Best Personal Loans for IVF

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Contributor, Benzinga
May 25, 2022

Quick Look: The Best Personal Loans for IVF

  • Best for No Origination Fees: SoFi
  • Best for Emergency Loans: Marcus
  • Best for Excellent Credit Score: Avant
  • Best for Quick Funding: Figure
  • Best for Customized Robo Investing: M1 Finance

In vitro fertilization (IVF) is a complex series of procedures used to help with fertility or prevent genetic problems and assist with the conception of a child. The decision to pursue IVF can be marked with difficult realities. It can take an emotional and physical toll, but it can also come with a cost of more than $10,000. 

A personal loan can help you fund a large expense without running up high credit balances under hefty interest rates. Take a look at Benzinga’s list of the best loans for IVF to help fund your path toward a family.

Best Personal Loans for IVF

A personal loan is 1 lump sum payment. This is repaid in fixed monthly installment, often at a low, fixed rate. 

You can connect with lenders by prequalifying online. It’s also easy to use a loan comparison service like Credible

And take a look at the CDC’s guide to IVF and other Assisted Reproductive Technology (ART). It’s comprehensive with several simulators that may help you in your decision making process.

SoFi

Sofi has long prided itself on helping consumers refinance debt, get out of debt and manage their finances in an all-in-one setup. This level of support extends to IVF, if you must finance your treatment. When you look for personal loans through SoFi, you can choose from flexible terms, pay no late fees, origination fees, etc. This is the best way to maximize the money you’re putting into your IVF treatment because it’s generally quite expensive.

SoFi also makes personal loans easy with:

  • A powerful mobile app
  • Unemployment protection
  • No collateral required
  • U.S.-based customer service associates

You don’t need to become a member to relish in some of the benefits that target borrowers, and you can open other accounts with SoFi at any time. Because you’re not paying fees, you have more money to pursue other financial goals or to continue your treatment as needed. Moreover, this is the type of loan that you can return to SoFi and refinance in the future, if you so choose.

  • securely through SoFi Personal Loans's website
    securely through SoFi Personal Loans's website
    Best For:
    No origination fees
    Rating:
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    The following payment example depicts the APR, monthly payment and total payments made during the life of a personal loan with a single disbursement. All loan rates below are shown with the autopay discount (0.25%) and direct deposit discount (0.25%). The monthly payment for a $30,000 loan with a 60-month term and a fixed annual percentage rate (APR) between 12.95% – 25.03% would be $681.82 – $881.07 in monthly payments, with total payments between $40,909.47  – $52,864.05. Your actual interest rate may be different than the loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. Lowest rates reserved for the most creditworthy borrowers. See SoFi.com/eligibility for details.

    Fixed rates from 8.99% APR to 25.81% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 05/19/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

    Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.

    Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

    Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Avant

Avant is another lender known for fast funding and low fees, which are helping when you’re planning to undergo IVF treatment. When you apply with Avant, you can complete the entire process online, pay a low origination fee, never worry about a prepayment fee and manage your loan online. The website is easy to view even on a mobile device, and you can take advantage of:

  • No collateral, unsecured financing
  • An online loan eligibility calculator
  • Loans that could be as high as $35,000
  • A range of loan terms that suit your situation

With a great customer service team and available funding for any number of situations, you can turn to Avant when it’s time to finance your IVF treatment, extend your treatment, etc. You can get the money you need right now, continue your fertility journey and consider a new repayment plan or refinancing in the future.

Marcus

Marcus is the personal banking arm of Goldman Sachs, and it offers you the opportunity to obtain a personal loan for everyone, with terms and values that suit most situations. You can even get an APR discount just for setting up autopay.

Marcus also offers:

  • No fee, unsecured loans
  • A soft credit check to pre-qualify
  • Customer support availability every day of the week

Origination fees are competitive, but it can take a little time to get your loan funded. There are several repayment plans to choose from, no collateral is needed and you can even defer a payment after making your first year’s worth of payments on-time. This is especially important when you plan to have a baby on the way and way to prepare as much as you can. Because Marcus makes it easier to increase your spending power, you can, quite literally, change the course of your life with one loan.

Figure

Figure offers personal loans in an all-online format that allows you to get started as quickly as possible. This is a very good place to start when you’re looking for IVF financing and need a quick answer.

The firm offers competitive rates and quality customer service throughout the process, and they even offer gift cards to customers who refer friends and family to their personal loans department.

Plus, Figure also offers:

  • Financing up to $50,000
  • Multiple fixed-term options
  • Low fees
  • Quick funding

Consider Figure when you want to take out a personal loan for IVF. There’s less waiting around, and you can even earn a bit of that money back through referrals. This could be the solution that you and any family or friends have been searching for when you’ve been battling infertility.

M1 Finance

M1 Finance is an investment platform that allows you to borrow against the balance in your account. You’ve been saving for the future, guiding your investments and trying to use the markets to your advantage. This might be the perfect time to dip into those funds so that you can begin or continue your journey with IVF.

M1 Finance offers:

  • Competitive rates
  • A massive range of loan values and terms
  • An online loan calculator that helps you understand how the loans work
  • Liquidity that doesn’t require you to sell your assets

Don’t cash out your portfolio when you can borrow against your M1 Finance account to get into IVF and continue planning for your little bundle of joy.

  • securely through M1 Finance's website
    securely through M1 Finance's website
    Best For:
    Customizable Auto Investing
    Rating:
    Read Review

    Brokerage products and services are offered by M1 Finance, LLC, Member FINRA/SIPC, and a wholly-owned subsidiary of M1 Holdings, Inc. ✝Your free trial (a $30 value) begins the date you enroll in the M1 Plus subscription, and ends 3 months after (“Free Trial”). Upon the expiry of the Free Trial, your account is automatically billed a monthly subscription fee of $10 unless you elect annual billing of $95 or cancel your subscription under your Membership details in the M1 Platform

Types of Personal Loans for IVF

There are a few ways personal loans differ from borrower to borrower. Your unique financial needs and credit history will determine these differences. Your offers may be for a secured or unsecured loan, or you may have to select between a lower variable interest rate or a potentially higher but fixed interest rate. 

Using a loan comparison like Even is best if you’re unsure which type of personal loan makes the most sense for you. You’ll be able to compare your offers side-by-side and choose the loan that has the most logical set of terms, rates and other conditions. 

Secured Loans

If a lender asks for collateral as a condition of loan approval, it’s offering you a secured loan. This may be with your bank account or an asset like your house or car. 

If you are requesting a high loan amount, a secured loan is a common way for lenders to reduce the risk of lending large chunks of money. A secured loan may be where the lender meets you in the middle if something on your credit report is problematic but not a total dealbreaker. 

Secured loans are riskier for the borrower in the sense that your collateral could be seized if you fail to repay the loan within the agreed upon terms. 

Unsecured Loans

An unsecured loan is backed only by your creditworthiness. If you have excellent credit or you are looking to borrow a small amount, this may be your preferred option.

While you take on less personal risk with an unsecured loan, your credit score and creditworthiness will be adversely affected if you don’t meet the loan terms. Be sure you take these loans as seriously as you would a secured loan. Be sure you can meet the terms of a loan before you agree to them, and then be sure to follow through to the letter for the duration of the loan. 

Fixed-Rate vs Variable-Rate Loans

Your rate refers to how much interest you’ll pay on your loan. With a fixed-rate loan, your interest rate will remain the same every month. This is useful as you can calculate the exact amount borrowing will cost you, so you can budget for the loan easily. 

Fixed-rate loans are beneficial for many reasons, but they may also come with higher monthly payments and a higher rate. This is to ensure that the loan is profitable for the lender. 

Many variable rate loans offer lower rates and lower monthly payments, so they’re often ideal in situations in which you need as much spending power now to make an investment that will have a high return in the future — even if that return isn’t necessarily a financial one. 

If you want to conserve your cash now rather than putting it towards high monthly payments, you may want to consider a variable rate loan. 

Personal Loan Requirements and Criteria

Personal loan requirements differ from lender to lender. Approval is also a unique process for each borrower. But you can look to the following as the gold standard for borrower assessments:

  • Your FICO credit score
  • Debt-to-income ratio
  • Delinquencies or negative remarks on your credit report
  • Credit utilization (your credit balance vs. your credit limit)
  • Open accounts with a positive standing (payments made on time and more)

Reach out to any of our lenders or use Credible to find out specific requirements. By prequalifying using a loan comparison service, you’ll weed out the loans you don’t qualify for and can focus on research around your best options.

A service like BadCreditLoans.com may be able to help you out if your credit isn’t up to snuff. It can connect you with lenders who are willing to work with imperfect credit. And, if you repay the loans on time, your credit should improve and make more credit options available to you. 

Personal Loan Considerations

A single cycle of IVF is more than $10,000, so a personal loan may be a reasonable way to finance your procedures. Keep the following considerations in mind as you think about a personal loan.

Be sure you can meet the terms set out by a lender before agreeing to a loan. Don’t jump at your 1st offer. Carefully research your options. Some vetted lenders do offer IVF-specific personal loans, but keep an eye out for sketchy lenders looking to prey on vulnerable people. If a loan seems a little too good to be true, it probably is. 

For best practices, try to stick to using industry-leading lenders like SmarterLoan.com when searching for loans online.  

Personal Loans vs. Credit Cards

If you need access to more spending power than you have now, a credit card or personal loan can both work. Each is more beneficial in certain situations.

If you’re looking to fund a large expense, like an IVF cycle, a personal loan is a solid choice because you get 1 lump sum payment. The low, fixed rates of a personal loan also make budgeting easier. 

And if you already paid for IVF using credit cards with multiple high balances or compounding interest, a personal loan can be used to consolidate your debt. 

Payoff is a lender specializing in this. You are approved for a loan amount based on your existing debt. Then Payoff directly pays your debts. You’ll be able to pay 1 monthly payment to Payoff (hopefully at a fixed, low rate) and chip away at your debt more efficiently. 

When using a personal loan this way, you’ll often enjoy a boost to your credit score as a bonus. Your overall credit limit will rise, reducing your credit utilization. This is an important part of your credit report, so the payoff can be huge. 

Credit cards are a revolving line of credit, while personal loans have a set repayment term. As you repay your credit cards, your available credit is restored. Personal loans close when they are repaid and you may not reuse your balance. 

A credit card is best for covering smaller daily or recurring expenses because they tend to have higher, variable rates. You’ll want to pay down your balance as much as possible each month to keep from getting buried by interest. 

Find Financial Peace of Mind Today

A personal loan might be the solution you’ve been searching for if you’re looking to fund your IVF cycles in a financially-sound way. With 1 lump sum payment and set monthly installment plans, you can pay for the treatment up front while easily budgeting for repayment.

Frequently Asked Questions

Q

Can you use personal loans for medical debt?

A

Yes, personal loans can be used to pay off medical debt, but you should consider the rate and terms of the loan first.

Q

Are personal loans available for debt consolidation?

A

Personal loans are available for debt consolidation. Take a look at the loan products that are out there before applying.