Best Personal Loans for IVF

Contributor, Benzinga

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.

APR
Fixed 5.99% – 24.99%.
Loan Amounts
$5,000 – $40,000
APR

Fixed 5.99% – 24.99%.

Origination Fee

0%–5% of the loan amount

Term Lengths

2–5 years

Min Credit Score

550

1 Minute Review

Happy Money offers personal loans that allow you to more efficiently consolidate high interest payments. Happy Money was previously known as Payoff. The company was founded in 2009 and has since helped fund over $3.5 billion in loans. Happy Money is a financial company that works with approved lending partners to fund loans. Happy Money designed its Payoff Loans to provide borrowers with the financial freedom and power to be matched with a lending partner. Benzinga reviews Happy Money Loans as a way for people to consolidate debt with potentially lower APR rates. 

Best For
  • People with lower credit scores
  • Credit card debt consolidation
Pros
  • No prepayment fees
  • Potentially lower APR rates starting around 5.99%
  • Improve credit score
Cons
  • Personal loans only available for credit card debt
pre-apply securely through Figure Personal Loans’s website
APR
Between 5.99% and 15%; autopay discount of 0.25%
Loan Amounts
$5,000 – $50,000
APR

Between 5.99% and 15%; autopay discount of 0.25%

Origination Fee

Between 0% and 5% (dependent on state and local laws)

Term Lengths

Fixed-rate loan terms of 3 or 5 years

Min Credit Score

680

1 Minute Review

Figure’s online personal loan application process eliminates the painstaking process of following up your paperwork to scan or send to the lender. With an entirely online application, you can get your prequalification rate without impacting your credit score. You’ll get approval within a few minutes and await funding in as little as 2 business days — up to $50,000 you can direct toward what matters most.

Figure personal loans come with multiple fixed term options so you can map out your payment schedule so that it doesn’t strain your finances. Figure also offers some perks for spreading the word out to others. You’ll receive a $150 gift card for every friend you refer, and they too will get a $150 gift card when their loan funds.

Figure’s home equity line of credit lets you turn your home equity into up to $250,000 cash in as few as 5 days. Rates start as low as 2.88% APR1, and you can choose among 5-, 10-, 15- and 30-year fixed term options. You can also get up to $500,000 cash-out in mortgage refinance, all with custom rate and payment options.

While you can easily land better rates with a higher credit score, Figure also has options for applicants with less than perfect credit. You may secure a HELOC with a credit score as low as 620 (except in Oklahoma where the minimum is 720).

Best For
  • Online loan application
  • Unsecured loans
  • Affordable loan fees
Pros
  • 100% online application
  • Quick funding
  • Competitive rates
  • Stellar customer service
  • Multiple fixed term loan options
  • A gift card for every referral (personal loan only)
  • Personal loan offered in all 50 states
Cons
  • Products not available in some states
  • Personal loans capped to $50,000
get started securely through SoFi’s website
Disclosure: Fixed rates from 6.99% APR to 21.78% APR. APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 3/24/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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.
APR
9.95%-35.99%
Loan Amounts
$2,000-$35,000
APR

9.95%-35.99%

Origination Fee

Up to 4.75%

Term Lengths

24-60 months.

Min Credit Score

580

1 Minute Review

Established in 2012, Chicago-based Avant helps people obtain personal loans while offering transparent credit. Since its inception, Avant has helped over 1.5 million people receive funding. 

One thing that makes Avant so unique is its background as a financial technology company instead of a traditional bank. Banking needs are addressed by Evolve Bank & Trust, a member of the Federal Deposit Insurance Corp. (FDIC). The FDIC insures deposits and protects consumers in case of bank disasters. Benzinga’s review of Avant determined it is a strong option for personal loans because of its reputation for positive customer experiences and fast funding options. 

Best For
  • People with below-average credit scores who need unsecured personal loans
  • People who need fast funding
Pros
  • Quick funding
  • Fixed payments
  • Mobile accessibility
Cons
  • Additional costs such as origination fees
  • No third-party guarantor such as a co-signer on a secured personal loan
Disclosure: *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
APR
3.49%- 19.99%
Loan Amounts
$5,000 – $100,000
APR

3.49%- 19.99%

Origination Fee

$0

Term Lengths

Up to 240 months

Min Credit Score

660

1 Minute Review

LightStream was founded by its parent company Truist Financial. The company offers a wide range of traditional and innovative personal loan benefits and opportunities such as home improvement loans and fertility financing to address a wide range of needs. The company charges APRs between 3.49% and 19.99%. Benzinga offers a review of LightStream’s personal loan options that provide a variety of personal loans while minimizing additional fees and promoting financial flexibility. The company offers diverse loans with varying term lengths, APRs, and uses. For example, Lightstream offers a variety of home improvement loans that are designed to assist with specific needs such as funding for landscaping or solar panels.

Best For
  • Potential borrowers interested in quickly funded unsecured personal loans
  • Same day funds
  • People with stronger credit scores
Pros
  • Doesn’t require collateral
  • No late fees
  • Potential same day funding
  • Self-selected funding dates
  • Offers a mobile application to ease access to loan information
Cons
  • Not recommended for bad credit scores

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.