Best IVF Loans of 2021
What types of IVF financing are there?
IVF loans can come from dedicated fertility lenders who often work directly with clinics and pharmacies. However, you are not limited to only 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 because loans still have to be repaid, but grants usually are not.
There are some grant programs that provide money to be used for IVF that you do not 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 requirements, so carefully explore your options and follow the instructions for submitting 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 IVF and you don’t 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 can be a better alternative than bill processing. However, you may want 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?
The costs of the IVF loan may include:
- Upfront fees such as application fees or loan origination fees if you pay them
- Interest charges over the life of the loan, which will vary by lender and will be determined by your credit rating, the amount you borrow and the length of your loan
The larger your loan amount and the longer your repayment term, the higher your total loan cost will be. These loans are generally personal loans which are not much different from others in the market. You won’t find rates as affordable as on a secured loan, like in real estate, but it will be more affordable than a high interest credit card in many cases.
We have found rates between 5.99% and 35.99%. Your rate will depend on your personal income and credit profile.
How we choose the best IVF loans
To select the best IVF loans, we have reviewed personal lenders as well as dedicated fertility loan providers. We’ve taken into account the loan fees, the average interest rate, how much you could borrow, the time it takes to approve and distribute the 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.