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.
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.
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.
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.