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Your 10 Best (& Private) Options: Fertility Loans for Bad Credit

Linsey Knerl 5/11/18

You may have been trying to conceive for some time and are now at a place where you think fertility treatments might be your best option. In addition to the stress and disappointment of not getting pregnant, there are the additional concerns of how to finance your new endeavor.

It’s Emotionally & Financially Draining — But There’s Help

With costs for treatment ranging from $1,000 just for medication to the high cost of $15,000 or more for a full round of IVF, it’s no wonder many people turn to getting help elsewhere.

Here we share a list of some of the most popular financing options for couples hoping to add a little one (or more) to the family.

1. Personal Loans

Perhaps one of the first options couples consider, a personal loan is a popular choice because it can often be used for any purpose and usually doesn’t require you to put down any collateral. While it may be difficult to find a single loan that will finance the entire course of treatment, personal loans can be a good option to fill in the gaps between money you have saved and the total bill from the doctors.

Personal Loans for People with Bad Credit

For people with bad credit, it can be difficult to obtain a loan, but these lender networks specialize in personal loans for those with subpar credit and can deposit the funds as soon as the next business day.

4.9 /5.0 Stars
  • Loans from $500 to $10,000
  • All credit types accepted
  • Loan requests can be approved in minutes
  • Get funds directly to your bank account
  • Use the loan for any purpose
  • See official site, terms, and details »
Loan Amount $500 to $10,000
Interest Rate 5.99% - 35.99%
Loan Term 3 to 72 Months
Loan Example
Representative example
4.8 /5.0 Stars
  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2,000,000 customers
  • Not available in NY
  • See official site, terms, and details »
Loan Amount Up to $2,500
Interest Rate Varies
Loan Term Varies
Loan Example
Representative example
Our Expert Review 4.8/5.0 (see review)
4.8 /5.0 Stars
  • Loans from $500 to $5,000
  • Helping those with bad credit since 1998
  • Get connected with a lender
  • Simple form & quick funding
  • Get your money as soon as next day
  • See official site, terms, and details »
Loan Amount $500 to $5,000
Interest Rate 5.99% - 35.99%
Loan Term 3 to 60 Months
Loan Example
Representative example
Our Expert Review 4.8/5.0 (see review)

Personal loans are also sometimes the best choice for keeping matters of your conception difficulties private because sharing this information is not usually needed when filling out an application.

2. Medical Loans

Medical loans are specific to treatment of medical conditions and can generally be obtained in the same manner as applying for a credit card, like myMedicalLoan.com, which has an easy online application. Successful applicants may even receive a plastic “credit” card when it comes time to spend the money.

myMedicalLoan.com is a medical loan provider that helps people with less than perfect credit.

This line of credit can have many restrictions on its use, so be sure to familiarize yourself with the payment terms, interest rate, where the credit can be used, and what procedures are eligible to be financed. Not all providers take all kinds of medical credit cards, so prior to applying, ask your preferred physician if he or she participates.

Your physician may have a list of medical lenders he or she commonly works with and can point you in the right direction. (Note: If your doctor has a business relationship with a particular medical loan provider, he or she may receive benefits for referring borrowers. Be sure you ask about all available options and understand that you may find better terms with other lenders.)

3. Provider Loans

Very rarely your physician’s office may provide payment plan options for couples who need help financing their fertility treatments. This is not common, but it doesn’t hurt to ask. The finance office will have more information on whether they will work with patients to make payments and what their interest rate (if any) will be.

4. Fertility-Specific Financing

FertilityFinance.net provides couples with financial solutions for fertility treatments.

Some lenders, such as FertilityFinance.net, only provide funding for fertility-related treatment. They usually work closely with clinics to fast-track funding, but the rates may be as high as a credit card and some only work with select providers.

Be sure to compare the rates of any fertility financiers and ask about how to add on to your loan, if you find that you need additional rounds of treatment.

5. Borrow From a 401(k)

This increasingly popular option has some benefits that no other loan offers, including the fact that any interest you pay is essentially paid to yourself — back into your 401(k) account.

But there are some risks involved as well, such as any penalties, taxes, or fees you’re likely to incur and the request itself, which may require sharing your personal medical info with your company’s HR department.

Any money borrowed through a 401(k) loan is also subject to immediate payoff (within 60 days) should you lose your job. If there’s any doubt that your job is at risk, this may not be the best option.

6. Home Equity Line of Credit

These loans are not new, and they have been used for all kinds of finance needs over the years. Home equity loans can be some of the easiest to get, but they also carry some of the highest risk.

You would essentially be granted a line of credit up to the total amount of home equity (or the value of your home minus mortgage owed). This same equity is also the collateral. Failure to repay within the terms of the contract could result in the loss of your home.

With low interest rates and little inquiry into your personal matters, it’s still an option for those with the ability to pay back promptly.

7. Credit Cards

As someone who is likely trying to rebuild their credit history, you should consider this option carefully. Credit cards often open doors to spending on other items, and it may be difficult to make payments in a meaningful manner to eventually pay off the balance of your treatments.

If done wisely, however, certain introductory card terms may give you up to two years of a lower interest rate or possibly even no interest. Rewards earned from purchases of treatments could be used to pay back the cards or finance other costs of the treatment.

Credit Cards for People with Bad Credit

Here are some good options specifically for people with bad credit. Some of these cards offer cash back, while others let you choose your due date to best fit your schedule.

4.8 /5.0 Stars
  • Checking account required
  • We may approve those currently building their credit history
  • No security deposit required
  • Application response in 30 seconds
  • Know the score! Quarterly FICO score on your monthly billing statement
  • All credit types welcome to apply
  • Your First PREMIER Bank credit card activity is reported to the Consumer Reporting Agencies each month. Making your payment on time and keeping your balances low relative to the credit limit will result in positive marks on your credit report
  • See official site, terms, and details »
Interest Rate See issuer website
Reports Monthly Yes
Application Length 6 minutes
Reputation Score 9.5/10
4.8 /5.0 Stars
  • Easy application! Get a credit decision in seconds.
  • Build your credit history – Fingerhut reports to all 3 major credit bureaus
  • Use your line of credit to shop thousands of items from great brands like Samsung, KitchenAid, and DeWalt
  • Not an access card
  • See official site, terms, and details »
Interest Rate See issuer website
Reports Monthly Yes
Application Length 5 Minutes
Reputation Score 9.0/10
4.7 /5.0 Stars
  • All credit types welcome to apply!
  • Monthly reporting to the three major credit bureaus
  • Initial Credit Limit of $500.00! (subject to available credit)
  • Fast and easy application process; results in seconds
  • Use your card at locations everywhere that Mastercard® is accepted
  • Free online account access 24/7
  • Checking Account Required
  • See official site, terms, and details »
Interest Rate See terms
Reports Monthly Yes
Application Length 9 Minutes
Reputation Score 8.5/10

Almost all reputable fertility clinics take credit cards, giving you just one more option to finance your future family.

8. Fertility Grants & Scholarships

These are generally funded by private individuals or non-profits and seek to serve those who apply with the opportunity to receive free money or very low-interest loans with generous repayment terms. Competition for these grants are stiff, as many require you to have good medical insurance and a complete documentation of your medical history and infertility journey. Also, recipients might only be selected once a year or less often.

You can see a list of available grants and scholarships here.

9. Peer-to-Peer Lending

Many online lending markets offer loans made directly from one consumer to another. These peer-to-peer loans have a shorter repayment term and may require you to tell many details about why you want funding.

SoFi.com is a peer-to-peer lender that considers credit score less important than income.

Many lenders who have a heart for those trying to conceive may find your application a good fit for their investing goals. SoFi is a peer-to-peer lender with low interest rates that doesn’t look at your credit score so much as your income. This can be a good option if you receive a decent monthly income but past indiscretions have lowered your credit score.

10. Borrow From Family

Sometimes those closest to you are the ones who understand your trials. Asking for money from a close relative can give you the most favorable repayment terms (often with low or no interest) and free you from having to share your struggles with those outside your close circle.

Borrowing money from family is not without its drawbacks, however. Personal loans can cause stress until they are repaid, making existing relationships more delicate than usual.

Final Advice

The decision to borrow money for fertility treatments is one that should not be taken lightly. Some people have been left with staggering debt and an unsuccessful round of treatments, and facing a finance bill each month may be too much for a grieving, childless couple to bear. However, many couples have found financing was the final needed step to starting a long-awaited family. Only you can decide if the risk will ultimately be worth the reward.

About Linsey Knerl
Linsey is a freelance blogger, author and public speaker with a passion for helping everyday families earn more and live better. She shares her expertise for parents who want to start budget-friendly businesses from home at 1099Mom.com.
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