Guide to choosing the best IVF loan
Determine your need for IVF loans
If you want to expand your family but don’t have the funds to cover fertility treatments, an IVF loan might be worth considering. There are generally two options for borrowers looking for a fertility loan:
- Fertility lenders
- General personal lenders
Fertility lenders offer dedicated financing for IVF, fertility drugs, egg storage, and related treatments. These lenders typically partner with pharmacies and fertility clinics, paying them directly for the cost of your treatments. Many fertility lenders also provide access to fertility coaches who can help answer your questions and offer support. Most loans also come with reasonable APRs and flexible terms.
Another option for financing your fertility treatments is to apply for a general personal loan. Personal lenders generally don’t place restrictions on how loan proceeds can be used, so you can probably use the funds to cover your medical expenses. But unlike dedicated fertility lenders, a general lender will not have partner pharmacies or fertility clinics. So you can have the extra step of paying the suppliers yourself. That said, the APR you might get with a general lender might be slightly lower than you’d get from a dedicated fertility lender. For example, LightStream offers an APR as low as 4.98% for eligible borrowers, while Future Family’s lowest APR is 7%.
Comparison of IVF loans
With so many IVF funding options available, it can be difficult to choose the best provider for your needs. Consider the following factors to help you narrow down your choices.
- Amount of the loan: Determining how much you’ll need to cover the cost of your fertility treatments can help you find a loan that meets your needs. When comparing options, consider the minimum and maximum loan amounts offered by each provider. Depending on the provider you choose, you may be able to borrow up to $100,000 or as little as $2,000.
- Lender dedicated to fertility or not: Some providers specialize in fertility loans, offering access to fertility coaches and direct payments to partner pharmacies and clinics. The other providers are general lenders, who generally do not offer coaching or direct payment options. Determining whether you prefer a fertility lender over a general lender can help you narrow down your options.
- APR range: It’s a good idea to compare APR ranges if you’re looking for financing. The APR of a loan includes the interest rate you will receive as well as any upfront costs, such as origination fees, that you may have to pay. In general, a lower APR means you’ll pay less interest over time, but APR isn’t the only factor to consider when shopping for a loan.
- Costs: In addition to origination fees, which are usually included in the total APR, it is important to consider other borrowing costs you may incur. Check to see if potential lenders also charge application fees, prepayment penalties, or late fees.
- Credit score requirements: Different lenders will likely have different credit rating requirements for borrowers, so it’s also essential to consider this factor when shopping for a fertility loan. In general, borrowers with excellent credit may have more loan options than borrowers with poor credit or a limited credit history.
Apply for an IVF loan
The application process for a fertility loan or personal loan will be slightly different from one lender to another. For example, some lenders may offer the ability to pre-qualify for a loan. Pre-qualification lets you review the loans and terms you could get without affecting your credit score. To pre-qualify, you will usually need to submit basic personal information and undergo a soft credit check-as opposed to a difficult investigation this can drop your credit score by a few points.
Once you have chosen the best loan option and submitted an official application, you will go through a rigorous credit check as part of the approval process. It should be noted that not all lenders offer the opportunity to pre-qualify for a loan. In this case, you will need to submit a loan application and undergo a thorough credit check to see the loans and terms.
As part of the application process, lenders will likely ask for personal information such as your name, address, date of birth, and social security number. You will also likely need to provide proof of income and employment. And if you decide to work with a dedicated fertility lender, you’ll need to indicate which partner pharmacy or clinic you’ll be using for your treatments.
Since lenders generally do not require collateral for fertility loans and personal loans, funds are usually disbursed to borrowers within days. The financing process may take longer with a loan that requires collateral, such as a home equity loan, as the lender may need to take additional steps such as ordering an appraisal.
Frequently Asked Questions
What types of IVF funding are there?
IVF loans can come from dedicated fertility lenders who often work directly with clinics and pharmacies. However, you are not limited to using these IVF lenders. When you get a traditional personal loan from a bank, credit union, or online lender, you can use the money for anything you want, including paying for IVF.
IVF loans should not be confused with IVF grants, as loans always have to be repaid, but grants generally do not.
There are some grant programs that provide money to use for IVF that you don’t have to repay, including the Hope for Fertility Foundation and the American Academy of Adoption and Assisted Reproduction Attorneys’ Charitable Trust. Each grant program has different eligibility criteria, so explore your options carefully and follow the instructions to submit your funding request.
Who should get an IVF loan?
An IVF loan may be the right choice for you if a fertility care specialist has recommended that you undergo in vitro fertilization and you do not have the funds to pay for your care.
IVF loans make the process more expensive because you have to pay interest on your loan. However, the interest rates on these loans are usually much lower than what you would pay on a credit card, so they may be a better alternative than charging for processing. However, you may wish to apply for IVF grants or consider using your savings or borrowing from loved ones before committing to a loan to pay for your fertility care.
How much does an IVF loan cost?
IVF loan costs could include:
- Upfront fees such as application fees or loan origination fees.
- Interest charges over the term of the loan, which vary by lender and are determined by your credit score, the amount you borrow and the length of your loan.
The higher your loan amount and the longer your repayment term, the higher the total cost of your loan. These loans are generally personal loans which are not very different from others on the market. You won’t find rates as affordable as on a secured loan, such as in real estate, but it will be more affordable than a high-interest credit card in many cases.
We found rates between 4.98% and 35.99%. Your rate will depend on your personal credit and income profile.
How we choose the best IVF loans
To select the best IVF loans, we reviewed personal lenders as well as dedicated fertility loan providers. We considered the loan fees, the average interest rate, the amount you could borrow, the time it takes to approve and distribute funds, and the process for receiving the money. The goal was to find affordable loans that offer convenient financing obtained through a simple and confidential application process.