The path to parenthood can be filled with hope, excitement, and, let’s face it, a hefty price tag. If you’re considering in vitro fertilization (IVF), you already know it doesn’t come cheap. But don’t let the cost of your dream family stop you in your tracks. From personal loans to specialized IVF financing, there are options to help you cover the expenses. Let’s explore some of the best IVF loans available to make this journey a bit easier on your wallet.
MoneyLion offers a service to help you find personal loan offers tailored to your financial needs. With just a few clicks, you can compare offers for up to $100,000 from top lenders. Review rates, terms, and fees side-by-side to choose the best deal for your IVF financing.
7 best IVF loans
When you’re planning for IVF, finding the right loan can make all the difference. Here’s a breakdown of some of the best IVF loans to help you take the next step in building your family.
1. Best for flexible terms: LightStream
LightStream is an excellent choice for those who want flexibility in their loan terms. The platform offers personal loans that can be used for IVF treatments, with no collateral required. You can borrow up to $100,000 with competitive rates and no fees. LightStream’s fast approval process makes it easy to get funds when you need them most.
| APR range: from 9.49% | Origination fee: None |
| Loan range: $5,000 – $100,000 | Minimum credit score: Excellent credit required for lowest rate |
| Loan terms: 24 – 240 months |
Pros:
- No fees
- Flexible repayment terms
- Fast approval process
Cons:
- Requires good to excellent credit
- No prequalification process
- Not available for smaller loan amounts under $5,000
2. Best for low credit scores: Upstart
Upstart offers personal loans that are ideal for borrowers with lower credit scores. Its AI-driven platform looks beyond your credit score, considering factors like education and job history, making it easier for more people to qualify. This flexibility makes Upstart a great option if your credit isn’t perfect but you still need IVF financing.
| APR range: Varies by state | Origination fee: Depends on interest rate |
| Loan range: $1,000 – $50,000 | Minimum credit score: None required |
| Loan terms: 36 – 60 months |
Pros:
- Accepts lower credit scores
- Quick funding
- No prepayment penalties
Cons:
- Higher interest rates for lower credit scores
- Origination fees up to 8%
- Maximum loan amount of $50,000
3. Best for high loan amounts: SoFi
SoFi is known for offering large personal loans with no fees, making it an excellent option if you’re looking to finance a high-cost IVF treatment. SoFi also provides access to member benefits like career coaching and financial planning, adding value beyond just the loan itself.
| APR range: 8.99 – 29.99% | Origination fee: None |
| Loan range: $5,000 – $100,000 | Minimum credit score: Varies |
| Loan terms: 24 – 84 months |
Pros:
- No fees
- High loan amounts available
- Access to member benefits
Cons:
- Higher credit score requirement
- Longer funding process compared to others
- Not ideal for small loans
4. Best for quick funding: Avant
Avant specializes in quick funding and is a solid choice for those who need IVF financing in a hurry. The application process is straightforward, and funds can be deposited as soon as the next business day. While the interest rates may be higher, Avant’s speed and simplicity make it a go-to for urgent financing needs.
| APR range: 9.95 – 35.95% | Origination fee: 0% – 9.99% |
| Loan range: $2,000 – $35,000 | Minimum credit score: At least 580 |
| Loan terms: 24 – 60 months |
Pros:
- Fast funding
- Easy application process
- Lower credit score requirement
Cons:
- Higher interest rates
- Lower maximum loan amount
- Origination fees apply
5. Best for no origination fees: Discover Personal Loans
Discover Personal Loans offers a straightforward loan process with no origination fees, making it a budget-friendly option for IVF financing. It also provides flexible repayment terms and excellent customer service, ensuring you get the support you need throughout your loan journey.
| APR range: 7.99% – 24.99% | Origination fee: None |
| Loan range: $2,500 – $40,000 | Minimum credit score: 660 – 850 |
| Loan terms: 36 – 84 months |
Pros:
- No origination fees
- Flexible repayment terms
- Excellent customer service
Cons:
- Requires a good credit score
- Higher interest rates for lower loan amounts
- Limited maximum loan amount
6. Best for low APR: Wells Fargo
Wells Fargo offers personal loans with some of the lowest APRs available, making it an excellent option for those who want to minimize interest costs on their IVF loan. Its loans come with no origination fees, and Wells Fargo customers may receive rate discounts.
| APR range: 7.49% – 24.99% | Origination fee: None |
| Loan range: $3,000 – $100,000 | Minimum credit score: Good to Excellent |
| Loan terms: 12 – 84 months |
Pros:
- Low APR options
- No origination fees
- Rate discounts for existing customers
Cons:
- Requires good to excellent credit
- Slower approval process
- Limited to Wells Fargo customers for the best rates
7. Best for credit union members: PenFed Credit Union
PenFed Credit Union offers competitive personal loan rates, especially for its members. With no origination fees and flexible loan terms, PenFed is a strong contender for those already part of a credit union or looking to join one.
| APR range: Starts at 8.99% | Origination fee: None |
| Loan range: Up to $50,000 | Minimum credit score: N/A |
| Loan terms: Up to 5 years |
Pros:
- Competitive rates for credit union members
- No origination fees
- Small loan amounts available
Cons:
- Requires credit union membership
- Lower maximum loan amount
- Slower funding process compared to others
What is an IVF loan?
An IVF loan is a personal loan specifically used to finance fertility treatments like in vitro fertilization. These loans can cover various costs, including medical procedures, medications, and other related expenses. With IVF loans, you borrow a lump sum and repay it over time with interest, much like any other personal loan. The key benefit is that it allows you to spread the high costs of IVF over several years rather than paying upfront.
How much do IVF and fertility treatments cost?
IVF and fertility treatments can be expensive, often ranging from $12,000 to $15,000 per cycle. In some cities, the cost can be even higher. For example, in New York City, the average cost of an IVF cycle can reach up to $20,000, while in states like California and Massachusetts, it’s typically around $15,000.
These costs do not include additional expenses like medications, which can add another $5,000 to $10,000. Financing options like IVF loans can help make these treatments more accessible by allowing you to pay off the costs over time.
Pros and cons of IVF loans
IVF loans offer a practical solution for financing fertility treatments, but they come with advantages and drawbacks.
| Pros: • Access to funds: IVF loans provide quick access to funds, allowing you to start treatment without delay. • Flexible terms: Many lenders offer flexible repayment terms, making it easier to fit payments into your budget. • Predictable payments: Fixed interest rates mean your monthly payments stay the same, helping you manage your finances better. | Cons: • Interest costs: Taking out a loan means paying interest, which can add to the overall cost of your IVF treatment. • Credit requirements: Depending on your credit score, you may face higher interest rates or have difficulty qualifying for a loan. • Debt accumulation: Adding another loan to your financial obligations can increase your overall debt burden, impacting your financial stability. |
How to apply for an IVF loan
Applying for an IVF loan involves several steps to ensure you get the best deal possible.
- Choose a lender and loan product that fits your needs: Compare different lenders and loan products based on interest rates, terms, and fees.
- Check your credit score and report: Knowing your credit score will help you understand what loans you qualify for and what interest rates to expect.
- Gather necessary financial documents: Prepare documents like proof of income, tax returns, and identification to streamline the application process.
- Complete the loan application: Fill out the application accurately and thoroughly to avoid delays in processing.
- Review and sign loan documents if approved: Review the loan terms and conditions before signing to ensure you understand your obligations.
Alternative options for IVF payment
If an IVF loan isn’t the right fit for you, there are other ways to finance your fertility treatments.
- Credit card: Some people use credit cards to cover IVF costs, especially those with 0% introductory APR offers.
- Fertility clinic loan: Some clinics offer in-house financing or partner with lenders to provide loans specifically for fertility treatments.
- IVF grant: Certain organizations offer grants to help cover the costs of IVF for those who qualify.
- Home equity loan or HELOC: Homeowners may consider using a home equity loan or line of credit to finance IVF, often with lower interest rates.
- 401(k): Some people opt to borrow against their 401(k) retirement savings to pay for IVF, though this comes with risks and potential penalties.
Financing Your Path to Parenthood
IVF can be a significant financial commitment, but with the right loan, it doesn’t have to be overwhelming. By selecting a loan that fits your needs and exploring alternative payment options, you can take control of your fertility journey and focus on what really matters – building your family.
FAQ
Can you pay for IVF monthly?
Yes, with an IVF loan or certain payment plans offered by fertility clinics, you can spread the cost of IVF over monthly payments.
What credit score do you need for IVF?
The credit score required for an IVF loan varies by lender, but a score of 580 or higher is generally needed to qualify for most loans.
How much money do I need for IVF?
The cost of IVF typically ranges from $12,000 to $22,000 per cycle, not including medications, which can add several thousand dollars to the total.
