Want to buy a piece of jewelry but not sure if you can afford it? If so, the last thing that you want to do is to get into credit card debt over jewelry. Thus, you may be taking a closer look at any financing options that James Allen may have for you.
Here is an in-depth explanation of the financing plans you can choose from:
- Does James Allen Offer Financing?
- Understanding the James Allen Financing Options
- Are There Other Financing Options?
- What are the Requirements for James Allen Financing?
- How to Apply for James Allen Financing
- What Credit Score Do You Need for James Allen Financing?
- James Allen Credit Approval Odds
- Does James Allen Offer Good Financing Options?
- What Kind of Financing Does James Allen Offer?
Does James Allen Offer Financing?
Yes, James Allen does offer financing – you can choose from two payment plans depending on the value of the jewelry that you wish to buy – the terms and conditions as well as the interest rates will vary depending on the plan.
Understanding the James Allen Financing Options
The two financing plans from James Allen are minimum purchase requirement of $1000 and minimum purchase requirement of $2000. You should know that if you are buying jewelry valued less than $1000, you will not be eligible for a payment plan.
Minimum Amount of $1000
For this plan, you have six months to pay back the full amount of the purchase. If you fail to do this, then you will be charged the Standard APR rate of 29.99% from the date of the purchase. This interest rate is applied to all new accounts.
Once your six months is up, this interest rate will also be applied to the remaining balance in your account. For this plan, you will have to pay more than the minimum amount each month to ensure that you don’t trigger the interest rate.
Minimum Amount of $2000
With this plan, you are charged 9.90% APR from the moment that you make your purchase. This plan is viable for up to 24 months.
Your monthly payment is calculated as such:
The purchase amount and the interest rate for the length of the payment plan. This is then divided by the number of months in the offer.
This plan is only available for a single purchase. Anything that you buy after agreeing to this plan falls under a different set of terms and conditions. For a new account, a standard rate of 29.99% is added to additional or late payments.
Are There Other Financing Options?
There is mention of additional financing options for James Allen customers but this is at the discretion of the company. In most instances, such plans apply to existing account holders. If you have found to have a good account standing and have been a frequent customer, then other financial options may become available to you.
What are the Requirements for James Allen Financing?
The requirements are minimal. You simply have to be a resident of the United States and be over the age of 18. Of course, the company will also do research into your financial standing to determine if you would be a suitable recipient of these financing options.
How to Apply for James Allen Financing
The application process for both the plans is the same. You can apply online. You have to provide personal details, contact and identity information, and then finally financial details. This will help the company run a credit check on you.
There is no guidelines for how long it will take for the company to get back to you. Once the credit check has been run, however, you should be informed whether or not your application has been approved.
After this, you will be provided with a series of steps to follow to set up and open your account.
What Credit Score Do You Need for James Allen Financing?
James Allen hasn’t specifically set any requirements for what your credit score should be for approval. To minimize risk on their end, however, it stands to reason that your score should at the very least be above 630.
James Allen Credit Approval Odds
It is difficult to find statistics on the James Allen credit approval rate as they do not release this information to the public. It would stand to reason that the higher your credit score, the better your chances of being approved.
It is possible that being a regular customer of James Allen in the past may boost your odds. The company may be more inclined to provide credit to someone who will continue to purchase from them in the future.
Does James Allen Offer Good Financing Options?
Before applying for either plan, it is important to be certain that you can pay off the total amount within the set period of time. For purchases over $2000, you should also take the monthly interest rate into consideration. Calculate any additional fees as well.
As long as you can pay off the required amount within the designated time, then these are good financial plans. Otherwise, you may find yourself accruing debt as the interest rates can cause your monthly payments to escalate.
There is also the fact that these financing options only exist for purchases above $1000. Thus, if you have to buy something less than this amount, you will need to consider a different avenue.
It is important to look at all your financing options and to calculate how much each will cost you per month, interest rates and all. Then, decide which option makes most financial sense for you.
What Kind of Financing Does James Allen Offer?
James Allen has two financing options for you to choose from – for payments over $1000 you have six months to make a full repayment before triggering an interest rate while for payments over $2000 you have two years to pay the amount back with a smaller interest rate.