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How to Get Financial Help For Surrogacy
Surrogacy Financing Options
Surrogacy is a very expensive process but for some intended parents, it is the best and perhaps only option for them to have a child. If you are unable to pay the high costs of surrogacy out of your own pocket, there are many ways in which you can finance the process – these are known as surrogacy loans.
Applying for surrogacy financing is fast and easy:
Compare Your Personal Loan Options
Can you get a loan for surrogacy?
Depending on what situation you are in, there are many options available to help intended parents finance their surrogacy journey. The majority of personal loan lenders will let you use the money borrowed for any personal expense, but do your research to ensure there aren’t any restrictions before applying.
Lenders that offer surrogacy financing
✔ Minimum Credit Score: 660
✔ APR: 2.49% - 19.99%
✔ Funding turnaround: as soon as same business day
LightStream offers up to $100K on personal loans as soon as same business day (the most out of most lenders!)
✔ Minimum Credit Score: 660
✔ APR: 5.99% - 24.99%
✔ Funding turnaround: within 24 hours
Borrowers can get funded as fast as next business day with Discover personal loans.
✔ Minimum Credit Score: 700
✔ APR: 6.79% - 17.99%
✔ Funding turnaround: within 24 hours
Individuals with good to excellent credit can get funds as fast as next business day with AXOS Bank personal loans.
What are surrogacy loans?
Surrogacy loans are a form of personal loan that allow prospective parents to afford the high costs of surrogacy. Some lenders will provide a specialized loan specifically for surrogacy, but you don’t have to find your funding through these loans. Fortunately, there are a wide range funding options for surrogacy which we’ll look at shortly.
How does a surrogacy loan work?
A surrogacy loan typically works like any other loan – you find a lender that offers you the right amount of money you’re willing to borrow at a rate that’s right for you and you apply. If accepted, the money will be deposited into your account for you to use on the costs of the surrogacy.
Benefits of surrogacy financing
There are a number of benefits of surrogacy financing, including:
- Surrogacy financing enables intended parents to borrow at least some, if not the entire cost, of their surrogacy journey
- Surrogacy financing allows intended parents to pay back any borrowed balance in easy to manage monthly installments so that the cost of surrogacy is spread out over a number of years, rather than needing to find the money all at once
- Without surrogacy financing, some people would not be able to become parents
Types of surrogacy financing
Fortunately, there are a wide range of options for parents looking to fund their surrogacy journey. Here are some of the most popular:
- Personal loans: these are often unsecured, but you can also find secured personal loans which will allow you to borrow more at a lower interest rate.
- HELOC: This stands for “home equity line of credit,” which is like a second mortgage. This type of financing provides you with a revolving line of credit, using your home as collateral.
- Credit Cards: You have the option of using a credit card to pay for a portion of the surrogacy process, but you may only want to use this financial method for smaller expenses as the interest on credit cards can quickly add up. If you have excellent credit, look into cards with a long 0% APR introductory period.
- 401(k) Plan Loan: This type of financing allows intended parents to borrow money from their retirement funds. You are usually allowed to borrow up to 50% of your total balance and the borrowed amount must be paid back within a certain amount of time, usually taken directly out of your paycheck.
- Fertility Financing Loans: There are a number of financial organizations that specialize in fertility finance and can provide those who are looking to pursue surrogacy with loans and more manageable payment plans. The organizations you may want to start with include Prosper Healthcare Lending, New Life Fertility Finance, and CapexMD.
- Family and Friends: Discussing any financial matter with family and friends can be a difficult subject, but if you have a good support network around you, it is worth asking for their help to make your surrogacy journey a little easier. If there’s ever a time to ask for help, it’s around bringing a new family member into the world.
Do surrogacy grants exist that could help with my journey?
Potentially the best way to finance your surrogacy is through a grant if you are able to qualify for one. Grants are a fantastic way to secure financing as there is nothing to pay back.
The majority of these grants are given out once or twice annually to couples and individuals who meet their qualification requirements and have the strongest applications. If you find that you are not eligible with one organization that doesn’t mean you won’t be eligible with another as they all have their differing eligibility criteria.
Organizations that offer grants include:
- Baby Quest Foundation
- Journey to Parenthood – grants of up to $10,000
- Pay it Forward Fertility – grants can only be used in a fertility clinic that is a member of the Society for Assisted Reproductive Technology (SART)
- The Tinina Q. Cade Foundation – Family Building grant of up to $10,000
- Family Formation Charitable Trust (AARTA) – grants from $500 to $2,000
- Gift of Parenthood – grants for uninsured and underinsured applicants
How much does surrogacy cost?
Surrogacy typically costs about $60,000, sometimes reaching up to $150,000, depending on the individual surrogacy arrangements.
Costs are likely to vary depending on the area you live in, for example, in states where surrogacy is more popular like California, surrogacy costs are likely to be higher, as well as the prices of other services and legal costs.
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Why is surrogacy so expensive?
Surrogacy is particularly expensive due to all the individual people and services that are involved in the process.
There is the cost of commitment from the surrogate mother and the health risks posed by getting pregnant, the medical procedures, legal costs, possible agency fees, social workers, travel costs, maternity wardrobe for the surrogate, and a fund in case of emergency. With everything that goes into the surrogacy process, it is easy to see why it is such an expensive undertaking.
Tips to choosing the best surrogacy financing option
Before considering any other financing option, you will want to consider all relevant organizations to see if you qualify for any surrogacy grants and submit any applications with them.
Only once you have been unable to secure a grant should you look into borrowing money. You need to calculate how much money you are going to need so that you can only borrow as much as you need to prevent going into unnecessary debt.
You need to look at what the total cost of your loan will be, including interest rates and any additional fees, and ensure that you will be able to afford to make the repayments in the terms specified.
Take some time to reach out to intended parents or those that have already been through the surrogacy process to find out what financial options they used. This will help you to get a better idea of what works and what may not be such a good option for you.
What are the average interest rates on a surrogacy loan?
Interest rates on surrogacy loans range from around 4.99% up to 36% with an average of around 6% if you have good to excellent credit and a good income.
Interest rates will vary from lender to lender and depending on your credit score, debt-to-income ratio, what form of funding you choose, and the amount you want to borrow.
Do I need to have good credit to qualify for surrogacy financing?
Whether you need to have good credit to qualify for surrogacy financing depends largely on the type of financing you decide to use.
If you are looking to get an unsecured loan, you will need good to excellent credit in order to get the best rates and terms.
With that being said, you will be able to secure financing without a good credit score, but it will likely be more expensive and risky than if you were to build your credit score before applying.
How to apply for surrogacy financing
To apply, compare the rates of prospective loans and look for those that best suit your circumstances. When you’ve narrowed down your search, do your due diligence and research each financial provider carefully, comparing what each one has to offer and which will be the most affordable for you.
When you find a loan that’s the right fit for you, you’ll need your social security number, income details, outgoings, and details about your current debts. Most providers will allow you to save your application as you complete it, so don’t worry if you need to pause to gather the necessary details. When your application is complete, your application will be approved or refused, and if the former, you’ll usually have the necessary funding within a few days.
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