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Personal Loans

Small Personal Loans: How to Find One and Qualify

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.

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Personal loans are the fastest-growing consumer debt in America, according to Experian.

Where a mortgage goes toward buying a home and an auto loan goes toward the purchase of a car, a personal loan can be used in myriad ways. This article will define small personal loans and walk you through a variety of ways to use and get them.

What is a small personal loan?

A small personal loan is defined as anything between $1,000 and $5,000, according to LendingTree, which owns MagnifyMoney. Because small personal loans usually have low interest rates for those with good credit and can be paid back over a relatively short amount of time (two to three years), they allow borrowers quick access to money that can be used at their discretion, unless otherwise specified.

When used wisely and paid back on time, small personal loans can reduce stress, help solve financial problems and build credit. If you’re in need of a few thousand dollars to cover an expense, a small personal loan is worth considering.

“When you have little to no credit history, a small, unsecured loan with a short term that is quickly repaid can help build a positive credit history,” said Tricia Cook, branch manager for First Utah Bank.

Small personal loans are commonly used to help consolidate debt into one manageable payment, but can also be used to pay for medical, dental or veterinary bills, remodels or home repairs, weddings or funeral costs and unexpected expenses, to name a few.

“Usually, small personal loans are applied for in emergency situations, for example, your roof is leaking and you need $5,000 to replace it before winter,” Cook said. “My experience at the bank has shown that small personal loan applications rarely feel like they are planned for and the applicant is desperate for money right now.”

Where to get a small personal loan online

Once you’ve determined you need a small personal loan to cover an expense, you’ll want to start shopping and comparing lenders.

LendingTree’s small personal loan comparison tool can point you in the right direction. Using it, you’ll input basic information about yourself and what you’re looking for in a loan. The tool may then spit out loan offers from up to five different lenders based on your creditworthiness for you to consider.

LendingTree
APR

As low as 3.99%

Credit Req.

Minimum 500 FICO®

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.


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).

As you begin your search, consider these online lenders:

Upstart

Upstart offers loans with interest rates low as 4.73% and terms of up to five years. Upstart can be a good choice for small personal loans because it can lend as little as $1,000, depending on the state in which you live. Upstart can also be a good choice because it assesses more than credit score and credit history when determining a rate. It looks at the borrower’s education, area of study and work history for a more holistic picture of the borrower and their ability to repay. If you have a strong education and work history, you’ll likely benefit from a loan with Upstart. Upstart also allows you to pay off your loan on your terms without penalizing you.

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

Avant

Avant can be a smart option for those with a low credit score looking for a quick loan. If you qualify, funds can be accessed in as little as one business day. The minimum credit score required for an Avant loan is 580. If your credit score is hindering you from receiving a loan elsewhere, Avant may a good option for you. The minimum loan available is $2,000, with interest rates starting at 9.95% and terms up to 60 months.

APR

9.95%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Up to 4.75%

SEE OFFERS Secured

on LendingTree’s secure website

Avant branded credit products are issued by WebBank, member FDIC. *If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More

LendingClub

LendingClub can offer small loans starting at $1,000 with interest rates as low as 6.95%. LendingClub offers loans to borrowers whose credit scores vary, but the minimum credit score is 600. If you’re looking for a small loan and have a strong credit history, this may be a smart option for you as you’ll likely get lower interest rates. But if you’re looking to receive your funds almost immediately, LendingClub may not be the best option as it takes about a week to receive your money.

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

Best Egg

Best Egg may be the lender for you if you’re looking for a fast and easy loan application process. Funds are deposited in as little as a day, and Best Egg offers interest rates as low as 5.99% to those who qualify. Best Egg analyzes three years’ worth of credit history and requires a 640 minimum credit score, so it may not be the best option for those with poor credit. Best Egg offers terms for up to five years and will loan as little as $2,000.

APR

Up to 29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

Small loans from credit unions

Getting a small loan from a credit union is another option besides shopping for one online. Credit unions are regulated and insured nonprofits. They are often community-focused.

A credit union is a good place to get a small loan because you can become part of the credit union community, build relationships with the members and potentially get lower interests rates on your small loan.

When applying for a loan, credit unions will assess many factors, such as your credit report and ability to pay back the loan. When obtaining a loan from a credit union, come prepared with your Social Security number, proof of income and personal identification.

Check out personal loan offers at credit unions here.

Small loans from banks

Small loans can ease financial stress when used wisely. Working with a bank to get a small personal loan is a smart idea because the federal government heavily regulates banks. These regulations aim to protect the borrower from getting in too much debt.

Before granting you a loan, the bank will look at your financial history to assess how much money they can reasonably lend you. This will help ensure you are not in over your head when you get the money.

“The ability-to-repay rule [under the Truth in Lending Act] ensures that banks have looked at your current income and your current debt and are able to prove that you have the ability to repay the full balance, not just the monthly minimum payments,” Cook said. “A bank cannot lend to you in a way that would make you overextended.”

When shopping for a small loan from a major bank, you may consider local options such as Citibank or Wells Fargo. But you can review the best personal loans here.

Alternatives to a small personal loan

When you need to borrow money and do not wish to obtain a personal loan or cannot get one due to poor credit, there are a variety of other ways to get a loan. Here are four alternatives to a small personal loan from a bank or credit union.

1. Credit card

Using a credit card to make a purchase or pay off an expense is a viable option if you’re able to pay back the amount charged in full (and on time).

“Credit cards can be smart to have when you are smart with your spending and paying your bill to a zero balance each month,” Cook said. “People get into trouble when they use a credit card and buy things they truly can’t afford, even when the payments are split up over a few months.”

Most credit cards offer at least a 21-day grace period and will not charge interest in that time frame. After that period, if the balance is not paid in full, the cardholder will be charged interest on the remaining statement balance. Credit card interest averages 15%, so if you cannot pay it back quickly, a small personal loan is a better option as the interest rate is much lower and the monthly payment is fixed.

– Compare low interest credit cards here

2. Pawnshop loans

Pawnshop loans allow the borrower to take an item — often jewelry or electronics — to a pawnshop to be evaluated as collateral in exchange for quick cash.

“A pawnshop is a good choice if you want to sell something quickly and take the cash,” Cook said. “But if you truly intend to get your merchandise back, you’re in essence paying for that item twice. Ask yourself: ‘How much will I have paid for my belonging when I’m done?’”

The borrower typically has up to 90 days to repay a pawnshop loan — plus fees and interest, which can be upward of 200%. Pawnshop loans do not require a credit check, can be obtained quickly and do not negatively impact a borrower’s credit score if they are not paid back on time. While pawnshops are regulated by 15 federal laws, keep in mind that the interest rates incredibly high and you will likely lose your collateral should you default on the pawnshop loan.

3. Advance on paycheck

A payroll advance is a type of unsecured loan that allows an employer to release the employee’s pay ahead of time. Paycheck advances are usually used to cover an unexpected expense that must be paid immediately. If you can cover an expense with your upcoming paycheck but need it early, asking about an advance on the paycheck is worth considering.

Policies around paycheck advances differ by company, so it’s best to discuss terms with your HR department to see what options are available. But if using your entire advanced paycheck to cover an unexpected expense will disrupt your monthly budget, a small personal loan may still be your best option.

4. Borrowing from friends

Borrowing money from friends or family has its pros and cons. The upside of borrowing from a friend is you can set your own terms, negotiate interest rates (if any) and determine the repayment schedule. Friends or family who act as a lender may be more lenient with borrowing terms compared to a bank or credit union.

But asking someone close to you to borrow money can be awkward and potentially cause a strain on that relationship. Money can be a sensitive subject. When borrowing from a friend, ensure that both parties agree to the loan terms and are comfortable with the situation.

Avoid payday loans

Payday loans are short-term loans with incredibly high interest rates. Interest rates vary by state but can be upwards of 700% in some instances. Unless paid off in full on time, payday loans should be a last resort and avoided in most cases.

“The advice I’d give anyone is to stay away from a payday loan,” Cook said. “There is no one watching out for the borrower’s best interest. For example, you’ll see an ad that quotes their interest rate of 5%, which sounds good compared to the bank at 13%, but they fail to explain what’s in the fine print — that it’s 5% a month, not 5% APR (annual percentage rate).”

When you’re in need of a small personal loan, know that you have many options available to you.

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.

Sage Evans
Sage Evans |

Sage Evans is a writer at MagnifyMoney. You can email Sage here

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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 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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