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Personal Loans

LendingClub 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.

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

LendingClub personal loan details
 

Fees and penalties

  • Terms: LendingClub offers personal loans for terms of 36 or 60 months.
  • APR range: Loan APRs range from 6.95% to 35.89%.
  • Loan amounts: You can borrow up to $40,000.
  • Time to funding: It usually takes about seven days to have your loan funded.
  • Hard pull/soft pull: Checking rates to see how much a LendingClub loan will cost you only requires a soft pull. The soft pull will not impact your credit history. However, a hard pull is required to complete the full application. The hard inquiry may appear on your credit report and can impact your credit score.
  • Origination fee: 1.00% - 6.00%, which is deducted from the total amount of your loan. For example, let's say LendingClub charges you a 5% origination fee on a loan of $1,000. You may apply for a loan of $1,000 but receive only $950 after that fee is subtracted.
  • Prepayment fee: LendingClub has no prepayment penalty fee.
  • Late payment fee: The LendingClub late fee is 5% of the unpaid amount or $15, whichever is greater.

LendingClub personal loans can be used for many purposes such as consolidating debt, making home improvements, or covering other major expenses.

Debt consolidation is one area specifically where borrowers using a LendingClub loan can save big. Besides lowering your interest rate, consolidating debt with a personal loan can turn many credit card payments due on random dates into one convenient fixed payment with a set pay-off date. That being said, LendingClub is just one of many peer to peer lenders that allow debt consolidation, so you should definitely shop around to be sure you’re getting the best rate available to you.

However, LendingClub may not be the best option for people looking for funds in a hurry. The company says it will take about seven days to fund your loan, but this estimate depends on how long it takes you to turn in requested documentation during the application, such as proof of income. The faster you get in all your information, the faster you can get access to your cash.

Eligibility requirements

  • Minimum credit history: LendingClub doesn’t share what specific aspects of your credit history will make you eligible or ineligible for a loan. However, the lowest interest rates advertised will go to borrowers with a high credit score, low debt-to-income ratio, and a long history of managing credit lines successfully.
  • Maximum debt-to-income ratio: Like most peer to peer lenders, LendingClub recommends a maximum debt-to-income ratio of 40%. This means your total monthly debt obligations are no more than 40% of your monthly gross income.

LendingClub has other basic requirements to note before applying. To qualify, you must:

  • Be at least 18 years old
  • Be a U.S. citizen, permanent resident, or long-term visa holder
  • Have a bank account

LendingClub is not currently accepting applications from Iowa, Guam or Puerto Rico.

Applying for a personal loan from LendingClub

The application and funding process for a LendingClub loan is different from a typical loan because of the peer-to-peer lending element. You aren’t getting funding in the traditional way from a financial institution. Instead, your loan is getting funded in portions by many different investors.

Before you apply for a LendingClub loan, we encourage you to check its rates and compare it to other lenders. You can do this by heading to the LendingClub website and filling out a short online form. Checking rates will not impact your credit score because it’s a soft pull.

You’ll get several offers to choose from after doing the initial pre-application. The offers will include the loan amount, loan term, monthly payment and APR. You’ll need to complete a full application after choosing an offer. Part of the full application is providing your Social Security number, your income, and details about your employment. This is where the hard credit inquiry comes into play.

Checking your rate and reviewing loan offers on the LendingClub website will not affect your credit; it will result in a soft credit inquiry which is only visible to you. If you receive a loan through LendingClub, then a hard inquiry that may affect your credit score will appear on your credit report after you receive that loan. Additional reporting will be made to credit reporting agencies during the application process to confirm you continue to meet credit criteria and to prevent potential fraudulent activities.

LendingClub reviews the information you provide to determine your credit risk. If approved, your loan will be deposited into your bank account. You can expect to receive funding within a week or more, depending on how long it takes to verify your financial information.

Pros and cons of a LendingClub personal loan

Pros:

Cons:

  • Long loan term options. If you need to stretch out loan payments, LendingClub may be right up your alley because you can choose from terms of 36 or 60 months.
  • Only a soft pull is required to check rates.There’s no hard inquiry needed to check rates which is ideal when you’re comparing various loan products. This allows you to shop around to secure a loan with the best possible interest rate you can get.
  • Longer funding times. Innovation in the online lending space has made getting access to money in as little as one day at some lenders. That’s not the case with LendingClub; it could take up to seven days to get your funds.
  • The origination fee. LendingClub gives you an origination fee and interest rate after determining your credit risk. This type of fee can take a chunk of money out of your loan.

Who’s the best fit for a LendingClub personal loan

LendingClub loans can be a good option for borrowers who are comfortable with a longer repayment term. Borrowers with stellar credit may also qualify for competitive interest rates.

However, the funding timeline may not work for borrowers looking for fast money. But if you’re borrowing money to consolidate debt, pay off credit cards, or fund a planned purchase, the time it takes to get funding may not be such a problem.

LendingClub consumer reviews

LendingClub has excellent consumer reviews and has an A rating from the Better Business Bureau. Consumers on LendingTree, (Disclaimer: MagnifyMoney is owned by LendingTree) consistently said they would recommend LendingClub, citing competitive interest rates, an easy process and excellent customer service.

Latosha from St. Louis, Mo., said, “I’m not sure why I didn’t go with LendingClub the first time but they were able to lower my payments and my interest rate but the time of my loan was cut by two years. I would not go through another company in the future, I’ll continue being a loyal customer of theirs.”

LendingClub FAQ

LendingClub offers flexibility in how you utilize your personal loan. You can spend your loan funds to refinance your credit cards, make home improvements, consolidate debt, refinance a car, pay for moving expenses, pay for a vacation and more.

Yes. You may choose to work with a co-borrower and apply for a joint loan. Once approved, each co-borrower is obligated to pay back the loan.

Once your loan has been approved and selected by investors, the funds you requested will be deposited into your bank account. Interest will begin to accrue that day. Depending on the financial institution you work with, it may take a few days for the payments to appear in your account.

Yes. You can back out of your loan up to five days after your loan has been funded. LendingClub will withdraw the funds from your account within five to seven business days. Keep in mind that if you took out a balance transfer loan and your creditors have already been paid using the loan funds, LendingClub will be unable to recover these funds for you. Contact LendingClub by phone as soon as possible to cancel your loan application or disbursement.

Yes. LendingClub allows borrowers to have a maximum of two concurrent loans active at the same time. LendingClub will not allow you to have more than $50,000 in outstanding loans combined between these two loans.

LendingClub will provide you with the reasons why you have been declined for a personal loan. LendingClub recommends reviewing these reasons and signing up for credit monitoring while you improve your credit, reduce your debt-to-income ratio or address any other concerns listed. You’re then welcome to reapply for another LendingClub loan.

Alternative personal loan options

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.

Marcus by Goldman Sachs® offers a no-fee personal loan. Interest charges are the only costs you’ll have to worry about with this product. You can get funding within five days. You can check rates online with only a soft pull that won’t affect your credit score. Ultimately, the lack of origination fee is what gives Marcus by Goldman Sachs® an edge over LendingClub.

Prosper

APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Prosper is another peer-to-peer lender with interest rates and origination fees that are close to what LendingClub offers. Prosper also lets you check rates with a soft inquiry so you can shop with both peer-to-peer lenders to see which one will give you the best deal. According to Prosper, borrowers can get funds as quickly as three days after accepting an offer.

Payoff

APR

5.99%
To
24.99%

Credit Req.

640

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

up to 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Payoff is a financial services firm that offers personal loans mainly to help consolidate credit card debt.... Read More

A Payoff personal loan can help you consolidate existing credit card debt with a low, fixed interest rate loan. Payoff isn’t an actual financial institution; instead, it works with lenders to originate loans. This loan product has an origination fee but no other fees (late fees, returned check fees, or repayment fees).

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.

Anne Bouleanu
Anne Bouleanu |

Anne Bouleanu is a writer at MagnifyMoney. You can email Anne here

Taylor Gordon
Taylor Gordon |

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

LightStreamallows 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 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%

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 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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