According to CostHelper, the cost of in vitro fertilization, or IVF, is an average of $12,400 without insurance. Unfortunately, many prospective parents cannot afford the treatments without financial assistance. There are several funding options that are available. Before selecting an option, it is important to carefully research all of them. To help get you started on your research, here are two options that are commonly used.
Personal Loans
Personal loans offer a quick answer to whether you will have the assistance needed to pay for IVF treatments. The loans are a solid option for prospective parents who are unable to secure loans through their banks and credit unions. The loans are typically funded faster than those types of loans.
In addition to these benefits, a personal loan also offers more lax credit requirements. However, you could face a higher interest rate if you have poor credit. If you have relatively good credit, you can expect a far lower interest rate.
If you are considering a personal loan, take the time to carefully consider the choices you have. Each lender has different terms that could affect your ability to pay the loan back as agreed upon. You also need to be aware of any fees that you could face if you fail to pay off the loan on time or if you are late with a payment.
Fertility Loans
Some financial institutions have special loan programs that offer funding specifically to prospective parents who need help with IVF treatments. The loans are typically made available through the fertility clinic or doctor you are using. You would apply in-office and if approved, the office or clinic would be notified. The funds from the loan would go directly to the clinic so you can start the treatments.
Depending on the lender, you could potentially receive a decision within a day of applying. Some loan programs offer incentives to make their offers more attractive. For instance, you could possibly receive a reduction in the amount owed or a refund of repaid funds if you and your partner are unable to conceive.
Some clinics have restrictions on who can be offered a loan. For instance, couples who do not have a high probability of conceiving might not receive an offer. The requirements for the loan can be explained by the clinic and the financial institution.
Talk to the various financial institutions you are considering to learn more about the financing available to you.
