5 Best Adoption Loans Available in 2018

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Adoption can be a costly process. In fact, you’re looking at shelling out about $40,000, according to a 2016-17 Adoptive Families poll.

While there are grants and fundraising opportunities to help reduce that high price tag, it might not cover all your costs. That’s when you might consider adoption loans.

But before you borrow money from a lender, it’s important to know what’s available to help you choose the best personal loans for adoption. After all, a lender that’s good for a home improvement project isn’t necessarily the best for the adoption process.

So as you complete your research, here are five of your best adoption loans options:

Learn more about each of these lenders and how to choose the best one for your adoption loans.

What to look for in adoption loans

There are many factors to consider when deciding on adoption loans.

Most importantly, you don’t want to put yourself in a stressful financial situation on top of what can be an emotional adoption process. You’ll want to ensure you’re getting the lowest possible interest rates and fees.

Since you’ll be paying an additional amount (the interest) on top of the lump sum you borrow (the principal), it’s important to keep those rates low to maintain a manageable budget when it comes time for repayment.

These rates will vary by lender, which is why it’s important to shop around to find the best one for you.

5 top adoption loans

Starting your adoption loans search can be daunting. That’s why we compiled a list of the top lenders to give you a jump-start in the research process.

1. SoFi

  • No origination fees or closing costs

  • No fee for paying off the loan early

  • Interest rate reduction with automatic payments

  • Loans from $5,000 to $100,000

  • No collateral required

  • Funds typically available in a few days

  • Unemployment protection

  • Adjustable monthly payment date

  • Three- to seven-year repayment terms

  • Fixed-rate loans

  • Easy online application process

More information

  • Checking rate won’t affect credit score

  • Online calculator can help figure out estimated monthly payment

  • Interest rates determined based on financial history; better credit score could equal better rate

  • Cosigners not permitted

Visit SoFi

2. LightStream

  • Fixed-rate loans

  • Loans from $5,000 to $100,000

  • Only unsecured loans available for adoption

  • Same-day funding possible

  • No fees or prepayment penalties

  • Two- to seven-year repayment terms for adoption loans

  • Easy online application

  • No set credit requirement

  • Nonadjustable monthly due date

More information

  • Preapprovals aren’t offered; full application needed to be considered

  • Use simple online calculator to estimate monthly payment

Visit LightStream

3. America’s Christian Credit Union

  • Loan amounts up to $50,000

  • Repayment terms up to seven years

  • Available for domestic and international adoptions

  • Adoption-related travel financing available

  • Debt protection services available

  • Can apply with a co-applicant

  • A simple three-step application process

  • Equity adoption loans available

  • Low APRs starting at 5.99%

More information

  • More than 5,000 branches nationwide to get in-person help

  • Other benefits available for members

Visit America's Christian Credit Union

4. Hebrew Free Loan Society

  • Loans are interest-free

  • Loan amounts up to $25,000

  • Available only to residents of New York City’s five boroughs, Westchester, or Long Island

  • Max income limit

  • Loan use includes covering agency fees, advertising costs, travel fees, birth-parent medical expenses, and more

  • Repayment terms up to five years

  • Loan decision made within a week

More information

  • In-person interview with loan officer required

  • Two guarantors needed for loan

Visit Hebrew Free Loan Society

5. Avant

  • Funds typically available within one business day

  • Credit score unaffected by rate check

  • No prepayment fees

  • Fixed rates

  • Loans available from $2,000 to $35,000

  • No collateral required

  • Simple online application process

  • Customer satisfaction rate of 95%

  • Funds available for other aspects of the adoption process, including lawyer fees and new furniture

  • Poor credit considered

More information

  • Administration fees ranging up to 4.75%, as well as other fees

  • Interest rates depend on financial profile and credit score

Visit Avant

Is an adoption loan best for you?

When considering private loans to pay for your adoption, know that these lenders aren’t your only option. Like Hebrew Free Loan Society, other local organizations offer interest-free loans in addition to other financial services such as grants.

You also have the options of fundraising, negotiating a payment plan with the adoption agency, and tapping into your employer adoption benefits. Consider these before taking out adoption loans to help prevent paying interest over time.

If you’ve exhausted all those options and still have a gap, then a loan is a great option. Just know that having a good credit score and financial history will tend to get you the lowest interest rates. Having a low score might not prevent you from borrowing money, but it might make it more costly.

Research different lenders and calculate what your monthly repayment cost would be before borrowing the money to make sure you feel financially comfortable. The last thing you want to do is add money stress to your adoption process.

Note: Student Loan Hero has independently collected the above information related to the lenders. The lenders have neither provided nor reviewed the information shared in this article. All rates are current as of June 1, 2018. For the latest available rates, contact the lender directly.

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

RATES (APR)loan amount
7.73% – 29.99% $1,000 to $50,000
6.26% – 14.87%1 $5,000 to $100,000
6.99% – 35.97%* $1,000 to $50,000
56.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
4.99% – 29.99%4 $10,000 to $35,000
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states:

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. This information is current as of October 10, 2017 and is subject to change. Opportunity Financial, LLC lends or arranges loans in the following states: Alabama, California, Delaware, Florida, Idaho, Illinois, Kansas, Maryland, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. We do not lend or arrange loans in all states. Opportunity Financial offers line of credit products in: Kansas, Tennessee and Virginia. Please note: This is an expensive form of credit. This service is not intended to provide a solution for longer-term credit or other financial needs. Loans made or arranged by Opportunity Financial are designed to help you meet your short-term borrowing needs. Loan amounts may vary and are dependent upon qualification criteria and state law. Refer to Loan Cost & Terms at www.opploans.com for additional details. Complete disclosures of APR, fees and payment terms are provided within the transaction documents, such as the Loan Agreement. First-time Opportunity Financial customers typically qualify for an installment loan of $1,000 to $5,000 with an APR from 59% to 199%. For example, a $1,000 loan made or arranged by Opportunity Financial with 12 bi-weekly payments of $130 has a 199% APR. After the 12th successful payment, the loan would be paid in full.
  3. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. In some cases, we may not be able to verify your application information and may ask you to provide certain documents. Some customers applying for a loan may be required to submit additional documentation due to state law and qualification criteria.
  4. Lower APRs and longer terms when compared to a typical payday lending product. According to the Consumer Federation of America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums and carry an average APR of 400% and an average loan term of two weeks. The maximum APR for a loan offered by OppLoans is 199% and loan sizes range from $1,000-$5,000 with a typical term of six months dependent on the state law.
  5. As of October 17, 2017. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Google+ Rating: 4.8 out of 5 based on 1,824 reviews. Facebook Rating: 4.7 out of 5 based on 270 reviews.
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.