IVF Financing, Loans, and Payment Plans

The unfortunate truth is that finances are the most substantial barrier  to seeking fertility care. While there are more affordable options for IVF like that here at CNY, the average cost of IVF in the united states around $20,000, with many people needing two or more cycles to complete their family.

Given this incredibly high and unexpected cost and the fact that 75% of Americans don’t have IVF coverage , a large number of people must turn to loans, financing, or payment plans to afford their IVF or Donor Egg IVF treatment. Fortunately, there are many options available for those in need of spreading the payment out for these often costly treatments.

In this article, we will break the options for IVF financing into three main categories:

• Fertility financing specialists: companies that specialize in offering financing in the fertility niche
• Traditional lending & credit options: traditional lending companies like banks and credit unions
• Alternative funding options: not financing, but alternative ways to help pay for fertility treatment

Regardless of this categorization, they can all be used for one goal, getting you the money needed to grow your family.

Fertility Financing, Loan, & Payment Plan Specialists

Fertility financing specialists focus on fertility financing and, therefore, are theoretically the best option for many people.

Within this broad category of fertility financing specialists, there are three subcategories of lending options:

• In house fertility clinic financing: The fertility clinic itself is the “lender.” That is, the fertility clinic is the only company involved in the financial agreement. This type of “financing” is in the form of payment plans, with no actual loan disbursement.
• Fertility Lending companies partnered with Fertility Organizations: Financing is offered by a clinic or pharmacy but through a third party fertility lending organization, which makes all the lending terms and decisions. Individuals would apply for the loan through the clinic, or pharmacy and funds are sent directly to that provider after approval.
• Stand-alone fertility lending companies: Essentially just an online personal loan, but one that is advertised and geared towards fertility treatments.

Now, let’s take a look at these in a bit more detail.

In House Financing by CNY Fertility:

CNY Fertility is the only fertility clinic in the nation that offers in-house financing with payment plans of up to two years. Financing is available for most treatments, including IVF, Donor Egg IVF, Tubal Ligation Reversals, and more.

The terms of the payment plans are fairly straight forward:

• Treatments can be financed anywhere from 6-24 months.
• There is a $250 administrative fee for every six months financed (roughly $40/month) that must be paid in addition to the cost of treatment. There is no other interest or finance fee.
• Requires 25% payment before beginning treatment (but may put as much down as they would like and finance the rest). 
• No prepay fees: full payment can be made at any time voiding any additional monthly administrative fees.  

Advantages:

• 100% approval rating and no credit check
• Good rates and straight forward fees
• An excellent option for those with moderate to poor credit.
• Predictable monthly payments
• Treatment prices at CNY Fertility are 1/3 the cost of the national average.

Disadvantages:

• Only available if treatment is at CNY, but with CNY’s extensive travel program, treatment may be available to most.
• Not available for “add on” services like medications and genetic testing paid to third parties like the pharmacies and genetics lab. Could apply for additional financing to cover these (usually directly at the pharmacy or genetics lab or with other lending options mentioned in this article).

Financing Company Partnerships with Fertility Clinics, Pharmacies, and Other Fertility Organizations:

There are a number of companies like CapexMD, Prosper, future family, Lending Club, and others that specialize in IVF financing and partner with clinics, pharmacies, surrogacy agencies, genetics lab, and other organizations involved in fertility medicine so that patients have a much easier time finding financing for the various parts of their treatment. This could be helpful by reducing some of the logistical headaches associated with applying for loans.  

While you apply for the loans through the fertility clinic or other fertility organization, the lending decisions are made entirely by the lending company. APRs tend to be slightly higher for some of these loans than traditional personal loans, but it may be worth it to save some mental sanity. Some of these organizations also offer loans as a stand-alone third party.

As you would expect, APRs and other fees vary greatly and depend largely on FICO score.

Advantages:

• It can provide funding above the base treatment level for things like medications and genetic testing and that the funds are deposited directly to the clinic.
• Reduces logistical headache of finding a loan

Disadvantages:

• minimum credit score requirements
• interest rates often tend to be higher and have variable rates depending on your credit score – must have a very high credit score to receive a favorable APR
• may have to go to a specific fertility clinic
• Some have origination or other fees

Prosper

Prosper Healthcare Lending provides loans through fertility clinics, pharmacies, genetic labs, egg banks, and more as well as loans directly to individuals. Loans cover fertility care expenses, including clinic treatment costs, medications, genetic testing, and more. The maximum loan amount and term length differ depending on how you apply (through one of their partners or directly online). APRs range from 5.99% to 36.00% with a minimum FICO score of 640 and loan origination fees of 1-5%.

Loan amount: $2,000 to $100,000

Term length: 36-84 months

Minimum FICO score: 640

APR Range: 5.99% to 36%

Origination Fee: Origination fees of 1-5%

Lending Club

Similar to prosper, Lending Club provides IVF and fertility loans directly to individuals, and through a network of clinics, pharmacies, and labs, the lending club offers loans for the full spectrum of fertility services with funds sent directly to the service provider. While lending club does offer loans to individuals directly, rates tend to be higher. Loans rates range from 4.99 to 24.99% APR with terms available based on the amount financed and credit history. Lending club fertility financing has term options from 24-84 moth and a minimum FICO score requirement of 600.

Loan Amount: $2,000 to $50,000

Term length: 24 to 84 months

Minimum FICO score: 600

APR Range: 4.99% to 24.99%

Origination Fees: No fees

Stand Alone IVF Loan Companies:

Just like many companies actively partner with fertility clinics, many lending companies specialize in IVF Financing, but act much more similar to a standard personal loan as the funds can be taken to any fertility clinic, pharmacy, genetics lab, surrogacy agency, etc.

In fact, some of the companies (like Lending Club and Prosper) that partner with clinics also offer loans directly to the individuals as a stand-alone service.

Similar to the loans applied for in fertility clinics, APRs and other fees vary greatly and depend largely on FICO score.

Advantages:

• It can provide funding above the base treatment level for things like medications and genetic testing and that the funds are deposited directly to the clinic.
• Can take funds to any fertility clinic, pharmacy, etc

Disadvantages:

• minimum credit score requirements
• interest rates often tend to be higher and vary greatly depending on your credit score – must have a very high credit score to receive a favorable APR
• Some have origination or other fees

LightStream

LightStream doesn’t yet partner with specific fertility clinics, but it does offer loans geared specifically towards fertility IVF and other fertility treatments. Loans for fertility treatments can be as large as $100,000 and are applied for directly on their website.

Loan Amount: $5,000 to $100,000

Term length: 24 to 84 months

APR Range: 5.99% to 15.59%

Minimum FICO score: 680

Origination Fees: No fees

Egg Fund:

Egg fund offers loans for all aspects of the fertility treatment process, including medical treatment, testing, and medication, agency, attorney, and storage fees.

Loan Amount: $5,000 to $100,000

Term Length: Not determined

APR Range: 3.84% to 35.99%

Minimum FICO score: 600

Origination Fees: No fees

JFLA/Feit4Kidz Interest-Free Fertility Loans

A unique lending organization that restricts borrows to those living in Southern California. They prove interest-free loans of up to $15,000 and require two guarantors with a steady income and good credit.

Loan Amount: Up to $15,000

Term Length: 3-5 years

APR Range: 0%

Minimum FICO score: Two guarantors with 680 or higher

Origination Fees: No fees

Traditional Lending and Credit Options Available for IVF

While it may seem smart to choose a lender that specializes in fertility and IVF financing, there’s no real necessity to do so. While most traditional banks don’t offer personal loans anymore, there are a number of online lenders and credit unions that do offer personal loans and a host of other financings/credit options that could be used to pay for fertility treatment.

Credit Unions

Personal loans available through credit unions have fixed rates with monthly payments and are often the best choice for personal loans. According to Nerdwallet, your local credit union should be your first stop for borrowing money, particularly for those with a credit score below 690.

Credit union loans tend to have lower interest rates than personal loans from other lenders, have more flexible terms, and are generally open to lending to those with lower credit scores as they will consider other factors beyond your credit score. Federal credit unions are required by law to cap their interest rates at 18%, which is much lower than the interest rates offered to those with less than stellar credit by fertility specialized lenders (often into the 30s).

Loan Amount: Varies by credit union

Term Length: Varies by credit union

APR Range: Typically 7-18%

Minimum FICO score: varies but is usually lower than online lenders

Origination Fees: Varies by credit union

Advantages:

• Good interest rates
• More lenient on overall credit requirements

Disadvantages:

• The application may require more paperwork and the longer to be approved.
• Often run a hard credit check, which may lower credit score by some (usually not a large amount).

Bottom Line:

Personal loans from credit unions can be a great option for those with less than stellar credit or who prioritize interest rates over ease and speed of the process.

Online Personal Loan

Personal loans from online lenders are really the same as those mentioned in the section on “Stand Alone Fertility Financing Companies,” but simply don’t advertise or have a “specialized product,” geared to fertility treatment.

While their rates likely won’t be as good as credit unions (at least for those lacking stellar credit), loans are approved and funded very fast, even within a day in some cases.

In continuing the comparison to credit unions, online loans may have more options than credit unions when it comes to the amount borrowed and term length due to the sheer number of online lenders.

You can compare options here.

Amount you can borrow: Varies, but often more than a credit union

APR: Varies by lender, generally higher than credit union and very high for those with credit issues.

Term options: Varies but generally more options than credit unions.

Fees: Many charge % based origination fees. Commonly 1-5% of the total loan amount.

Advantages:

• Can secure funds quickly
• Can use funds at any fertility clinic or for any other fertility expenses
• Often user friendly with everything done online
• May have relatively high minimum credit score requirements

Disadvantages:

• APRs may not be favorable, particularly if one doesn’t have stellar credit.
• May have additional fees

Bottom Line

Patients with credit issues may face steep annual percentage rates. Additionally, some lenders charge percentage-based origination fees, which are based on your credit (the better your credit, the smaller the fee).

Home Equity Loan or Home Equity Line of Credit

If you own your own home and have substantial equity, a home equity loan or line of credit can be a good source of funds. While slightly different, both a home equity loan or line of credit let you take out money against the equity of your home.

Interest rates on home equity loans or lines of credit are generally much lower than those on credit cards. For new loans or lines of credit, there may be closing costs depending on your bank or credit union.

You may also need to have your home appraised. Just be sure you understand the repayment terms and timeline, so you don’t risk losing your home.

Advantages:

• With a line of credit, you can borrow what you need as you go along.
• Tend to have very low APRs since they are secured by your home

Disadvantages:

• Must own a home
• Uses home as collateral, so if you don’t pay back the loan you could lose your home
• May not know your exact monthly payment and have adjustable

Credit Cards for IVF Financing

Better as a stop-gap solution for paying for a portion of your treatment as interest rates on credit cards are higher than on personal loans (unless you qualify for a 0% or a low-interest card), and spending limits may be less than what is needed to pay for IVF.

That said, credit cards have the advantage of borrowing only what you need to cover the treatment when you need it. Credit cards are certainly worth an extra look if you don’t need a huge loan, qualify for a low or 0% interest rate card, and have the cash flow to pay off your debt before the higher interest rate kicks in.

The MORE Mastercard® is an example of a 0% card for medical use. It can be used for IVF, medications, monitoring, and any other wellness expenses incurred along your family building journey like acupuncture and massage.

Advantages:

• Only borrow what you need
• May be able to get 0% APR for a year
• Rewards
• Combine with other forms of financing like payment plans

Disadvantages:

• May come with high APR so can be very costly if not able to make payments
• Monthly payments may not be predictable

Crowdfunding for IVF Loans

Crowdfunding has been used to pay for everything from travel expenses to attend a bachelor party to school trips, vacations, and funeral costs. And yes, even medical expenses. If you have generous friends and family and don’t mind sharing your fertility journey with them, crowdfunding services like go fund me could be a good option for at least part of your funding.

Advantages:

• Maybe an option when traditional financing from a bank is unavailable
• May have acceptable APRs

Disadvantages:

• May be difficult to secure funds

Alternative To IVF Financing

Alternative Funding Options for Fertility Treatments

Alternative funding options are unique ways to pay for fertility treatments. They are not loans or really any type of financing at all. They can, however, be great ways to pay for IVF or other fertility treatments.

IVF Grants

An IVF grant is a great way to reduce the cost of your fertility treatment.

It’s certainly not financing, but I mean, why not get a free IVF cycle if at all possible? Amazingly, IVF Grants let you do exactly that. There are dozens of grants throughout the country. While some have specific residency or are for those of a particular demographic, many like the CNY IVF Grant are open to everyone and takes place every month.

Advantages:

• Don’t have to pay the money back.
• Can reduce or eliminate the cost of fertility treatment

Disadvantages:

• Must be chosen as the recipient of the grant
• May not cover all expenses depending on the size of the grant.

Health Savings Accounts

Similarly, HSAs are not financing or loans by any means. However, HSAs are a great way to save money by using pre-tax dollars for your fertility care.  But since the IRS caps what you can contribute to your HSA each year, it’s best used for ancillary costs related to IVF, such as medications or monitoring. It likely won’t cover all IVF fees unless your balance reflects several years of saving.

Advantages:

• Reduces the cost of treatment by using pre-tax dollars.

Disadvantages:

• Not a loan and must still have the money to pay for the treatment upfront.
• HSA limits likely won’t reach the cost of IVF treatment.

IVF Guarantee or Refund Programs

Many fertility clinics generally offer some form of a guarantee program where you pay a lump sum for a specific number of IVF cycles, upfront. If you don’t become pregnant, you receive a full or partial refund.

While some guarantee programs can sound a little gimmicky, there is money to be saved, especially if it takes multiple rounds of IVF to become pregnant.  Nobody wants a refund, but it is a way to pursue treatment without the worry of cost versus the likelihood of success. CNY Fertility offers a 75% refund on six cycles for $20,000 (the price of a single cycle at many clinics) with our Fertile Guarantee™.

However, if you get pregnant on the first round of IVF, you will end up paying more than someone who elected to pay per cycle.    

Advantages:

• Get most or all of your money back if the treatment is unsuccessful

Disadvantages:

• Pay lots of money upfront (which is the opposite of a loan)
• If one gets pregnant on one of the first cycles, it costs a lot of extra money

IVF Financing for Bad Credit

While there are certainly options out there for people to get financing for their IVF treatment with bad credit, most APRs will be in the high 20s to 30s, certainly something you want to avoid if at all possible.

CNY Fertility’s payment plans will likely be the best option as they give everyone the ability to finance, without running a credit check. CNY’s IVF payment plans do not charge any interest percentage but do charge a small $40/month administrative fee.

Other options, though credit restrictions will still come into the equation in some form or another, would be credit unions.

The Bottom Line

There are many options for financing IVF, Donor Egg IVF, Tubal ligation reversals, and other fertility treatments. It’s always important to compare options and be an informed consumer.