IVF is the abbreviation of In Vitro Fertilization. It is a type of fertility service that is often not covered by insurance and costs a lot of money. Because it is not covered by insurance, most people tend to take out loans to cover the bills associated with it. There are different loans you can take to cover medical bills, but what are the best IVF loans you should consider?
Covering the cost of IVF from your savings can be very difficult because of the huge effect it has on it. Taking an IVF loan helps you cover these bills and allows you to repay the loan later. This loan is offered by some fertility clinics to patients who cannot afford to pay the bills. Aside from these clinics, borrowers can take personal loans from different lenders to cover these bills.
However, to get good interest rates on IVF loans, you need to have good credit as well as a stable income. While this loan is the best financing option for this situation, finding the best IVF loan depends on how much you need and how fast you want it. This write-up contains the best IVF loans you can select from.
6 Best IVF Loans
Different lenders offer loans channeled toward medical bills, allowing eligible borrowers to take loans and repay them later. A wide variety of lenders offer personal loans, which make up the majority of these loans. The following are 6 of the best IVF loans for:
SoFi
This is an online lender that offers unsecured loans to borrowers along with a fixed personal loan interest rate. SoFi offers loan amounts ranging from $5,000 to $100,000, along with loan terms ranging from two to seven years, making it the best option for IVF funding. It offers lower APRs for eligible borrowers and no origination fees or late payment consequences.
LightStream
LightStream is a type of lender that offers unsecured loans ranging from $5,000 to $100,000. Its loan amounts are different depending on the purpose of the loan, making it a good option for borrowers in need of IVF financing. Aside from this, this lender offers these loans with a repayment term ranging from two to seven years.
LendingPoint
This is also an online lending platform that offers personal loans to borrowers in need of medical financing assistance. It allows lenders to apply for loans online and benefit from fast funding. LendingPoint loan amounts range from $2,000 to $36,500, along with a repayment term of two to seven years.
Upgrade
Upgrade offers accessible mobile and online banking services. This lender may have high APRs among other lenders, but it allows borrowers with bad credit to apply and qualify for loans. Upgrade offers personal loan amounts ranging from $1,000 to $50,000 and a repayment term of two to seven years, making it a good option for borrowers.
Universal Credit
Universal Credit is an online lender that offers personal loans for IVF financing. Its loan amounts range from $1,000 to $50,000, and its repayment terms range from three to seven years. This lender allows borrowers with bad credit to apply for and get approved for personal loans.
Discover
Aside from this online bank being the best bank that offers customer credit cards and retirement solutions, it also offers personal loans for IVF financing. Its loan amount extends from $2,500 to $40,000, and repayment is between three and seven years, allowing borrowers to pay off IVF debts easily.
FAQs:
How much can I borrow on IVF loans?
Every lender has different loan limits. Depending on your IVF loan lender, you can borrow up to $100,000 or more from other lenders with a repayment term as long as 10 years. Check with your preferred or multiple lenders to find out the specific amount you can borrow.
What is a Good Interest Rate for IVF Loans?
Depending on the lender, the interest rate for IVF loans varies. The average APR for a 24-month IVF personal loan is 12.35%. However, check with your lender or multiple lenders to find out what the good rates for IVF loans are.
What Credit Score Do I Need for IVF Loans?
Though some lenders offer loans to borrowers with bad or poor credit, it is still important to have good credit to qualify for more competitive interest rates. With a credit score of 670 or higher, you can qualify for the best affordable rates.
Should I Get an IVF Loan?
You should get this loan if you have good credit and qualify for low interest rates. Getting an IVF loan may be a good option to consider. But if you have poor or bad credit, it may not be a good idea to take an IVF loan.