Company Name | Est. APR | Min. credit score | Loan Amount | Loan term |
SoFi | 6.99%–21.78% | 680 | $5,000–$100,000 | 2-7 years |
Upgrade | 5.44-35.47% | 560 | $1,000-$50,000 | 2-7 years |
Best Egg | 5.99-35.99% | 600 | $2,000-$50,000 | 3 or 5 years |
LendingPoint | 9.99% to 35.99% | 580 | $2,000 to $36,500 | 2-5 years |
LightStream | 4.99-19.99% | 660 | $5,000-$100,000 | 2-7 years |
PenFed | 4.99-17.99% | None | $600-$50,000 | 1-5 years |
Freedom Plus | 7.99% to 29.99% | 600 | $7,500 to $50,000 | 2-5 years |
OneMain Financial | 18.00-35.99% | None | $1,500-$20,000 | 2-5 years |
Who should get an IVF loan?
If a doctor has diagnosed you or your partner with any of
the following conditions and recommended IVF, you may be a good candidate for
an IVF loan:
- Serious endometriosis
- Blocked fallopian tubes
- Low sperm count
- Unexplained infertility
An IVF loan might also be worth exploring if you’re using
donor sperm or eggs or will be using the help of a gestational carrier or
surrogate.
Types of IVF Financing
There are a number of ways you can finance IVF treatment,
including:
Online Personal Loans for IVF
Online personal loans are a common way to pay for IVF. Upon
approval, you can receive a lump sum of money upfront. You’ll repay it over
time via fixed monthly payments over an agreed upon term, which can range from
two to seven years.
When it comes to interest rates, they vary based on your
credit score and borrowing amount. The lowest rates are reserved for those with
the best credit. While you can typically borrow anywhere from $1,000 to
$50,000, some lenders offer online personal loans up to $100,000.
Credit Union Loan
Credit union loans make sense if you’re already a member of
a credit union or don’t have the best credit history. Most credit unions offer
loans with low interest rates and flexible terms to their members. They’ll look
beyond your credit and consider your reputation as a member when they review
your application. Credit union loans are also known for personalized, in-person
service.
Home Equity Loan and HELOC
With a home equity loan, you can borrow against the equity in
your home, which is the difference between what you owe on your mortgage and
what your home is currently worth. If you have anywhere between 10% and 20%
equity, you may get approved for a home equity loan.
Since home equity loans are tied to your home and a lender
will have the right to put it into foreclosure if you default on your payments,
you can expect low rates and attractive terms. While a home equity loan will
give you a lump sum of money upfront, a HELOC is a revolving line of credit you
can pull funds from, up to a set credit limit.
Fertility Specialist Loan
Some lenders that offer IVF loans partner with fertility
clinics and healthcare providers. To apply for a fertility specialist loan,
you’ll need to pay an application fee. Upon approval, the funds will go
directly to the fertility clinic you’re working with for IVF rather than into
your personal bank account. CapexMD and ARC Fertility are two examples of
lenders that offer IVF loans and organize IVF financing between fertility
clinics and patients.
Credit Card
While there are many credit cards you can use to cover the
cost of IVF, 0% interest cards are a good option if you know you can repay your
balance before the intro period of anywhere between 12 to 21 months comes to an
end. With a 0% interest card, you can slowly but surely repay your IVF costs
without interest.
If you don’t believe you’ll be able to pay off your balance
in time, you may want to pursue a different option as you’ll likely be charged
a sky-high interest rate once the intro period is up. You can also consider
medical credit cards, which often have low or no interest charges for a
specific time period and are specifically designed to help pay for medical
expenses like IVF.
HSA or FSA
Health savings accounts, or HSAs, and flexible spending
accounts, or FSAs can help you save tax-exempt money to pay for qualified
medical expenses, which may include IVF treatment. The caveat, however, is
these accounts have annual contribution limits. For 2022, the maximum HSA
contribution limits are $3,650 for an individual and $7,300 for family
coverage. The maximum FSA contribution limit for 2022 is $2,850. Since these
limits are lower than the cost of IVF, you will need to find other ways to fund
the rest of your treatment.
IVF Grants
Fortunately, there are many IVF grants offered by a variety
of organizations and foundations. Since they don’t need to be repaid, they’re
worth exploring and applying for. Some of the most common IVF grant resources
include:
- Find a Grant - CoFertility: You can use this database to
find grants, donated services, and discounted medications for your IVF journey.
There are plenty of state-level and national opportunities listed on this free
resource. Just select your state to find out which ones you may be eligible
for.
- BabyQuest Foundation | In Vitro Fertilization Financial Aid:
Baby Quest Foundation provides a variety of fertility grants to those who
cannot afford the high costs of procedures like IVF, gestational surrogacy, egg
and sperm donation, egg freezing and embryo donation.
- Footsteps for Fertility Foundation: Footsteps for Fertility
works with several fertility clinics to provide funding gifts. It provides
grants of $10,000 per grant and $5,000 in cash grants.
- Coalition for Family Building: The Coalition for Family
Building offers IVF grants from its partner practices. It’s a great option if
you don’t have insurance coverage and plan to pursue IVF with your own eggs.
- Tinina Q. Cade Foundation: The Tinina Q. Cade Foundation’s
Family Building Grant is an annual award that provides up to $10,000 to those
with infertility who demonstrate financial need. These grants are cash awards
that are sent directly to each recipient’s fertility clinic. The organization offers medication awards as
well.
Crowdfunding
If you feel comfortable publicly sharing your infertility
story, crowdfunding can be a great option. You can use a website like GoFundMe
to collect donations from people who support your IVF treatment. You’ll be able
to set a goal and won’t have to pay any fees to collect the funds. Even if you
raise a little bit of money through crowdfunding, you can lower the costs of
transportation, copays, pricey medications, and more.
How to Apply for an IVF Loan
While the process can vary slightly from lender to lender,
there are basic steps you’ll need to follow to apply for an IVF loan.
- Check Your Credit: Before you begin the application process,
you should know where you stand credit wise as most lenders will consider your
credit when they decide whether to approve you for an IVF loan. You can visit
FreeCreditReport.com to pull copies of your reports from Experian, Equifax, and
TransUnion for free. If you notice any errors or inaccuracies, dispute them
with the appropriate bureau. Also, if your credit isn’t where you’d like it to
be, focus on improving it. If you don’t have time because you want to start IVF
as soon as possible, don’t worry. There are many lenders with lenient credit
criteria.
- Prequalify: Once you know what your credit looks like and
what types of IVF loans you may be eligible for, prequalify. By doing so, you
can explore various financing offers without any impact to your credit score.
When you prequalify, you’ll need to provide basic information, like how much
you want to borrow, how you’ll use the funds, your annual income, and the last
four digits of your Social Security number. It’s a good idea to prequalify with
at least three lenders.
- Compare Loan Offers: Next, it’s time to compare the various
IVF loan offers you received. When doing so, consider borrowing amounts, terms,
interest rates, fees, and perks. You may also want to read lender rankings and
reviews, especially if you’re stuck between two options.
- Apply: Then, choose the best loan offer for your unique
situation and go through the formal application process. Fortunately, most
lenders will allow you to apply online within minutes. To apply, you’ll need to
share a number of personal and financial details. You may also be required to
submit documents like a government-issued ID, pay stubs, tax forms, and bank
statements.
Tips for IVF Financing
While exploring IVF financing options, keep these tips in
mind.
Understand How Much IVF Costs
A single cycle of IVF costs is usually around $23,474. Be
sure to ask your fertility clinic for a clear list of what you can expect to
pay so you know exactly how much funding you may need.
Be Realistic About Your Budget
You want to make sure that you can comfortably afford the
IVF loan you take out. Do the math and calculate what type of payments you’ll
be able to make without stretching your budget too far.
Take Changing Expenses Into Consideration
Remember that when your baby is born, you’ll have additional
expenses. Keep this mind when you consider your budget and how much you can
afford to spend on IVF financing.
Turn Your Dream of Parenthood Into a Reality with an IVF
Loan
IVF is a revolutionary medical treatment that can help you
become a parent. Whether you’re already a parent or dreaming of the day you
have a little one, IVF loans may be just what you need to alleviate the
financial burden of the treatment and set yourself up for a happy, fulfilling
future.