installment plan at 0% interest, making it even more affordable to pay for your wedding ring over time.
  • Flexible Terms for Longer Periods: If you need more time, Shop Pay also offers longer-term financing with higher rates, depending on your eligibility.
  • Easy to Use: You can instantly check your eligibility for installment payments on any product page by clicking the Shop Pay Installments link above the Size dropdown menu.
  • Transparent Payment Schedule: You’ll know exactly how much you owe and when. Payments are automatically deducted, making the process seamless and hassle-free.

With Shop Pay Installments, you no longer need to worry about paying the full amount upfront. Instead, you can divide your purchase into smaller payments that fit your budget.

How Shop Pay Works:

Once you’ve selected your desired wedding ring and are ready to check out, you can choose Shop Pay as your payment method at checkout. After choosing Shop Pay, you will see your installment options displayed if you're eligible, including the ability to select either a 6-month interest-free plan or longer-term options.

6-Month Interest-Free Payment Plan:

For customers who qualify, Shop Pay offers a 6-month payment plan at 0% interest. This means you can divide your wedding ring purchase into 6 equal payments, and you’ll only pay the listed price of the product with no added interest charges. This is a great option for customers who want to spread out the cost of their ring without paying extra for financing.

Example: If you choose a wedding ring that costs $1,200, you would pay $200 per month for 6 months. Over the 6-month period, you would pay a total of $1,200, with no interest added.

Longer-Term Payment Plans:

If you need more time to pay off your purchase, Shop Pay Installments also offers longer-term options. The longer the term, the higher the interest rate. Depending on your eligibility, you may be offered installment options ranging from 12 months to 24 months or even longer.

These longer-term plans allow for more flexibility in your monthly payments, though the total amount paid over time will include interest. The exact interest rate and term length will depend on your specific eligibility and financial profile.

Example: If you opt for a longer-term installment plan for the same $1,200 ring with a 12-month plan at a 15% interest rate, you could expect to make monthly payments of approximately $110 per month (including interest). After 12 months, you would have paid around $1,320 for the ring.

If you chose an even longer term, say 24 months, the monthly payments would be lower, but the total cost of the ring would increase with the added interest charges.

How to Check Your Eligibility:

Checking your eligibility for Shop Pay Installments is easy and can be done right on the product page of any item. Simply navigate to the ring you’re interested in, and look for the Shop Pay Installments link above the Size dropdown. By clicking on this link, you’ll be able to see if you qualify for the installment plan and what your payment options would be.

Shop Pay uses a soft credit check to determine your eligibility, which won’t affect your credit score or history. Once you’ve completed the application process, you’ll receive an immediate decision, and you can move forward with your purchase.

Examples of Installment Payment Scenarios:

To better understand how Shop Pay Installments can work for you, let’s look at a few hypothetical examples of different price points and the installment options available. Keep in mind eligibility varies:

Example 1: A $500 Wedding Band

  • Option 1: 6-month interest-free plan
    You’ll pay $83.33 per month for 6 months.
    Total cost: $500 (no interest added).

  • Option 2: 12-month plan at 15% interest
    Monthly payment of approximately $48.47 per month.
    Total cost: $581.65 (including interest).

Example 2: A $1,200 Wedding Ring

  • Option 1: 6-month interest-free plan
    You’ll pay $200 per month for 6 months.
    Total cost: $1,200 (no interest added).

  • Option 2: 24-month plan at 20% interest
    Monthly payment of approximately $65.79 per month.
    Total cost: $1,580.94 (including interest).

Example 3: A $3,000 Wedding Ring

  • Option 1: 6-month interest-free plan
    You’ll pay $500 per month for 6 months.
    Total cost: $3,000 (no interest added).

  • Option 2: 12-month plan at 18% interest
    Monthly payment of approximately $280.34 per month.
    Total cost: $3,364.12 (including interest).

Why Choose Shop Pay Installments?

Shop Pay Installments offers several benefits for those purchasing a wedding ring, including:

  • Affordability: Break down a large purchase into smaller, more manageable payments.
  • Flexibility: Choose a payment plan that fits your budget, with interest-free options or longer-term plans.
  • Convenience: Automatic monthly payments are deducted, so you don’t have to worry about remembering to pay each month.
  • No Hard Credit Check: The soft inquiry means your credit score remains unaffected, and you can still get approval for financing without any negative impact on your credit history.

Final Thoughts

When purchasing a wedding ring, the last thing you want to stress about is how you’re going to afford it. Shop Pay Installments is here to help by providing a flexible, transparent way to break up your purchase into smaller payments. Whether you opt for the 6-month interest-free plan or a longer-term option with interest, you’ll have peace of mind knowing that your payments are manageable, and you won’t have to worry about high-interest rates or hard credit checks.

To see if Shop Pay Installments is available for your wedding ring, simply visit our product pages and check out your purchasing power in 1 minute. With this service, you can buy now and pay later, all while staying within your budget and making your wedding ring purchase stress-free!