Best IVF Loans & Financing Options For Good & Bad Credit

Living in modern times has brought about incredible advances in fertilization options for couples wishing to conceive a child. In Vitro Fertilization (IVF), also known as artificial insemination or assisted reproductive technology, is one such option you and your partner might be considering.

In general, IVF costs $12,000 per cycle for the harvesting of “fresh” eggs. Fertility clinics recommend you plan on budgeting for at least three cycles as according to one study, women who conceived with IVF treatment went through an average of 2.7 cycles. Frozen donor egg IVF costs $3,000 – $5000, and is recommended for women over forty according to CDC.gov.

Given these statistics, people wishing to undergo IVF treatment will need to budget around thirty-six thousand dollars for the fertility treatment costs alone. This cost does not include any medications or testing. Funds for costs related to labor and delivery not covered by your insurance will also be added to your expenses. 

Should you get an IVF loan?

If you are looking to start your family sooner than later but don’t have the cash up front, IVF may seem financially out of reach. It is suggested that you try to cover most of the costs for fertilization using your personal savings or health savings account. But what happens when you don’t have enough money in your savings to cover it? You can get an IVF loan.

What is an IVF Loan?

An IVF loan is a personal loan you can take out to cover the medical expenses for obtaining IVF treatment. Typically, the best IVF financing options can be obtained through the fertility clinic you plan to use. IVF loans can also be obtained from your bank or credit union, or you can use an online lending engine that allows you to apply one time and receive multiple competing offers for you to compare.

Can you get a loan for IVF with bad credit?

You can get a loan for IVF treatment, even if you have bad credit. However, if you wish to obtain a personal loan for IVF treatment and have poor credit you can expect to pay a much higher interest rate, increasing the overall loan amount and possibly your expected monthly payments.

Best Personal Loan Options for IVF

Prosper

A peer-to-peer lending platform connecting borrowers to investors, eliminating the bank and getting you a better finance rate.

Pros 

• Loans are not secured, borrowers need not have collateral to obtain a loan
• Loan amounts $2,000 – $40,000
• Personal loans can be used for nearly any purpose including IVF
• Fixed monthly payment and interest rate, 3-5 year options
• Prosper offers another specialized option, a Prosper Healthcare Loan (PHL)  This is a specialized loan program offered to customers looking to finance a medical procedure not covered by insurance.
• Applying for the loan online is considered a soft inquiry and will not affect your credit score
• No prepayment penalty

Cons

• Prosper targets customers with credit scores of 703 or higher,  and they are not generally seen as a good lending option for folks with bad credit
• There is an origination fee
• Customers must have a debt-to-income ratio below 50%
• Higher interest rates

» MORE: Prosper Personal Loans Review

SoFi

The borrower best suited for funding IVF with a personal loan through SoFi has good to excellent credit, and income history.

Pros 

• No Origination Fee
• Longer loan term options, 24 – 84 months
• Borrow up to $100,000.00
• Competitive low-interest-rate range – you can choose a variable or fixed APR
• Pre-qualify without a hard inquiry on your credit history
• No collateral necessary
• Forbearance for up to 12 months with career counseling if you lose your job

Cons

• Must have good credit history and income
• Funding can take time – the application process takes just a few minutes, but SoFi can take up to a week to fund the loan due to their underwriting process

» MORE: SoFi Personal Loans Review

Lending Club 

Pros

• Peer-to-peer lender
• Some of the lowest interest rates in the United States
• Application to cash-in-hand is fast, just 2-7 days
• Fixed interest rate, fixed monthly payment, no prepayment penalty
• Longer repayment terms
• Easy mobile account management

Cons

• Origination Fees
• Must have good credit to secure a reasonable APR
• It may take longer to get approval since the money is not coming from a bank, but investors

Earnest

Designed for borrowers who have good credit scores, but lack a long credit history

Pros

• No Fees – this means you never pay more than your monthly payment and you can pay it off early without a prepayment penalty.
• The lender offers an easy application process
• Rates and terms of loans are determined based on borrowers savings patterns, career trajectory, education, and each borrower’s unique financial situation.
• Seven day grace period from original payment due date to make payments without penalty

Cons

• Must have good credit – a credit score of 680+
• Loans from $5,000 to $75,000
• Higher interest rates 
• Application to funding time is 5-10 days

LightStream

Promising the best online loan experience possible for customers with good credit.

Pros

• Apply quickly, and from the convenience of a computer or mobile device
• Highly competitive fixed-rate financing
• Longer loan terms – up to 144 months (12 years)
• $5,000-$100,000 loan amounts
• Financing is in-house, immediate funding once the loan closes

Cons

• Once funds are made available, the borrower has 30 days to move them into their personal bank accounts or the loan application is canceled
• Need good credit – 680+
• To lock in competitive financing rates, LightStream considers credit history (credit cards, vehicle loans, etc.), the ability to save, stable income, and good repayment history with few delinquencies or problems.
  

» MORE: LightStream Personal Loans Review

Upstart

Peer to peer lending tailored to meet the needs of the individual

Pros 

• You do not need to have excellent credit or credit history
• The super fast application process can be funded 24 hours after approval
• Low fees
• Competitive max loan terms (up to 5 years)
• Flexible loan amounts $1000 – $50,000

Cons

• Fees can add up
• Credit score 620+
• Geared for recent grads and young professionals

Other options for financing IVF

Medical Provider’s Office

If you decide to look into financing options through the fertility clinic you will be working with, be sure to do your homework and shop and compare clinics to each other. Compare the quality of their doctors and facility, as well as their financing options. Pay attention to loan origination fees, pre-payment penalty fees, and late payment fees. Make sure you can afford the monthly payments and interest costs.

Banks or Credit Unions

It’s always good to compare the lending options between your bank or credit union and online lenders. Smaller institutions are generally able to work with folks who have less than perfect credit and offer competitive fees, rates, and lending terms.

HSA or FSA Withdrawals

Many employers offer Health Savings Accounts (HSA), and/ or Flexible Spending Accounts allowing employees to set aside an untaxed portion of their paycheck to use for medical costs. If you are enrolled in an HSA or FSA program through your employer, you can use those funds to help pay for IVF treatment costs.

Credit Card

Choose this option if you only need a small portion of your fertility treatment to be financed or you have an introductory 0% APR credit card.

Grants & Fertility Financial Assistance

There are several grants and IVF funding assistance programs to help couples overcome the financial hurdle to seeking fertility treatment. Most are accessible online. Because they are grants, and not loans, generally only partial funding is available and ranges from $250-$5,000.

Conclusion

When considering your IVF financing options, keep in mind your personal timing for creating your family, loan origination fees, and variable vs. fixed-rate financing. Also consider your monthly payment and the increasing expenses that come with pregnancy, delivery and birth and the daily expenses of raising a newborn baby.

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