How to Get an IVF Loan (2024)

How to Get an IVF Loan

In vitro fertilization (IVF) does not guarantee pregnancy, but it may offer you a chance at starting a family, and an IVF loan can help remove some of the financial barriers. About 19% of women have difficulty getting pregnant, according to the Centers for Disease Control. While IVF can be an effective solution, the procedures can be expensive.

To get an IVF loan for costs exceeding your insurance coverage, you can take several steps to ensure you find the right loan for your situation.

1. Explore alternatives: Check whether your health insurance offers fertility coverage. You may also consider applying for a grant, participating in a clinical study, or starting a crowdfunding campaign. These options can help you avoid the costs of borrowing.
2. Evaluate your loan options: If borrowing is your best option, consider both loan options offered in partnership with fertility clinics and personal loans that can be used for medical expenses. Evaluate lenders based on their reputation, eligibility requirements, available terms, and customer service options.
3. Pre-qualify and compare rates: If the lender offers a pre-qualification process with a soft credit check, you can check your estimated interest rate. You’ll want to collect a few rate quotes for comparison.
4. Submit your application: Choose the lender that best meets your needs and submit a formal application. This will trigger a hard credit inquiry, which may cause a small dip in your credit score. If you’re approved for the loan, evaluate the final rates and terms to make sure they fit into your budget.
5. Sign your loan documents: After reading the fine print, sign your loan documents to accept the funds.
6. Wait for the funds: Some lenders will deposit the funds directly into your bank account, but if you use an IVF lender that partners with your fertility clinic, they may distribute the funds directly to your medical providers.
7. Begin repayment: Make sure to build your loan payment into your budget and set up automatic payments so you don’t forget to pay. Late payments can negatively impact your credit score.

Types of IVF Loans

Personal Loans

Personal loans are available from banks, credit unions, and online lenders. They provide a lump sum of money upfront that can typically be used for almost any purpose, including medical expenses like IVF.

Personal loans for IVF have lower interest rates than credit cards. You repay the personal loan in fixed monthly installments over time, with terms ranging from several months to several years. Personal loans are usually unsecured, so you won’t risk losing a collateral asset like your vehicle. But you should ensure you can repay the loan before applying, or you could damage your credit score.

Fertility Specialist Loans

Some lenders offer loans specifically for IVF, often through partnerships with fertility clinics. By applying to a lender that partners with your clinic, you may be able to access 0% APR financing, but these programs may require deposits or membership fees. It’s important to compare these costs to the APR on a traditional personal loan.

Some clinics also offer in-house financing, which may require a down payment. These programs sometimes offer a discount on a package of services and allow you to pay over time.

What You Need to Get an IVF Loan

While requirements vary by lender, you’ll generally need to meet specific financial requirements and provide some information and documents to apply for an IVF loan.

Financial Requirements

• Credit: You’ll typically need at least fair credit to get a loan, but some lenders are more lenient than others. Lenders will also look at your payment history for red flags, such as late or missed payments, which may result in a higher interest rate or denial. Lenders offer their lowest advertised rates to borrowers with better credit.
• Income: Lenders will verify your income to ensure you earn enough for repayment. Some lenders may have minimum income eligibility requirements.
• Debt: Lenders will calculate your debt-to-income ratio (DTI) to make sure you’re not overextended. Your DTI is the share of your gross income you put towards making the minimum payments on your debts. Lenders typically have a maximum DTI, such as 36%.

Required Information and Documents

• Contact information: Lenders will request information such as your name, address, phone number, email address, date of birth, and citizenship status. You’ll also need to provide your Social Security number.
• Loan preferences: You’ll need to tell the lender how much you want, what you’ll use the money for, and how long you need to repay.
• Expenses: You may need to provide your monthly mortgage or rent payment amount.
• Employment information: You’ll likely need to provide contact information for your employer.
• Proof of income: You’ll need to provide your gross monthly income from all sources. The lender may also request documents such as pay stubs, W2s, or tax returns.
• Identity verification: You may need to provide utility bills that show your address and a copy of your Social Security card or driver’s license to verify your identity.

Choosing an IVF Loan

When selecting the best IVF lender for you, you’ll want to consider the following:

• Eligibility requirements: Check to make sure you meet credit score, income, and debt-to-income ratio requirements. This will help you narrow down your list of possible lenders.
• Partner clinics: Some lenders may only provide IVF loans through partner clinics. Before applying for one of these loans, make sure you’re comfortable with using one of the clinics in its network.
• Rates, fees, and discounts: Consider interest rates, origination fees, membership fees, and late payment fees. Evaluate whether the lender offers rate discounts, such as relationship discounts or automatic payment discounts. Avoid choosing a lender that charges prepayment penalties.
• Deposit or down payment requirements: Consider whether your loan option requires a down payment or deposit. These are more common with loans provided directly or in partnership with fertility clinics.
• Available terms: Make sure you can comfortably afford the monthly payment for the loan term you choose. Longer loan terms offer lower monthly payments, but you pay more in the long run compared to a shorter loan for the same interest rate.
• Lender reputation: Check sources like Trustpilot, ConsumerAffairs, and the Better Business Bureau for customer reviews. Look for any repeated complaints that may indicate a problem with the lender.
• Customer service options: Make sure the lender offers customer support that will be accessible when you need it. Some top-notch lenders may offer 24/7 customer service and live chat support.
• Payment options: Check whether you can conveniently schedule payments through an online platform or mobile app, if that feature is important to you. Also, evaluate whether you can change your due date if you need a little extra time.

Best IVF Loans