How to Pay for IVF Treatment: From Personal Loans to Credit Cards

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Infertility is a battle that can take its toll on a couple’s mental, emotional and physical health. But infertility can also take a financial toll. The cost of in vitro fertilization (IVF) can be prohibitive for many Americans.

The average IVF cycle costs $12,400, according to the American Society for Reproductive Medicine.

Because of the financial barriers to IVF, many people opt to borrow money to pay for treatment. According to one Student Loan Hero survey, over half of respondents planned on paying for their IVF cycle with a credit card. Others planned on taking out personal loans, borrowing money from their retirement savings and borrowing against their home to finance the endeavor.

Below, we’ve explored a handful of different ways you can pay for IVF, with an emphasis on one particular strategy: personal loans.

Using a personal loan for IVF treatment


One way to finance IVF is through a personal loan, which is an unsecured loan that can be borrowed in person or via online lenders. The Student Loan Hero survey found that a quarter of respondents were considering paying for their IVF cycle with a personal loan.

Below, we’ve explored the pros and cons of using a personal loan to finance IVF.

Pros

  • Low interest rates. Personal loans typically have lower interest rates than credit cards.
  • Fixed interest rates. Personal loans often have fixed interest rates, which means you won’t be surprised by APRs that suddenly spike.
  • Simple repayment plan. Many consumers like the simplicity of personal loans since repayment involves making just one monthly payment.

Cons

  • Decent credit is required. To qualify for a personal loan, you typically need good credit. Many times, you can secure a personal loan with a credit score as low as 580, but you’ll typically need a score that’s at least in the 600s.
  • You need a good debt-to-income ratio. Your DTI ratio might be checked when applying for a personal loan. This number takes into account your total debts relative to your gross income. A lender will want to know you can handle the additional debt coming your way.

5 personal loan lenders to consider


In the world of personal loans, doing one’s due diligence is imperative. You should always shop around for a loan before selecting a lender. Below, we’ve broken down five popular personal loan lenders worth considering.

Upstart

Upstart, an online lender founded by former Google employees, offers personal loans of up to $50,000.

  • APR: 7.54% to 35.99%
  • Term: 36 & 60 months
  • Borrowing limits: $1,000 – $50,000
  • Credit requirement: 620
  • Origination fee: 0.00% - 8.00% of loan balance

SoFi

A major player in the online lending industry, SoFi is headquartered in San Francisco and offers personal loans, as well as student loan refinancing.

  • APR: 5.99% – 16.99%
  • Term: 24 to 84 months
  • Borrowing limits: $5,000 – $50,000
  • Credit requirement: 680
  • Origination fee: No origination fee

Avant

Avant is an online lender headquartered in Chicago that offers personal loans.

  • APR: 9.95% – 35.99%
  • Term: 24 to 60 months
  • Borrowing limits: $2,000 to $35,000
  • Credit requirement: Varies
  • Origination fee: Up to 4.75% of loan balance

FreedomPlus

FreedomPlus, part of Freedom Financial Network, offers personal loans of up to $40,000.

  • APR: 5.99% – 29.99%
  • Term: 24 to 60 months
  • Borrowing limits: $7,500 to $40,000
  • Credit requirement: Varies
  • Origination fee: 0.00% - 5.00% of loan balance

Earnest

Founded in 2013, San Francisco-based Earnest offers loans with no origination fees.

  • APR: 6.99% – 18.24%
  • Term: 36 to 60 month
  • Borrowing limits: $5,000 – $75,000
  • Credit requirement: 680
  • Origination fee: No origination fee

3 alternative ways to pay for IVF


Credit cards

As stated above, over half of IVF candidates planned on using credit cards to finance their cycle. This is a common way to pay for treatment. But that doesn’t mean it’s the best way.

Pros

  • Introductory APR promotions can be beneficial. If you can secure a credit card with an introductory 0% APR, you could consider this route. Just make sure you can pay off your balance within the introductory timeframe. Otherwise, you could be hit with very high interest rates. (These introductory rate grace periods typically last between six months and a year, but they can extend up to 21 months.)
  • Quick and easy to secure. It’s fairly easy to get approved for a credit card, so if you’re pressed for time, this route could be worth considering.

Cons

  • Potentially high APRs. Credit cards can have high APRs, making them difficult to pay off quickly and efficiently. According to the Federal Reserve, the average credit card APR in the fourth quarter of 2018 was 14.73%. If you struggle to pay off your credit card balance quickly, you could be stuck paying a significant amount in interest for years to come.
  • Variable APRs. Unlike personal loans, which have fixed APRs, credit cards often have variable APRs that can be quite high.

Home equity loan or home equity line of credit

If you hold significant equity in your home, you could consider financing your IVF treatment with a home equity loan or a home equity line of credit (HELOC). In fact, 8% of respondents in the Student Loan Hero survey said they planned on using their home’s equity to finance their IVF. This path comes with both risks and rewards.

Pros

  • You’re borrowing against yourself. Taking out a home equity loan or HELOC can be an effective way to pay for IVF treatment. After all, you’re borrowing against yourself.
  • Lower interest rates and longer terms. Home equity loans and HELOCs will likely have lower interest rates and longer terms than personal loans or credit cards.

Cons

  • Your home is on the line. There is only one major risk when it comes to financing your IVF with a home equity loan or HELOC, but it’s a big one: Your home is used as collateral. If you don’t repay the loan, you risk losing the roof over your head.

Retirement accounts

According to the Student Loan Hero survey, 14% of respondents planned on financing their IVF cycle by borrowing against or making a withdrawal from their 401(k) savings. This strategy can be effective, but you should proceed with caution.

Pros

  • The process is simple. Because you’re borrowing against your own savings, the process is typically fairly quick and simple with low interest rates.
  • Your credit isn’t checked. You don’t have to worry about a credit check when you take out a 401(k) loan.

Cons

  • Your retirement is on the line. If you can’t repay your loan, you jeopardize your retirement, which is something you’ve likely been contributing to for years, if not decades.
  • If you lose your job, you could be in deep water. If you lose your job for any reason, you could be required to pay back the loan by October of the following year, if not sooner.

If you’re considering IVF but are strapped for cash, take a deep breath. There are multiple ways you can finance IVF treatment. Just make sure you do your due diligence to find the path that is right for you.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 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 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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 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.

3 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 5.99% 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 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* 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.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

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.