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Creative Ways to Pay for Your Honeymoon

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Noah Bouillon, a 27-year-old travel blogger, paid less than $400 for a honeymoon to Fiji and New Zealand that was valued at around $14,000. (Photo courtesy of Noah Bouillon)

Getting engaged is a momentous occasion. You pose for the perfect photo. The congratulations phone calls and social media comments come pouring in. You and your fiance are on cloud nine. Then you start looking for wedding venues, caterers, DJs, honeymoon airfare and hotel accommodations. Dollar signs begin adding up as reality sets in —things are about to get expensive.

According to WeddingWire’s 2017 Wedding Report, the average cost of a wedding in 2016 was $28,000 — we’re talking enough to cover a down payment on a house here. And this figure doesn’t even include the cost of the honeymoon, which costs couples a whopping $4,000, according to the same report.

If these numbers are making your head spin, you can rest easy knowing your dreams of a luxury vacation aren’t down the toilet just yet. Planning smart can get you to a beautiful destination after you exchange vows.

Noah Bouillon, a 27-year-old travel blogger, is an example of a honeymooner who paid less than $400 for a trip to Fiji and New Zealand that was valued at around $14,000. Bouillon and his fiancee (now wife) got crafty with credit card points and miles to make their dream trip a reality. They signed up for multiple credit cards with huge sign-on bonuses to stockpile 435,000 points and miles.

Aside from amassing points and miles, there are multiple ways you can get the money you need to have the vacation you want. We’ve put together an all encompassing resource on affording your dream honeymoon to help you review options.

Creative ways to pay for your honeymoon

Honeymoons don’t have to be a debt trap. Ideally, you want to avoid debt on travel altogether, and it’s possible if you plan ahead. Here are a few unique ways to pay for your honeymoon:

Honeymoon registries

You’ve probably heard of gift registries related to home goods and furnishings before. You may be less familiar with honeymoon registries. Starting a registry for your honeymoon can potentially save you quite a bit of money. Honeymoon registries like Honeyfund, The Newlywed Fund™ and Traveler’s Joy let you create registries where guests give you money toward your trip.

Rebecca Forst, a 31-year-old administrative professional of Towson, Md., is one bride who’s using the Honeyfund website to afford a once-in-a-lifetime trip with her fiance. “My favorite movie is ‘Lord of the Rings’ so New Zealand is a bucket-list destination,” said Forst. “We noticed the cost of our wedding going up and were scared that we wouldn’t be able to afford our trip.”

To foot part of the bill, Forst and her fiance created a Honeyfund account. Close family members were concerned at first that the fund wouldn’t go over well with some wedding guests. “We also decided to put some traditional gifts on our registry for those who wanted to give that sort of gift,” Forst explained.

Honeymoon registries through Honeyfund are simple to set up. You list airfare, accommodations and excursions that you want as a gift. You can split the expenses into smaller gifts as well. For example, airline tickets to New Zealand for Forst and her fiance will cost over $1,000 each. She broke down gifts into smaller $25 to $100 options to make it manageable for guests.

Crowdfunding

Honeymoon registries work like a gift registry except they are for a travel experience. You share the registry with wedding guests and they buy experiences on your list as your wedding gift.

A crowdfunding campaign is different — it’s fundraising. You create a campaign and ask people to donate money so you can get where you want to go. FundMyTravel, GoFundMe and Plumfund are examples of sites that can help you campaign for travel expenses.

Understand that fundraising for your honeymoon may be difficult if you don’t have a highly compelling reason for someone to donate money. With that said, it’s still an option that you can consider to make your dream honeymoon less of a strain on your purse strings. It may be specifically worthwhile if you’re interested in ecotourism or voluntourism.

Credit card points

If you want to fund the trip on your own without asking for help, credit card points or miles can help you avoid having to pay completely out of pocket. Bonus points or miles that can be used for travel are offered by some credit card companies when you get a new card. But they may require meeting a minimum spending requirement before you can qualify.

Keep in mind, you should be a highly responsible credit card user before signing up for new cards. It makes zero sense to rack up credit to get points, and then turn around and get slapped with tons of interest charges on your unpaid balance.

Bouillon strategically gained the amount of points needed to pay less than $400 for an estimated $14,000 trip by signing up for multiple new credit cards that were all giving him a sign-up bonus.

“The biggest concern people have about [opening new cards] is thinking that it will be bad for their credit,” said Bouillon, but according to him, opening credit cards for points in this way has actually been positive for his and his wife’s credit scores. They increase their credit limits by opening new cards, keep their credit utilization low and pay bills on time. This formula can do great things for your credit score.

Bouillon suggests strategizing a good 12 months or more out to amass the points you need for your dream honeymoon. This will give you time to get approved for cards and have the bonus points added to your account. From there, you can use the points for travel and accommodation. Check out our top cards with sign-up bonuses here.

Sign up for a home-exchange program

House exchanging is when you swap houses with someone who wants to visit your area. You list your home and look through other home listings as well. Check out IVHE, HomeExchange and Love Home Swap for home-exchange opportunities. Contact residents of homes that you’re interested in and see if you can strike up an agreement.

Housesitting is another way to lower the cost of accomodation. You stay at someone’s home for free in your desired location and take care of household tasks while they’re out traveling. Housesitting placement sites like TrustedHousesitters can connect you with people looking to form an arrangement.

Photo courtesy of Todra Payne

Todra Payne, a 50-year-old copywriter, has a home based in Los Angeles, but is soon going to be location independent with her fiance thanks to her house sitting hustle. She stays in homes across the world and does small jobs for the homeowner.

“[Housesitting] tasks can run the gamut from staying in the home so it’s not empty, watching farm animals, or managing a B&B,” said Payne. She adds that often a pet is involved or there’s a garden to water.

Payne suggests that honeymooners should be flexible in their travel dates or the location to make the most of housesitting opportunities. There are listings all over the world, including luxury homes. To learn the ropes, Payne recommends doing it locally first. Always talk to the homeowner before committing so you can ask questions about their home and neighborhood. Create a written agreement so you both know what to expect.

Don’t take a home assignment that gives you a lot of responsibilities if you really just want to relax on your honeymoon. Housesitting can even turn into a long-term adventure. Payne and her fiance plan to housesit across Europe and Australia for the next year.

Work in hospitality to get the perks

Connections can be your very best friend. Check to see if you have any friends or family that work for airlines or hotels because they may be able to offer you a nice friends and family discount.

For example, at the time of writing this article, the standard rate starts at $410 for a room at the luxury Marriott Scrub Island Resort in St. Thomas for dates Aug. 3, 2018 to Aug. 10, 2018. The starting rate drops to $269 when you use the Marriott employee discount. That’s a possible savings of over $100 per night.

Don’t know anyone in the hospitality industry? Consider taking on a part-time job to snag the travel benefits. You can get paid while possibly saving a nice chunk of money on your honeymoon and other travel.

Have a destination wedding

Before signing up for a Honeyfund account, Forst considered having a very small destination wedding. This would have made it easier to afford the nuptials and New Zealand trip on their own. However, Forst’s destination wedding idea was ruled out when she chose to have a larger shindig for family reasons.

A smaller affair or destination wedding may still be a good plan for some couples. It can give you some leeway to sock away savings for the honeymoon if a trip is what’s most important to you. Another option is making your destination double as a wedding location and honeymoon spot. You can find more frugal wedding tips here.

Borrowing money for your honeymoon — The pros and cons

We’ve covered several creative ways to fund your honeymoon, but you still may be considering taking on some debt to make your dream trip happen. Before borrowing a whole bunch of money, think about whether your money is better spent on starting a new life together. Also be careful about stretching yourself thin if you both have lingering student loans. Money trouble can bring strain to a marriage. You don’t want to your happily ever after to begin on shaky financial footing.

It can make sense to finance your honeymoon if you have a sound plan for repayment, and you’ve exhausted all other options beforehand.

Here are a few of the financing methods you can consider for your honeymoon:

Personal loans

Personal loans offer a fixed payment over a fixed period of time. Quite a few online lenders offer personal loans you can use for practically any reason.

  • Pros. The best part of a personal loan is that you have one predictable payment each month and a predetermined payoff date. The interest rate is also fixed, which means you can calculate the total cost of your loan at the very beginning. With a decent credit score, you may be able to qualify for a remarkably low interest rate.
  • Cons. At the end of the day, an affordable personal loan is still a loan and increases your debt balance. The money you spend on the loan and interest may be better spent on a mortgage down payment, furniture, household goods and other items you need as a new couple.

You can find a roundup of our top personal loan suggestions here.

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A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

Credit cards

Using a credit card may be the first thing you think of doing to fund your trip.

  • Pros. Smart use of a credit card can make your dream trip come true at an affordable price. Instead of using existing credit cards, you can find and open a new credit card that offers a 0% interest introductory deal. Just be sure to pay it off before the promo period ends and interest starts to accrue. Check out our list of credit cards with the longest 0% purchase offers here. Opening credit cards with high points or mile bonuses can also help you fund a trip.
  • Cons. Unlike a personal loan, your credit cards can have variable interest. The no-interest period on credit cards with introductory deals will expire eventually. The cost of borrowing with a credit card can be less predictable, especially if you pay just the minimum amount each month. Have a plan to pay off your credit card debt in a timely manner to avoid an array of interest charges.
Planning on using credit card points to finance your honeymoon? Bouillon suggests strategizing at least 12 months or more from the date you plan to travel to give yourself enough time to earn points.

Home equity loans

You may qualify for a home equity loan if you have enough equity in your home and a decent credit score. A home equity loan is sometimes called a second mortgage. It’s basically taking out a loan from the equity that you have in your home.

  • Pros. The benefit of a home equity loan is it’s a fixed-rate loan that can be less expensive and volatile than credit card debt.
  • Cons. Think long term before taking equity out of your house. Will you want to make home renovations in the future? Your equity can be valuable in a pinch when you need to do maintenance or home improvements. Also, you won’t be able to deduct the interest on your home equity loan unless you use it to substantially improve your home in some way.

LendingTree has a more detailed walk-through of home equity loan pros and cons. Check it out here to see if it’s the right move for your honeymoon.

Cash-out refinances

A cash-out refinance is when you refinance your mortgage for a higher amount and take cash out of the transaction.

  • Pros. With a cash-out refinance, the payment for the cash you borrow is lumped in with your regular mortgage payment so it’s a simple one to keep up with.
  • Cons. A mortgage refinance costs you money. You need to think about application, origination and appraisal fees, and more. Be sure to factor in these costs against the cost of your honeymoon to see if a cash-out refinance makes sense.

LendingTree has another detailed overview of how a cash-out refinance works.

Take a loan from your 401(k)

The balance sitting in your retirement account may look enticing when you’re planning your wedding and honeymoon. An employee plan may let you take out a loan from your 401(k) so check with your employer for details first.

  • Pros. Borrowing money from your 401(k) can give you access to the cash you need without repercussions if you follow the rules. According to the IRS, money you borrow may not be taxable if you borrow up to 50% of your vested balance (up to a $50,000 max) and repay the loan within five years.
  • Cons. Money put away in your 401(k) is there for a purpose — retirement. Make sure you can adhere to the rules to avoid having the money borrowed from your 401(k) taxed. This scenario would be a double whammy. You may have to pay out of pocket to cover the income tax and you lose a portion of your retirement savings. Not good.

How to plan an affordable honeymoon

Here are a few more ways to cut costs and save up money for your dream honeymoon:

Pump the breaks. You don’t need to drive straight from your wedding to the airport with empty soup cans jingling at the back of your car. You have a lifetime together, so what’s the rush? Consider putting off the big trip until you can save enough money for the honeymoon you want. It may take you several months or several years to save enough cash or reward points, but the experience (and not struggling to pay for it) can last a lifetime.

Put on that thinking cap. If you’re not set on a specific location, choose a location that will be budget-friendly. A local spa will save you money on airfare. This means you’ll have more to spend for luxury accommodations, meals, drinks and entertainment. You can also eliminate airfare costs by driving to your destination. A cross-country trip can be a romantic experience in and of itself. Another option is reaching out to family and friends who may have a timeshare that you can use. The bottom line is, use your resources.

Go where it’s cheap. Two honeymooners we interviewed for this article cite New Zealand as their dream trip. Let’s be honest, New Zealand isn’t a cheap place to visit. Some places are cheaper to visit than others. Go to a place where your money will go far. Always look at the exchange rate before you travel. Dominican Republic, Jamaica and Mexico are a few affordable travel locations to think about visiting.

Test the waters with Airbnbs and hostels. A luxury hotel may not be in the budget, and that’s okay. Try Airbnb or hostels if you and your partner like exploring. You may not be in the room you rent often anyway. Plus, crashing at a place with the owner and other travelers means you can meet new people and even have a built-in tour guide.

Scroll through your contact list. Ask to visit people you know who live in unique places. You can even stay in a hotel for a few days to get some personal time, and bunk up with your contact for the rest of the stay to cut costs.

Go all-inclusive. Vacation packages may offer you a cheaper rate than booking each individual arrangement for your own trip. Pros. Travel aggregators like Expedia and Priceline may offer a discount for booking a package all in one. In some cases, food and drinks are also included in your stay. The beauty of this is you don’t have to worry about budgeting cash for spending money. Cons. A low-budget, all-inclusive resort can also mean low quality. Beware if this is a deal breaker for you. If you do find a decent all-inclusive deal (one that includes airfare, hotel, food etc.), compare the cost of the trip booked separately to be sure it’s cost-effective.

Bring in the professionals. Sometimes travel agents have a hookup on deals that you wouldn’t be able to find on your own. Look for an agent that gets paid solely on commision. You won’t need to fork over cash if they don’t find any worthwhile vacation specials.

Get airline deal notifications. Having open travel dates can make booking airfare less expensive. The Flight Deal and Fare Deal Alert are two sites that regularly post specials and flight glitches. Be warned — you need to book these deals fast whenever they come up because they can disappear. You snooze, you lose.

Peruse deal sites regularly. Groupon and LivingSocial are two examples of places where you can snag travel package deals. Again, having open travel dates will often help you book the most affordable trips. You may also find some opportunity in last minute deals.

Save without effort. Automatic saving apps can help you save without you even having to think about it. Digit and Rize are accounts that can help you automate money to travel savings. Cash that these apps save on your behalf can add up quite a bit before you know it.

Traveling can get expensive. But you can still make the honeymoon of your dreams happen without going broke before your first or second wedding anniversary. Run through these tips and be thoughtful with your cash.

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

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Best Options for Covering the Cost of Adoption

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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.

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*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
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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.

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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 or 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 or 60

months

Origination Fee

0.00% - 8.00%

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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]

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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 or 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 or 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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