Everyone’s fertility experience is different, and having a financial plan personalized to fit your needs, should be flexible and built just for you. According to the Society for Assisted Reproductive Technology, the average cost of in vitro fertilization (IVF) is between $10,000 and $15,000. Add in third-party parenting and that number significantly increases.
Many insurance plans provide limited coverage or no coverage at all for IVF, so if you are hoping to pursue this treatment, you may face large out-of-pocket expenses.
The good news is, if you can’t pay for IVF outright, you have many options for IVF loans. You can borrow the money you need either from a specialized fertility financing company, from a lender that makes healthcare loans, or from a general personal loan lender willing to provide funds that can be used for any purpose.
What Kinds of IVF Financing Are There?
IVF loans can come from dedicated fertility lenders who often work directly with clinics and pharmacies. However, you aren’t restricted only to using these IVF lenders. When you secure a traditional personal loan from a bank, credit union, or online lender, you can use the money for anything you want, including to pay for IVF.
IVF loans shouldn’t be confused with IVF grants, as loans always have to be paid back but grants typically don’t.
There are some grant programs out there that provide money to be used for IVF that you don’t have to repay including the Hope for Fertility Foundation, the American Academy of Adoption, Gay Parenting Assistance Program, and Assisted Reproduction Attorneys’ Charitable Trust. Each grant program has different eligibility requirements, so explore your options carefully and follow the instructions to submit your application for funding.
Who Should Get an IVF Loan?
An IVF loan may be the right choice for you if a fertility care specialist has recommended you undergo in vitro fertilization and you don’t have the funds to pay for your care.
IVF loans make the process costlier because you must pay interest on your loan. However, the interest rates from these loans are generally well below what you would pay on a credit card so they can be a better alternative than charging treatment. However, you may wish to apply for IVF grants or consider using your savings or borrowing from loved ones before committing to take out a loan to pay for your fertility care.
What Does an IVF Loan Cost?
IVF loan costs could include:
- Upfront fees such as application fees or loan origination fees if you are charged them
- Interest costs over the life of the loan, which will vary by lender and be determined based on your credit score, the amount you borrow, and your loan term
The higher your loan amount and the longer your repayment timeline, the more expensive your total loan costs will be. These loans are typically personal loans that aren’t much different than others on the market. You won’t find as affordable rates as you will on a secured loan, like in real estate, but it will be more affordable than a high-interest credit card in many cases.
Investopedia found rates between 5.99% and 35.99%. Your rate will depend on your personal credit and income profile.
How the Best IVF Loans Were Picked
To select the best IVF loans, Investopedia reviewed personal loan lenders as well as dedicated fertility loan providers. They considered loan fees, average interest rate, the amount you could borrow, the time to approval and distribution of funds, and the process for receiving the money. The goal was to find affordable loans that provide convenient financing obtained through an easy, confidential application process.
Best IVF Loans of 2021
- Best Overall: LightStream
- Best Streamlined Process: CapexMD
- Best for Bad Credit: Avant
- Best for Low Rates: SoFi
- Best Personal Loan: Marcus by Goldman Sachs
- Best for Quick Funding: Future Family
At EDI our clients come from over 35 countries and span all ages and stages. Keeping up with our clients takes a lot of innovation and forward-thinking; especially in the ever-changing world of insurance. Part of being in step with the latest plan offerings and the preservation of your fertility is working one-on-one with you so that your dreams can come true!