Best IVF Loans

Final Verdict

If you’re planning on undergoing IVF, there are many different financing options, including personal loans from credit unions, banks, and online lenders. Some lenders, such as BHG Money, allow you to borrow as much as $200,000 without any form of collateral, and lenders like Rocket Loans may fund your loan as soon as the same day you apply. 

Overall, the top lender for IVF loans is SoFi. It has rates that are almost as low as they come, it allows you to borrow up to $100,000, and it gives you as long as seven years to repay the loan. It doesn’t charge origination fees, and borrowers with less-than-perfect credit can still qualify for IVF loans by adding a co-borrower to their application. 

Fertility Lender Alternatives

Besides personal loans from credit unions and banks, there are also fertility loans from specialized companies like CapexMD or Future Family. 

Unlike personal loans, which have few restrictions on their use, fertility loans are typically issued in coordination with your fertility treatment center. Rather than disbursing the funds to you, the company will pay the fertility center directly.

These companies may charge additional fees, such as application fees or document preparation fees, but they also often offer additional services, such as fertility support coaches who are registered nurses. 

If you’re considering IVF and exploring your financing options, it can be a good idea to shop around and compare loans from personal loan lenders as well as fertility financing companies. 

Guide to Choosing the Best IVF Loan

Determining Your Need for IVF Loans

If you’re interested in growing your family but don’t have the funds to cover fertility treatments, an IVF loan could be worth considering. There are generally two options for borrowers seeking a fertility loan:

• Fertility lenders
• General personal loan lenders

Fertility lenders offer dedicated financing for IVF, fertility medications, storing eggs, and related treatments. These lenders typically partner with pharmacies and fertility clinics, paying them directly for the cost of your treatments. Many fertility lenders also offer access to fertility coaches that can help answer your questions and offer support. Most loans also come with reasonable APRs and flexible terms.

Another option for financing your fertility treatments is to apply for a general personal loan. Personal loan lenders typically don’t place restrictions on how loan proceeds can be used, so you can likely use the funds to cover your medical costs. But unlike dedicated fertility lenders, a general lender won’t have partner pharmacies and fertility clinics. So you may have the added step of paying providers on your own. That said, the APR you might get with a general lender might be slightly lower than what you’d get from a dedicated fertility lender, and there may be fewer hoops to jump through.

Comparing IVF Loans

Given the many IVF financing options available, choosing the best provider for your needs can be difficult. Consider the following factors to help narrow down your choices.

• APR range: A loan’s APR includes the interest rate you’ll receive as well as any upfront fees, such as origination fees, that you might need to pay. In general, a lower APR means that you’ll pay less in interest over time, but APR isn’t the only factor to consider as you shop for a loan.
• Fees: In addition to origination fees, which are generally included in the total APR, it’s important to look at other borrowing costs you might incur. Check if prospective lenders charge application fees, prepayment penalties, or late payment fees as well. 
• Loan amount: As you compare options, consider both the minimum and maximum loan amounts each provider offers. Depending on the provider you choose, you may be able to borrow up to $100,000 or as little as $2,000. Avoid borrowing more than necessary.
• Dedicated fertility lender or not: Some providers specialize in fertility loans, offering access to fertility coaches and direct payments to partner pharmacies and clinics. General personal loan lenders usually don’t offer coaching or direct payment options, but they may be quicker and easier to work with.
  
• Credit score requirements: Different lenders have different credit score requirements for borrowers, so it’s essential to consider this factor as you’re shopping for a fertility loan. In general, borrowers with excellent credit have more loan options than borrowers with poor credit or limited credit history.

Applying for an IVF Loan

The application process for a fertility loan or personal loan will be slightly different from lender to lender. For instance, some lenders may offer the option to pre-qualify for a loan. Pre-qualifying allows you to review the loans and terms you might get without impacting your credit score. To pre-qualify, you’ll generally need to submit some basic personal information and undergo a soft credit check—as opposed to a hard inquiry that can cause your credit score to drop by a few points. 

Once you choose the best loan option and submit a formal application, you’ll be subject to a hard credit check as part of the approval process. It’s worth noting that not all lenders offer the option to pre-qualify for a loan. In that case, you’ll need to submit a loan application and undergo a hard credit check to view loans and terms. 

As part of the application process, lenders will request personal information like your name, address, birth date, and Social Security number. You’ll also likely be required to provide proof of income and employment. And if you decide to work with a dedicated fertility lender, you will need to share which partner pharmacy or clinic you’ll be using for your treatments. 

Since lenders typically don’t require collateral for fertility loans and personal loans, funds are generally disbursed to borrowers within a matter of days. The funding process can be longer with a loan that requires collateral, such as a home equity loan, as the lender may need to take extra steps like ordering an appraisal.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders.

We reviewed IVF lenders by collecting hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.