Call us on 0207 837 2964

Finance / credit options for Diamond Rings & Jewellery

17 Oct 2016
Man working out finances on a calculator

What can I get on Finance?

We offer finance on all items on our website over £500, including wedding and engagement rings as well as other diamond jewellery.

Our finance options are 6 or 12 months at 0% Interest Free and 24, 36 or 48 months Interest Bearing.

All we require is a minimum deposit of 10%, you can pay a higher deposit if you wish, and the item must have a value of at least £500. Credit is only available to permanent UK residents only.

Example of finance offer

12 Months Interest Free Credit

Cash Price: £1000,00
Deposit @ 10%: £100.00
Charge for Credit: £0
Total amount of Credit: £900.00
APR (Representative): 0%
Number of Payments: 12
Monthly Payment: £75.00
Total Amount Payable: £1000.00

48 Months Interest Bearing

Cash Price: £1000,00
Deposit @ 10%: £100.00
Charge for Credit: £222.72
Total amount of Credit: £900.00
APR (Representative): 11.9%
Number of Payments: 48
Monthly Payment: £23.39
Total Amount Payable: £1222.72

How to apply for finance

If you wish to apply for finance you may do so on the Shopping Bag page. Please select "Finance Options" when reviewing your items for purchase on the basket page, you must select “Finance” before proceeding to checkout.

What options are available?

We offer either 6 & 12 months Interest Free Credit on items over £500.00. The finance term is dependent on the value of your order (please see below for details). Finance orders are subject to a minimum deposit of 10% which we require before we can process your order.

  • 6 or 12 Months Interest Free @ 0% (must be over £500 item value)
  • 24/36/48 months at 11.9% APR (must be over £500 item value)

Who is eligible to apply for online finance?

To apply for online finance, you must be a resident of the United Kingdom and have lived in the UK for the last 12 months or more.

You must be 18 years or older, work a minimum of 16 hours a week, or be retired with an income.

Homemakers are not excluded from making an application in their name; however the employment details of your spouse will be required in order to process your application.

How quickly will my application be processed?

Your application will be processed as soon as you complete your application online. You will receive an instant decision, Approved, Referred or Declined. You will be sent an email to confirm the status of your application as soon as it has been processed.  If your application is 'Referred' this means Hitachi need to carry out some further checks before making a decision, which might take on average 48 hours.  They will email you directly if they need any further information and will update you once they have reached their decision.  During this time, we will put a temporary hold on processing your order until the application is confirmed.

Once my application is approved, what happens next?

Once you have filled in the online application, in most cases you will be able to electronically sign the paperwork and therefore nothing further will be required from you. In some cases, you may be required to post some information to Hitachi Capital. It is your responsibility to send this information as a matter of urgency, as we will not begin manufacturing your order until we have received confirmation from Hitachi that they have received the relevant, required paperwork.

If my finance is refused, do I get my deposit back?

Yes, we have to temporarily 'hold' your deposit in order to process your finance application, but if your application is declined by Hitachi the hold on your deposit is released and no deposit is actually processed or taken by Purely Diamonds. The hold on the deposit does mean your 'available balance' with your bank will be reduced by the deposit amount for on average between 3-7 working days, this is due to your banks own refund procedures and unfortunately we cannot speed up this process. It is a requirement from Hitachi that we hold your deposit; we apologise for the inconvenience this may cause if your application is declined.

If you refuse my application, what is the reason?

Hitachi will not provide a reason for your application being refused, but if refused it will usually be for one of the following reasons, or combination of these factors:

  • Your credit score/rating
  • You are considered to be overcommitted
  • You are aged under 18
  • Your existing account performance with other lenders

Please bear in mind that it is not Purely Diamonds who have declined your application, it is Hitachi Capital who are providing you the finance, and we cannot give you any information regarding why your application was refused.

The Credit Reference Agency gives you a credit score based on their assessment of your credit history, for example your payment history on any current or settled financial commitments. This score is then used as part of the assessment of your application which on this occasion did not meet our minimum requirements.

The address and contact details of the Credit Reference Agency that we used is detailed below.

Experian Help Service
PO Box 8000

Telephone number - 0844 481 8000

If you write to the Credit Reference Agency asking for a copy of your file and enclosing a £2 administration fee, the Credit Reference Agency will provide you with a copy.

If after receiving your credit history information you wish to appeal against our decision or would like further information regarding our decision, please write to me at the above address or email to Replies to letters or emails will be sent by post.

Please note that we are unable to discuss your application by telephone.

Who is my finance agreement actually with?

Finance will be provided by Hitachi Capital (UK) PLC. Hitachi Capital (UK) PLC is registered in England and Wales, Company No. 1630491.Registered Office: Wallbrook Business Centre, Green Lane, Hounslow, Middlesex, TW4 6NW. Hitachi Capital (UK) PLC is authorised and regulated by the Financial Services Authority.

Purely Diamonds T/A Stephen Tyler Limited are licensed credit brokers "Licence Number 673931".

Can I pay off my loan early, are there any early settlement fees?

No there are no early settlement fees. Once you have received your ring you can contact Hitachi directly to let them know you'd like to make an extra payment or fully pay off the loan early.

Can I pay more than 10% deposit?

On the "Shopping Bag" page, where you will select your Finance options before you proceed to checkout, you can amend the deposit amount to be as much as 60% if you wish. Bear in mind though that the minimum loan amount (after your deposit) must be at least £350.

Article tags: