Adam McCann, Financial Writer
@adam_mccann
The best IVF loans come from the online lender LightStream, which offers loans specifically for fertility treatments with APRs as low as 5.95% (and only going as high as 17.29%). That is a remarkably cheap range compared to other lenders. Plus, LightStream offers loans of $5,000 to $100,000 for 24 to 84 months and provides funding as soon as the same day you apply.
You don’t necessarily have to get a loan that’s specifically for IVF, though. Most personal loans can be used for any expenses, including medical bills.
Obviously, one of the most important things to consider when getting a loan for IVF is the cost of the treatment. You’ll need a lender that can offer at least $15,000 to $20,000 – the average cost of IVF and the medicines required with it. Luckily, most lenders will offer loans of that amount – to some borrowers, at least. So, the question then becomes whether you can qualify for a loan that size with your current credit score, income, debt level and other factors.
WalletHub’s free pre-qualification tool lets you plug in a loan size, along with details like your income, to help you see which lenders will give you a good chance of approval.
Good Lenders for IVF Loans:
Lender | Loan Sizes Offered | APR Range | Credit Score Required* |
LightStream | $5,000 - $100,000 | 5.95% - 17.29% | 660 |
SoFi | $5,000 - $100,000 | 5.99% - 17.67% | 680 |
Best Egg | $2,000 - $50,000 | 5.99% - 29.99% | 640 |
Avant | $2,000 - $35,000 | 9.95% - 35.99% | 600 |
LendingPoint | $5,000 - $25,000 | 9.99% - 35.99% | 585 |
*These numbers may be either directly from the lenders (some of which are WalletHub partners) or from third-party consensus.
The better your credit score is, the more likely you are to get a lower APR on an IVF loan. There is a wide range of lenders for different credit scores. But just keep in mind that lenders requiring a score below 660 will typically charge an origination fee. That could be anywhere from 1% to 8% of the loan amount, depending on the lender.
Before you apply for an IVF loan, be sure to call your insurance provider to see what portion of the cost they will cover. Different insurance policies may cover IVF partially, entirely or not at all. You certainly don’t want to end up borrowing more money than you will actually need.
There are also a few alternative methods to get IVF financing that you may want to consider. First, it’s a good idea to ask whether the clinic handling your IVF has its own financing program. You could also charge the cost of the procedure to a credit card. That would be especially helpful if you can get a 0% introductory APR. Or, you could borrow against your home’s value with a home equity loan or home equity line of credit – though keep in mind that these two options are secured by your house.
If you have a Health Savings Account (HSA) or Flexible Savings Account (FSA), you could draw from those funds to pay for IVF instead. Or even better, you could try to pay for your IVF with something that you don’t need to repay. For example, consider applying for a fertility grant or trying to crowdfund your costs through a website like GoFundMe.
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