Many families who are dreaming of having a child face difficulties when it comes to paying for IVF out of pocket, and if you have a limited credit history or bad credit, you may be wondering if it is possible to pursue IVF.
Luckily, in many cases you can still get IVF financing with bad credit.
In this article you can learn about IVF loans for bad credit and other ways of affording IVF with bad credit.
If you are considering surrogacy, you can read more about the costs here.
Can I Get IVF Financing with Bad Credit? [Affording Surrogacy]
Yes, surrogacy and IVF financing with bad credit is possible. When seeking a loan for IVF or surrogacy, your credit score can affect the approval process, loan terms, and interest rates. Generally, lenders view low credit scores as a higher risk, which can lead to:
- Higher APRs: Lower credit scores often result in higher annual percentage rates (APRs), making loan payments more expensive over time.
- Lower Loan Amounts: Bad credit may limit the total amount you’re approved for, which could fall short of covering the full cost of treatment.
Thankfully, there are ways to finance your journey even with these challenges.
If you’re pursuing IVF for surrogacy, we’ll protect your budget from hidden costs through our thorough surrogate screening process and transparent fee structure. Contact us today to learn more about our different fee programs.
How to Pay for IVF with Bad Credit
If you have a low credit score or limited credit history, here are some options for financing IVF with bad credit:
1. Credit Unions and Community Banks
Credit unions are a great starting point for those with lower credit scores. As member-focused institutions, they often have more flexibility with interest rates and terms, and many offer personal loans that can be used for IVF costs. Community banks, which prioritize local customers, may also be more willing to work with borrowers who have less-than-perfect credit.
2. Surrogacy and IVF Loans for Bad Credit Scores
Some lenders specialize in working with high-risk applicants. These lenders understand the specific challenges of fertility financing and may be more willing to provide loans to those with low credit scores.
Companies like Prosper, LendingClub, and Avant offer personal loans that are often available to applicants with credit challenges. Be sure to review each lender’s terms carefully, as interest rates and fees can vary widely.
3. Adding a Co-Signer
Adding a co-signer with a good credit history can make a significant difference. With a co-signer, you’re more likely to qualify for a loan and secure a better interest rate. Just make sure that the co-signer understands their financial responsibility, as they will be legally obligated to repay the loan if you cannot.
4. Crowdfunding Platforms
Crowdfunding platforms, such as GoFundMe or Kickstarter, offer a unique and community-driven way to raise money for IVF or surrogacy. To create a compelling campaign:
- Share your story authentically to help others connect with your journey.
- Include a clear description of what the funds will be used for.
- Use photos or videos to help tell your story visually.
- Share updates and express gratitude to donors as contributions come in.
5. IVF Grants and Scholarships
Several organizations offer grants to help offset IVF costs. While grants can be competitive, they’re worth pursuing if you meet the eligibility criteria. Here are a few to consider:
- BabyQuest Foundation: Offers grants to those pursuing IVF and other fertility treatments.
- The Cade Foundation: Provides family-building grants that can be used for IVF or other infertility treatments.
- The Parental Hope Family Grant: Specifically helps fund IVF treatments for those with demonstrated financial needs.
6. In-House Payment Plans and Discount Programs
Many fertility clinics understand the financial burden associated with IVF and offer in-house payment plans or discount programs to make treatment more accessible. These plans often allow you to spread out the cost over several months, reducing the upfront financial strain.
Additionally, some clinics provide sliding-scale fees or discounted services based on income, which can be particularly helpful for those with financial constraints.
What If I’ve Been Denied IVF Financing with Bad Credit?
If you have some time before starting your IVF journey, improving your credit score can open up more options and secure better interest rates. Here are a few strategies to boost your credit score over time:
- Pay Down Small Debts: Paying off smaller balances first can help you improve your credit score and free up funds for monthly payments.
- Keep Credit Utilization Low: Try to keep your credit card balances under 30% of your credit limit, which can positively impact your score.
- Make Timely Payments: Even small payments made on time can demonstrate responsibility and improve your credit profile over time.
Seeking guidance from a financial counselor or credit repair service can also be beneficial. These services can provide advice tailored to your specific financial situation, helping you improve your credit score and gain access to more financing options.
Costs shouldn’t stand in the way of achieving your dreams of parenthood. We can connect you with resources for financing your surrogacy journey. Contact us today.
Frequently Asked Questions
What credit score do you need for IVF?
The exact credit score needed for specific loans varies, but many loans require a minimum credit score in the upper 500s.
Is it hard to get an IVF loan?
Getting an IVF loan may be easy or difficult depending on your financial situation. However, most couples who pursue IVF take out some loans.
Who is not eligible for IVF?
Women who have uterine fibroids, uterine abnormalities, or hormone dysfunction may be unable to conceive through IVF, as well as some women who have preexisting health conditions.
What happens if you can’t afford IVF?
If you can’t afford IVF, you can seek out options like fertility loans, grants, and crowdfunding campaigns.