IVF Loans

Where can I get an IVF loan?

Here are some ways you may be able to get an IVF loan:

1. 1. Fertility Financing Companies: Several specialized financing companies cater specifically to fertility treatment financing. They offer loans designed for individuals or couples seeking IVF or other assisted reproductive technologies. Examples include Prosper Healthcare Lending, CapexMD, and LendingClub.
   2. Healthcare Lenders: Some lenders specialize in healthcare financing and may offer loans for fertility treatments. These lenders may have partnerships with fertility clinics or offer loans specifically for medical procedures. Examples include LightStream and United Medical Credit.
   3. Personal Loans: You can consider applying for a personal loan from traditional banks, online lenders, or credit unions. Personal loans can be used for various purposes, including funding IVF treatments. Ensure to compare interest rates, terms, and repayment options from different lenders.
   4. Fertility Clinic Financing Programs: Some fertility clinics have their financing programs or partnerships with financing companies. These programs may offer flexible payment plans or loans tailored for fertility treatments. Inquire with your chosen fertility clinic about any financing options they may offer.
   5. Credit Cards: While it's not the most ideal option due to potentially high interest rates, some individuals choose to use credit cards to cover the costs of IVF. If you opt for this route, ensure you understand the interest rates, fees, and repayment terms associated with your credit card.

Are there other options for fertility financing?

Some other financing options include:

• Home equity line of credit or HELOC, in which you pledge your home as collateral – this is a good way to get a low-interest rate but is higher risk than a personal loan.
• A 0% interest credit card – if you have excellent credit, you may be able to get a card with a long 0% interest period.
• Health savings account (HSA) or flexible spending account (FSA)
• Personal line of credit
• 401(k) Loan – funding having a baby is a good reason to borrow from your retirement fund. Just make sure you fully understand the terms.
• Crowdsourcing: if you are comfortable with crowdfunding your IVF treatment, your friends and family can anonymously chip in with as much or as little as they want to help with the costs.
• IVF / Fertility grants: some organizations offer grants to support parents going through IVF. Some of the organizations to look into are:
  • Nest Egg Foundation
  • Baby Quest Foundation
  • Compassionate Care Program
  • Gift of Parenthood
  • Parental Hope Family Grants
  • Hope for Fertility Foundation
  • Footsteps for Fertility
  • Farcical Fertility
  • Case Foundation
  • Pay it Forward Fertility Foundation
  • Hasidah (for Jewish families)
  • Fertile Action’s Parenthood After Cancer Treatment (for cancer patients)
  • Samfund Grant (for cancer patients)

It’s also worth noting that there are specialist grants available to the LGBTQIA+ community, such as:

• • Men Having Babies
  • Gay Parents To Be
  • Family Equality

Should I get an IVF loan?

If your medical insurance doesn’t fully cover you, an IVF loan can be an attractive option, but it’s important to weigh the costs of getting a loan and consider alternatives instead of, or on top of, a loan. Some IVF loans incur interest rates up to a shocking 36%, so before you take out a loan, you need to be sure you can afford a monthly payment. Note that every day and healthcare expenses will increase with pregnancy, childbirth, and later, a baby and then a child.

Fertility treatment is so costly that most people can’t cover the whole bill themselves, but try to aim to use some savings for at least some of your treatment. You may also want to look for prescription or treatment discounts so that treatment costs don’t feel so draining. Some medical providers offer discounts to those who pay upfront in cash and some pharmacies provide small discounts on fertility drugs.

However, it’s also worth noting that borrowing money for IVF treatment may allow you to have a child in a way that wouldn’t normally be possible for you. While you certainly don’t want to get your family into financial difficulty to cover the costs, getting a loan to help fund your IVF treatment may be one of the best decisions of your life.

How to apply for an IVF loan

The first step is to shop around and compare IVF loan rates. Figure out which type of plan works best for you and how much you can currently afford to borrow.

General steps for IVF financing application is as follows:

1. Research lenders that offer IVF loans.
2. Gather required information and documents for the loan application.
3. Review the loan terms, including interest rates and repayment options.
4. Complete and submit the loan application with accurate information.
5. Attach supporting documents requested by the lender.
6. Wait for loan approval, which may involve creditworthiness assessment.
7. Upon approval, review the loan offer and accept it if suitable.
8. Loan funds are disbursed, either to you or directly to the fertility clinic.
9. Repay the loan according to the agreed-upon terms.

Remember to check with each lender for their specific application process and requirements, as they may vary. Comparing different lenders and their terms can help you find the most suitable IVF loan for your needs.