Feb 11, 2024 By Susan Kelly
Most people in the United States cannot afford to cover the full cost of in vitro fertilization with personal savings alone. According to the Society for Assisted Reproductive Technology, the average cost of one cycle of IVF is between $10,000 and $15,000.
However, at present, only 17 states have laws requiring insurers to cover or offer coverage for fertility treatments. Although it is preferable to make sacrifices and save money for IVF, financing may be an option for those who are eager to move forward but lack the necessary savings.
To budget for expensive medical procedures like IVF, personal loans offer a stable financing option due to their fixed interest rates and regular payment schedules. You can plan your finances more effectively with a personal loan because you can determine the exact interest rate and loan term.
To cover the cost of in vitro fertilization (IVF), you may apply for a personal loan from a bank, credit union, or online lender. If you default on a personal loan, you won't lose your home or car as collateral like other types of loans. However, without collateral to back the loan, factors like your credit history, income, and current debt will determine your eligibility.
It's easy to apply for a loan online to cover the cost of in vitro fertilization (IVF):
If you have poor credit, you may still qualify for IVF financing, but you can expect to pay a higher interest rate. Since the only thing a lender has to go on with an unsecured loan is your word to pay it back, it will look favorably on a demonstrated track record of responsible borrowing practices. Credit scores aren't perfect, but they show whether you've paid your bills on time and how much debt you have in your available credit.
It is common practice for IVF loan providers to collaborate with fertility clinics and healthcare institutions to make IVF loans available to their patients. A loan's acceptance depends on several factors, including your credit history, the requested loan amount, and the repayment duration. These forms of IVF loans are given not to the patient but rather to the fertility center.
Credit unions provide members with personal installment loans at competitive interest rates and convenient repayment schedules. Credit unions benefit borrowers with fair or terrible credit (a score of 689 or lower) because they look at the complete picture when deciding whether to grant a loan, including the applicant's credit history and reputation as a member. You will receive a loan from the credit union, and you can put that money toward in vitro fertilization.