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Personal Loans

Citibank Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Citi
APR

7.99%
To
17.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

Not specified

APPLY NOW Secured

on Citi’s secure website

Citibank personal loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 7.99%-17.99%
  • Loan amounts: $2,000-$50,000
  • Time to funding: Checks are mailed within five business days of approval.
  • Credit check: Hard Pull
  • Origination fee: Not specified.
  • Prepayment fee: Not specified.
  • Late payment fee: Not specified.

Perks offered to Citibank personal loan customers aren’t widely advertised online. However, linking a personal loan account to an eligible checking account enrolled in Citi ThankYou Rewards can help you earn points on a monthly basis. Points never expire and can be redeemed for gift cards, travel rewards, cash and more.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

While a minimum credit score isn’t listed, Citibank does specify that the lowest quoted personal loan rate requires the borrower to have excellent credit and to use Citibank Auto Deduct.

Citibank personal loans are only available to borrowers with a maximum of one existing personal loan account with the financial institution. If clients wish to apply for a second Citibank personal loan, the most recent personal loan cannot have been opened within the past six months. Qualified applicants are also required to have a minimum annual income of $10,500.

It’s also worth noting that anyone who wants to apply for a personal loan online must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have an online account and non-customers must apply in person at a Citibank branch or over the phone.

Applying for a personal loan from Citibank

Personal loans are available in amounts from $2,000 to $50,000, but applications cannot be submitted online for amounts exceeding $30,000. Applicants who wish to borrow up to $50,000 must call 1-877-362-9100 or visit a Citibank branch location.

To begin the online application process, current Citibank customers registered for online access will need to enter their user ID and password. Non-Citibank customers who have received a Citi Personal Loan offer with an invitation number will be directed to an application site and asked to enter the invitation code, their last name and zip code.

Credit scores are not impacted for viewing a personal loan offer. Upon approval, a check for the full amount of the loan will be mailed within five business days.

Pros and cons of a Citibank personal loan

Pros:

Cons:

  • Fixed rate: Citibank personal loans come with a fixed rate, allowing borrowers to enjoy fixed monthly payments. Note that defaulting on your loan may come with a 2% APR increase.
  • ThankYou Rewards: Borrowers can earn monthly ThankYou Rewards and redeem them for cash, gift cards, travel, and more.
  • Competitive rates: Fixed rates range from 7.99% to 17.99% APR.
  • Flexible terms: Borrowers can choose from a variety of repayment terms, from 12 to 60 months.
  • Limited online application access: To apply online, prospective borrowers must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have an online account and non-customers must apply in person or by phone.
  • Lowest rate may be hard to get: To receive the lowest quoted rate, borrowers must use Citibank Auto Deduct to repay the loan, have excellent credit, borrow at least $10,000, have a loan term of 36 months or less and sufficient relationship balances.

Who’s the best fit for a Citibank personal loan?

A Citibank personal loan can be a great option for consumers with a one-time need to borrow money. Those looking to get the lowest rate at Citibank will need to fulfill the following qualifications:

  • Repay with Citibank Auto Deduct
  • Have excellent credit
  • Borrow at least $10,000
  • Repay the loan within 36 months
  • Have sufficient relationship balances

That could be a lot of hoops to jump through. However, loan amounts range up to $50,000, so this product can be a good fit for consumers who need a higher loan amount. The chance to earn ThankYou Rewards, which can be redeemed for cash, gift cards, travel, and more can make this lender a good choice for many borrowers.

Citibank consumer reviews

Citibank has an F rating from the Better Business Bureau (BBB), as of July 2019. LendingTree, MagnifyMoney’s parent company, does not have consumer reviews on personal loans from Citibank.

We advise potential borrowers to carefully research lenders before applying. Read each lender’s fine print to get a good understanding of its fee structure, review rates and terms and consider customer reviews.

Citibank FAQ

No. You do not need to put any money down in order to take out a Citibank personal loan.

You can take out a Citibank personal loan to make improvements to your home, pay down high-interest debt, or fund a large, one-time purchase.

Citibank Auto Deduct automatically deducts the required payment from your checking, savings, or money market account. You can land a lower rate by signing up for Citibank Auto Deduct.

If you do not pay back your Citibank personal loan, your APR may increase by 2%.

To earn monthly Citi ThankYou Points, you need to complete one qualifying bill payment and one qualifying direct deposit each statement period.

A Citigold membership gets you your own Relationship Manager, a wide range of investment products in all major currencies, global banking and investment services, access to offshore wealth management, and more. By joining, you can get a 0.25% rate discount on your personal loan.

If you join Citi Priority, you can receive a 0.25% rate discount on your personal loan as well as waived fees for various financial products, 24/7 customer service, and preferred pricing on a selection of mortgages.

Alternative personal loan options

LightStream

APR

3.99%
To
16.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream, a division of SunTrust Bank, offers personal loans from $5,000 to $100,000. Rates are fixed and vary by loan purpose. There are no fees attached to the loan, including prepayment penalties, making it a good choice for consumers who might want to pay the loan off early. Loans can be funded as quickly as one day of approval, so this is a good option for anyone who needs cash fast.

PenFed Credit Union

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on PenFed Credit Union’s secure website

Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $25,000.... Read More

PenFed grants personal loans from $500 to $25,000. Along with no origination fee, there are also no other hidden costs, making it a great choice for borrowers looking to avoid additional expenses. Funds are available immediately, which is advantageous for consumers who need cash now. Do note, personal loans are only available to PenFed members.

SoFi

SoFi
APR

5.99%
To
17.67%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 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 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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)

SoFi provides personal loans ranging in value from $5,000 to $100,000, making it a good choice for borrowers who need a significant amount of money. Rates are fixed and loans are completely free of fees. Funds are typically deposited in consumer accounts a few days after approval and the successful completion of required paperwork. An added bonus, SoFi’s unemployment protection benefit offers an additional layer of security by allowing borrowers to temporarily pause payments and helping them find a new job if they become unemployed.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anna Baluch
Anna Baluch |

Anna Baluch is a writer at MagnifyMoney. You can email Anna here

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

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Best of, Personal Loans

Best Options for Covering the Cost of Adoption

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

adoption

You can’t put a price on the value of your child, but for couples who wish to adopt, the process can be quite costly. If you feel you are ready to start or grow your family through adoption but don’t have the funds to cover all the fees and expenses, you may want to consider an adoption loan.

What is the cost of adoption?

The cost of adoption can range enormously, based on factors such as whether you are adopting domestically or internationally, whether you are going with an agency or choosing a private adoption or whether you are adopting from foster care. The cost of going through an agency can be as much as $40,000, while an independent adoption is not that much less, at $34,000, according to AmericanAdoptions.com. An international adoption can run as high as $45,000, depending on the country from which you are adopting. The average cost of foster care adoption, however, is significantly less, at $2,744.

Whichever method you decide to choose, you may need some financial assistance. That is where an adoption loan can come in.

What is an adoption loan?

An adoption loan is essentially a personal loan you can take out to use for adoption-related costs. There are many personal loans on the market, so you shouldn’t limit your options as long as the loans you are considering are low-interest, have no or low fees and offer flexible repayment terms.

If you search online for the term “adoption loans,” you may find a few offers, but it’s best to search first for personal loans to broaden your search and help you locate the best loan option for you.

Here, to help you get started, are some of the best personal loans to use for adoption.

What to watch out for

Before you choose a loan for adoption costs, there are a few things you need to watch out for. Consider a realistic amount, for one. You may be able to cover some of the costs on your own, but some lenders who offer personal loans for adoption may encourage you to take out more than you need.

When taking out a loan, only you know how much you truly need, so it’s important to research the process thoroughly and formulate a realistic amount of expenses you can’t cover with your savings.

Another thing to watch out for is how some lenders may prey on couples’ vulnerability and eagerness to adopt. Companies who send out messages like “your child’s life is worth any cost” should be examined with caution.

When you take out a personal loan, you should always look at how affordable it will be. Is the interest rate low? Is there an origination fee, or any hidden fees? How short or long are the terms? Is there a prepayment penalty?

Ask yourself all of these questions and make sure you are positive about the answers and comfortable with them before you take out a loan. As with any loan, you’ll ideally want something low interest, with no fees and no prepayment penalties.

Be wary, too, of lenders promising affordable loans for people with bad credit, as this is almost never possible. In order to secure a low interest rate for your loan, you generally need to have good credit.

Affordable adoption loan requirements

LightStream allows you to borrow anywhere from $5,000 to $100,000 with fixed APRs that range from 3.99% to 16.99% (with autopay). Terms range from 24 to 144 months, and the shorter your term is, the lower your rate may be. No origination fee means your loan costs will be lower. There will be a Hard Pull of your credit report upon applying.

APR

3.99%
To
16.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

America’s Christian Credit Union specializes in adoption loans and lends up to $50,000, which should be more than enough to cover adoption expenses. Annual percentage rates start at 5.99% but can range from 8.90% to 10.90% for most borrowers. Borrowers have up to 84 months to pay back their loan, and the loan is good for domestic and international adoptions. This lender also offers home equity loans, with no closing costs or annual fees, to use for adoption costs. This includes a quarterly adjustable HELOC with a current starting APR of 3.5% and an annual adjustable HELOC with a current starting APR of 4%.

America’s Christian Credit Union
APR

8.90%
To
10.90%

Credit Req.

0

Minimum Credit Score

Terms

84

months

Origination Fee

0.00% - 0.00%

APPLY NOW Secured

on America’s Christian Credit Union’s secure website

SoFi is a popular lender offering a variety of personal loans at competitive rate and terms. Borrowers can receive anywhere from $5,000 to $100,000 with fixed APRs ranging from 5.99% to 17.67% and variable APRs ranging from 6.40% to 12.70% as long as borrowers sign up with autopay. Terms are 24 to 84 months, and there is no origination fee required.

SoFi
APR

5.99%
To
17.67%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 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 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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)

Upstart offers quick and easy approvals for loans up to $50,000 with APRs ranging from 4.73% to 35.99%. Borrowers need at least a minimum credit score of 620 to qualify. Loan terms are 36 & 60 months, and there is no early repayment fee. There is, however, an origination fee of 0.00% - 8.00% to keep in mind.

APR

4.73%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Adoption grants

Before you look into loan options, you should see if you qualify for any grants to help fund the costs of adoption. An adoption grant can help provide you with partial funding throughout the adoption process to ease the financial burden.

There are quite a few adoption grants available, but most have specific criteria. For example, in order to qualify for a grant, you may need to adopt through a licensed agency, or adopt within the country.

National Adoption Foundation. This organization has very few strict requirements, and considers single adults who wish to adopt. The program has no exclusions based on race, ethnicity, gender, age, sexual orientation or income, and awards grants ranging from $500 to $2,000 depending on the needs of the family and the circumstances surrounding the adoption.

HelpUsAdopt.org. This organization awards grants to couples, singles and LGBT applicants who are U.S. citizens and wish to adopt. Recipients can use the funds for private, agency or domestic adoption, and award amounts range from $500 to $15,000. The organization awards grants in February, May, August and September.

A Child Waits Foundation. If you are adopting internationally and your annual household income does not exceed $130,000, you may qualify for an adoption grant from this agency, as long as you are a U.S. or Canadian citizen. Applicants can apply for a grant no sooner than three to four months prior to when their family makes their final adoption trip. There is a $20 application fee and grant amounts typically do not exceed $7,000.

Bottom line

If you need funding to help you adopt a child, it’s best to consider all your options and try to obtain a grant along with a low-interest loan to help cover the rest of your financial needs. You can take a look at more personal loan options for adoption all in one chart with our comparison tool.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]

Advertiser Disclosure

Personal Loans

5 Personal Loans for Fertility Treatments

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

stephanie pregnant_lg

The excitement of starting a family can turn into despair if you face difficulty getting pregnant. Thankfully, treatments including medications and surgery can make parenthood a possibility for couples having trouble conceiving on their own. However, these treatments may not always be covered by medical insurance; whether all or part of an infertility procedure is covered will depend on your insurance plan and where you live (some states have laws mandating coverage).

In vitro fertilization, or IVF, is one procedure in particular that insurance may not cover. A cycle of IVF can cost $12,400 on average, according to the American Society for Reproductive Medicine. Because success with IVF may require more than one cycle, the entire process can get quite expensive.

Instead of paying for fertility treatments out of pocket, a low-interest personal loan may be a solution. Here are just some of the many available personal loans to consider.

SoFi – Fixed rates starting at 5.99% APR

SoFi offers personal loans from $5,000 to $100,000 to cover medical costs. Terms are 24 to 84 months. Both fixed- and variable-interest loans are available. A variable-interest loan means your interest will fluctuate based on an index. SoFi does have a variable interest cap for personal loans. Generally, you should stick with a fixed-interest personal loan because your rate will stay the same throughout the entire term.

A variable-interest loan is only worth considering if you can pay it off quickly. In this scenario, you take advantage of very low interest for a short time and then pay off the loan before the interest changes. SoFi has no prepayment penalty, so you can do this without incurring a fee.

SoFi doesn’t charge for origination either. If you lose your job, SoFi has a unique borrower benefit as well. You may be able to pause payments until you find another position.

SoFi
APR

5.99%
To
17.67%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 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 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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)

Earnest – Fixed rates starting at 5.99% APR

Earnest offers personal loans from $5,000 to $75,000. Loans have competitive interest and a streamlined online application process. Terms are 36 to 60 months. There are no application or origination fees. If you pay off the loan early, there are no prepayment penalties either.

Earnest takes a look at your entire financial profile, including your savings habits and earning potential, to qualify you for a loan. Most approved Earnest applicants are employed or have an offer letter, have at least a month’s worth of expenses in savings and enough monthly income to support their regular expenses and loan payments. Earnest will do a Hard Pull of your credit report when you apply.

Earnest
APR

5.99%
To
17.24%

Credit Req.

680

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

Lending Club – Fixed rates starting at 6.95% APR

Lending Club is a peer-to-peer lender that offers fixed-rate loans, and also promotes fertility loan options. You can borrow $1,000 to $40,000. Loan terms are 36 or 60 months. Once approved for a Lending Club loan, you get a credit rating and loan options from which to choose. After accepting your loan terms, the loan appears in the marketplace where investors select loans to invest in.

Lending Club does charge an origination fee of 1.00% - 6.00%. How much you’ll pay for origination depends on the credit rating Lending Club assigns you. That credit rating is determined using factors including your credit history and credit score. Lending Club has no prepayment penalties.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

LightStream – Fixed rates starting at 3.99% APR (with auto pay)

You can borrow $5,000 to $100,000 from LightStream for family planning, including fertility treatments and adoption. Loan terms are 24 to 144 months. To qualify for the lowest rates with LightStream, you need to have at least five or more years of positive credit history, no delinquencies, a stable income and money in savings.

The LightStream loan is transparent with fees. There are no fees for origination or early payment of the loan. LightStream also has a “rate beat” program. If you get approved for a personal loan by another lender with a lower interest rate, LightStream will try to beat that rate. The competitor loan must meet certain requirements to qualify for the program. LightStream doesn’t offer preapprovals at this time and will do a Hard Pull on your credit history at application.

APR

3.99%
To
16.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

Upstart – Starting at 4.73% APR

Upstart has personal loans from $1,000 to $50,000 that can cover various life expenses including medical bills. Loans are available at 36 & 60 month terms. Upstart takes into account more than your credit history to decide whether you qualify. Your education and job history will also be considered.

At a minimum, you need a 620 credit score to qualify for this loan. You must also have no more than six inquiries on your report over the past six months. Like Lending Club, Upstart charges an origination fee. You’ll have to pay 0.00% - 8.00% for loan processing. Depending upon your risk profile, interest rates can be as high as 35.99% APR.

APR

4.73%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Other options to pay for IVF

There are options besides personal loans to help you pay for IVF if you can’t afford to pay out of pocket. Here are a few.

  1. Health savings account (HSA). An HSA is a tax-advantaged savings vehicle that allows you to contribute pre-tax dollars to a fund you can tap for out-of-pocket medical expenses. If you have a high-deductible health insurance plan, you should have access to an HSA. If you’ve saved up a good amount in your HSA, these funds can be used to help pay for your IVF treatments. There are limits to how much you can contribute each year; in 2019, the limits are $3,500 for an individual and $7,000 for a family.
  2. Home equity loan. If you own your home and have a decent amount of equity, you might consider taking out a home equity loan, or applying for a home equity line of credit, to pay for your IVF treatments. Keep in mind the risks involved, however. If you cannot repay your home equity loan, you are putting your homeownership in danger. Only consider taking out such a loan if you know you can repay it with no problem.
  3. Credit card. Paying for your IVF treatment with a credit card may not be the best option, as the interest rates can be very high. However, if you are able to obtain a 0% interest card and pay all or most of the charges off before the promotional period ends and your rate rises, using your credit card may be the right choice.

Bottom line

While the loans noted here have competitive interest rates, it’s best to first consider those without an origination fee. Remember, you need to have an excellent credit score and a positive credit history to qualify for the very lowest interest rates with any of these companies.

Upstart and Lending Club could be good fallback options if you have trouble getting approved elsewhere. Both may qualify you with a credit score below 650.

You can also turn to RESOLVE, the national infertility association, for an extensive current list of infertility financing programs. These include CapexMD, EggFund and Prosper Healthcare Lending.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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