How IVF Loans Work and Where To Find Them

Infertility is a common problem, and the solution is unaffordable for many. About 19% of married women in the U.S. aren’t able to get pregnant for the first time after trying for a year. In vitro fertilization (IVF) offers the chance of a successful pregnancy when you can’t conceive on your own, but just one cycle of IVF costs an average of $12,400, according to the American Society for Reproductive Medicine.

Many insurance plans don’t cover it or leave patients with high out-of-pocket costs, even in states where coverage is mandated. Luckily, IVF loans and grants can help. Here’s what you need to know.

Compare fertility financing rates

How do IVF loans work?

An IVF loan often refers to a personal loan used to finance IVF treatment. When you apply for a personal loan, the lender approves you and determines your interest rate based on your credit score, income, and other factors. Once you sign the loan agreement, the lender will distribute the funds to your bank account. If the lender charges an origination fee, that money will be withheld from the balance you receive.

In exchange for the upfront sum of money, you’ll repay the lender over several months or years. (Most of the lenders above offer repayment terms up to seven years.) Each payment will include interest, which is the charge for borrowing the money each year expressed as a percentage of the loan amount. You can use the annual percentage rate (APR), which includes interest and upfront fees, to compare borrowing costs across lenders. It’s a good idea to prequalify with a few lenders before choosing a lender to apply with.

Learn More: APR vs Interest Rate on Personal Loans

IVF loan options

• Direct personal loans: You can get a personal loan for IVF from a bank, credit union, or online lender. You’ll receive a lump sum that you’ll need to repay in fixed, usually monthly, installments. Depending on the lender, you may have seven or more years to pay off the loan.
• Fertility clinic financing: Some fertility clinics offer in-house financing, which allows you to pay for a discounted package of treatments over time, but there may be down payment requirements.
• Fertility loans: Some lenders, like Future Family, offer IVF medical loans in partnership with participating clinics. Depending on your credit score, you may be able to access 0% APR financing with one of these loans. However, an upfront deposit may be required.
• Home equity loans and HELOCs: A home equity loan or home equity line of credit allows you to borrow a portion of the equity you’ve built in your home. Depending on your financial situation, you may be able to get lower rates and higher borrowing limits with these loans, but they come with closing costs. You could also lose your home to foreclosure if you can’t keep up with the payments.
• 401(k) loans: If loans are available with your 401(k) plan, you may be able to borrow up to $50,000, depending on your vested balance. You must repay a 401(k) loan within five years, or it will be treated as a taxable distribution, with an additional 10% penalty if you're under 59 ½. The balance could also be due immediately if you leave your job. But there’s no credit check required, and the interest you pay goes into your retirement account.

Best loans for IVF

The best personal loans for IVF have low interest rates, few fees, multiple term options, and high borrowing limits (all lenders below offer loans up to at least $50,000). To kickstart your research, we’ve selected the best loans for IVF treatment, including IVF loans for bad credit and low-interest IVF loans.

Can I get a loan for IVF?

Most likely. You have multiple financing options for IVF treatment, including unsecured personal loans from an online lender and medical loans for IVF offered in partnership with fertility clinics. You can also borrow against your 401(k) or use a home equity loan to pay for fertility treatment.

However, keep in mind that getting a loan for IVF could mean making payments at the same time you’re dealing with the added expense of parenthood. 2015 estimates from the USDA put the annual cost of raising a child at $12,980 for a middle-income family.

Explore grants, IVF lotteries, and other resources before taking out an IVF loan. If borrowing is your only option, first make sure your income can support the additional child care expenses along with your monthly loan payment.

IVF grants and other resources

There are a few ways to pay for IVF without borrowing, but these options may not be available to everyone.

• Grants: Some nonprofit organizations, such as Baby Quest and Nest Egg, offer financial assistance to families seeking IVF. You’ll need to meet the requirements, which may specify a maximum income, geographical location, or lack of insurance coverage. But grants do not need to be repaid. You may have remaining costs that the grant won’t cover, but it’s a good idea to check your eligibility before taking out an IVF loan.
• Shared-risk programs: A shared-risk program isn’t a loan or a grant, but rather a flat fee program that offers a refund if your IVF treatments do not result in pregnancy. That means you could pay nothing if IVF doesn’t work for you, but you may pay more for treatment if it’s successful. It’s important to check contract details before agreeing to a plan.
• Clinical trials: There may be health risks associated with some clinical trials, but participating can help you access free treatment. Check ClinicalTrials.gov for IVF options.
• Lotteries: Keep an eye out for clinics offering up free IVF treatment cycles in a lottery. You may need to meet certain requirements and have a willingness to share your story publicly in order to enter the drawing.
• Crowdfunding and family gifts: Your friends and family may want to support your quest to start a family. Setting up a crowdfunding campaign on a platform like GoFundMe allows everyone in your social network to donate what they can comfortably contribute. You can also ask for direct support from close friends and family members.

FAQ

How to get a loan for IVF

Start by comparing your options, including fertility clinic financing, fertility-only loans, unsecured personal loans, home equity loans, and 401(k) loans. If you decide to get a personal loan online, the application process is easy, and you can often prequalify without hurting your credit. In fact, you can use a loan aggregator site to compare multiple loan offers side-by-side. Compare loans based on APR, terms, and the lender’s reputation before choosing one.

Can you use a 401(k) loan for IVF?

Yes. You can use a 401(k) loan for any legal purpose, and you can avoid penalties as long as you repay the loan in-full within five years. However, bear in mind that the loan may become due immediately if you leave your employer. You may also miss out on potential growth from the money you borrow.

What credit score do you need for an IVF loan?

It’s possible to get an IVF loan with bad credit, but most lenders require a score in the mid-600s or higher, and you’ll need excellent credit to access each lender’s lowest advertised rates. Having a high income, a low debt-to-income ratio, and/or a cosigner can help you qualify for a loan even if you have fair or bad credit.

Loan Amounts:

• $2,000 Loan
• $1,000 Loan
• $5,000 Loan
• $10,000 Loan
• $45,000 Loan