Maternity Leave Loans

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Maternity Leave Loans
Planning for maternity leave & new baby

Maternity Leave Financing

Paid maternity leave just isn’t guaranteed in the US and so many expectant mothers worry about how they will get by when they cannot bring in income after having a baby.

If you are planning ahead and still find that your finances will be stretched beyond what you can comfortably live with, a maternity leave loan can help you to cover some of the costs of having a new baby so that you can enjoy those early days, weeks, and months together.

Applying for maternity leave financing is fast and easy:

Fill out a simple and fast online application in just minutes

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Borrow up to $100,000 as fast as next business day

Absolutely no negative impact on your credit score, ever.

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Where can I find maternity leave loans?

Below are some of the top lenders which offers loans for maternity leave. Compare your options and find the best rate online with a simple one step application process.




Funding: Borrow $1,000 - $50,000
Minimum Credit Score: 660
APR: 5.94% to 35.97%
Loan term: 2 - 7 years
Funding turnaround: as soon as next business day

Upgrade offers borrowers with fair credit scores to obtain loans up to $50k. Joint applications are allowed. Origination fees may apply.


Lightstream Personal Loans


Funding: Borrow $5,000 - $100,000
Minimum Credit Score: 660
APR: 2.49% - 19.99%
Loan term: 2 - 7 years
Funding turnaround: as soon as same business day

LightStream offers up to $100k personal loans as soon as same business day without origination fees and easy to use mobile app.


Payoff Review


Funding: Borrow $5,000 - $40,000
Minimum Credit Score: 640
APR: 5.99% – 24.99%
Loan term: 2 - 5 years
Funding turnaround: 3 - 6 business days

Payoff offers personal loans with flexible payment schedules and perks such as monthly credit score reporting.

What is maternity leave financing?

Maternity leave financing is funding you can borrow to help you cover the costs of living with a new baby, even if you aren’t able to bring in money during this time.

With maternity leave financing you won’t have to rush back to work before you and your baby are ready and be able to pay for costs that have built up during and after your pregnancy, such as hospital visits.

Benefits of maternity leave loans

Benefits of maternity leave loans are:

  • You can have more time with your baby without worrying about covering the costs of your bills
  • You can fill in the gap between your allocated paid maternity leave and the 12 weeks of unpaid leave the government mandates
  • You can boost your income in a time when there are often lots of new purchases to make

How does a maternity leave loan work?

If your employer doesn’t give you paid maternity leave and you don’t have enough savings to cover the whole time off work, a maternity leave loan will provide you with the money you need to cover all living expenses and costs of having a new baby.

A maternity leave loan will cover any lost income and will allow you to receive a sum of money that you can pay back over time in more manageable amounts.

What alternatives are there to a maternity leave loan?

  • Paid parental leave benefits: although the majority of your maternity leave will be unpaid, you work should give you, and maybe even your partner, at least some paid leave. It is a good idea to work out how much pay you will receive during this time so that you can get a better idea of the size of loan you will need. The smaller the better.
  • Short Term Disability Insurance: you will need to make a few payments into this scheme before taking the time off work, but this insurance means that you will be financially covered for the first six to eight weeks after having your baby.
  • Vacation Time and Sick Leave: if you are able to save up both your vacation time and allowed sick leave you will find that you will be financially covered for longer than you may otherwise have been.

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When is a good time to take out a maternity leave loan?

If you know you will be taking unpaid maternity leave, it is best to apply for your maternity leave loan before it comes time to actually leave your job, whether that be temporarily or permanently.

This is due to the fact that it is easier to get a loan when you have a steady income and you are more likely to qualify with the best rates. Applying during this time means that your loan will be more affordable for you, and you will already have the funds you need if your baby arrives earlier than expected.

If you are good with your money (as you should be if you’re considering taking out a loan), it may be a good idea to take out your loan as soon as you feel comfortable after becoming pregnant (as soon as you’re into a stable time in your pregnancy) and hold onto that money in a savings pot. That way you’ll have the money secured and won’t have to worry about attaining funds late in your pregnancy.

Types of maternity leave financing options

If you are looking for maternity leave financing, there are a number of options available:

  • Personal Loans: Personal loans are lump sums provided by a large number of lenders that you are required to pay back in fixed installments, over an agreed term, with added interest ranging between 4% and 36%. This type of financing typically comes in amounts of $1,000 to $50,000 depending on the lender, your income and debt, and your credit score, among other things. This is a good option if you are looking to cover your lost salary.
  • Medical Loans: Expectant mothers have the option of taking out a medical loan due to the number of hospital visits required during and after pregnancy. This is often a good way to cover medical expenses so you can keep your savings safe for the future.
  • HELOC: A home equity line of credit, or HELOC, is a type of financing that is backed by your mortgage, or essentially taking out a second mortgage. Although you may be able to borrow a higher amount than other financing options, there is always the risk that your home be repossessed should you default on repayments, so make sure you think about this option carefully.
  • Line of Credit: A personal line of credit works in a similar way to a credit card. You can draw from the total borrowed amount whenever you need and you can use that money again and again after paying it back, for as long as the line of credit is open. The main benefit to this type of financing is that you only have to pay interest on the funds you actually use rather than the total amount.
  • Federal Assistance: Before looking at other options, you should look into whether your state takes part in the Federal Pregnancy Assistance Fund (PAF) Program. This program enables certain states to provide support for pregnant women and new mothers and their families.
  • 401(k) Loan: The last financing option is a 401(k) loan, borrowing money from your retirement fund. This loan enables you to suspend repayments for around one year during time off work. While you should always carefully consider this option, funding having a baby is a good reason to borrow from your retirement.
  • Family: Depending on your relationship with your family or your partner’s family, they may be willing to help you financially, even if it’s just cooking and delivering meals for you.

How much should I borrow for maternity leave?

There are a number of things that you should consider when deciding how much you should borrow towards your maternity leave:

  • Determine how much you will need. This will depend on where you live, your outgoings, your partner’s income and their plans (if applicable), and your family’s needs. Think about what products and services you will need after bringing your baby home, and what you’re happy to cut back on and perhaps find secondhand, and what you’re not. Don’t forget that babies grow quickly, so try not to be too precious!
  • Make sure that your employer will keep the job for you when the time comes to go back to work. Under the Family and Medical Leave Act, eligible employees are entitled to 12-weeks of job-protected (albeit unpaid) leave in a 12-month period. Talk to HR as soon as you feel comfortable to let them know that you’ll be taking your leave and know your rights.
  • Review your financing options. Research each option carefully to decide which will be right for you.
  • Shop and compare. Once you know which financing option is best, you can look around for the best offers. Using a comparison site is very helpful for this.

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What documents are required to apply for maternity leave financing?

Each lender and type of maternity leave financing will come with different requirements. With that being said, you will typically need to provide:

  • Social Security number
  • Driver’s license number
  • Bank account information
  • Recent paystubs
  • An estimate of your annual income
  • Your monthly outgoings
  • Total of current debt held
  • Your employer’s name, address, and phone number
  • Depending on the lender, you may also have to include a statement of what you intend to use the loan for, though this rarely has an effect on your ability to attain the loan

Is a maternity leave loan right for me?

If you need to cover the costs for lost income and have a good to excellent credit score, a maternity leave loan is likely to be just what you need to enjoy the first year with your baby.

If you have a poor or fair credit score, it will still be possible for you to find a personal loan, but they will come with high interest rates. This will make taking out a loan much more expensive for you in the long run and you may find that you will be better off using savings or asking family and friends to help you out until you are ready to get back to work.

Apply for maternity leave financing

To apply for your maternity leave financing, research your options and decide how you want to fund your leave. If you choose to use a loan for all or part of your funding, compare the rates of the loans in our tables and find the loans that will offer the best terms for you.

Once you have found the right lender for you, you simply submit your application online along with the required documentation and an offer will be sent to you with details on how to accept the loan. When you accept it, you’ll often have the funding in your bank account within 48 hours.

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