Are you looking for medical loans for IVF?
Affordable financing for fertility expenses including treatments, procedures, and medications are available when you know where to look and who to talk to.
That's exactly what we'll show you how to do in this article.
You'll know everything you need to know to get In Vitro financing at the lowest rate loans available.
Here's the deal about medical loans for IVF:
It's not easy to find low cost IVF surgery and taking out a medical loan for it is very common. How much does IVF cost? Well, those using IVF usually end up paying close to $20,000. And that is without the need of a surrogate or an egg donor, the price will go even higher if they are needed.
These high IVF costs cause many people to look towards taking medical loans for IVF and understandably so. There are many avenues for getting the money you need for IVF, we'll talk about the most common ways and even some new options for getting quick medical loans for IVF that weren't available until the last few years and still are somewhat of a secret among the mainstream borrower.
Let's get into all of your medical loans options for IVF right now... We'll start with a couple of the most common options and end with a new and groundbreaking option and discuss how you should handle each situation.
Taking Out a Standard Medical Loan for IVF
Medical loans are common and used for various types of surgeries and medical procedures. Medical loans for IVF are simply credit card loans that are specifically meant to be used on medical procedures and nothing more.
Some medical loans for IVF will allow you to choose your own clinic and others will direct you to a select list of doctors that they will approve. When you are seeking medical loans for IVF be sure that the medical loan provider you are trying to get a loan from actually services fertility clinics, that should be the first question you ask because not all will allow you to use their services for fertility treatments.
The good thing about using medical loans for IVF financing is that you can often get extremely low interest rates to start off, even as low as 0%. The bad part is that those very low introductory rates are very rarely for the life of the loan, and if you try to pay the loan off early you may be penalized. That is why you need to take your time and read the contract completely.
We suggest that you take the contract home and read it in the peace and quiet of your home without any pressure or persuasion. Then you'll be able to read the fine print and use a highlighter to mark any contractual terms you may need clarification about.
In this way, you can be sure of what happens if you take longer than the introductory low interest period to pay off the loan. You'll be able to find out if there are any early payment penalty fees and any other of the usual credit traps involved with some medical loans.
In many situations, if you still owe money after your introductory rate expires you will be forced to pay high interest on what you still owe AND what you've already paid off. This can easily become more expensive than financing IVF with personal credit cards, an already expensive option. Now let's talk about another common IVF financing option.
Specialized Fertility Clinic & Fertility Consultancy-Based Loans
There's another type of IVF loan that is designed specifically for fertility patients and are used quite a bit, many times your fertility clinic or fertility consultancy will be the one to suggest this option to you. These are much like the basic medical loans, they are basically credit cards that you use specifically for fertility procedures.
The positive thing about them is that you don't have to worry about any of your procedures being ineligible for financing, one of the drawbacks of using this financing option is that there are often very harsh financial consequences for not paying off your medical loans for IVF on time or if you happen to miss a payment, it is not uncommon for those that take out fertility loans to go into debt because of that.
You need to ask specific questions of your fertility clinic if they offer you any kind of payment plans. It may seem that you are getting a good deal and financing through your clinic but instead they are actually acting as a loan broker for a lender or credit card company.
Many times these loans will also have higher interest rates than credit cards. Trusting that you are getting the "best loan" just because the doctor says so may lead you to many future financial headaches. Do your homework and ask questions. You need to be aware that your fertility clinic may be benefiting financially from matching you up with a certain lender that they have a preexisting agreement with. Just because they have your physical health in their best interests, doesn't mean that they are trying to get you the best financial deal on medical loans for IVF.
Below we will list a few fertility loan facilities but we DO NOT endorse any of the listed products and programs. This is strictly for your information and research purposes.
Attain® IVF by Attain Fertility™ Centers - Medical Loans for IVF
Company Name: Integramed
Features: Attain IVF Programs provide multiple IVF treatments for a single, discounted fee. They are available exclusively at fertility clinics within the Attain Fertility Centers network.
Attain IVF Programs:
- Attain IVF Multi-Cycle – provides four cycles (two IVF and two FET) for a single, discounted fee. This program is offered to all IVF patients who plan to use their own eggs.
- Attain IVF Refund – provides six cycles (three IVF and three FET) for a single, discounted fee. This In Vitro financing program will give you a refund if treatment is unsuccessful. You will receive up to 70% refund if you are using your own eggs and up to a 100% refund if you are using donor eggs. Seventy-five percent of Refund program patients have a baby and twenty-five percent receive a refund. To take part in this program, you will need to meet certain medical criteria. Over seventy-five percent of women who apply to this medical loans for infertility program are accepted.
- Donor Egg Programs are also available for patients not using their own eggs. There is up to a 100% refund if treatment is not successful.
The IVF Financial Share Program - Medical Loans for Infertility
Company Name: In Vitro Sciences
Features: IVF refund program offers up to 3 fresh and 3 frozen cycles at an upfront discounted fee. If a birth is not achieved, the patient gets a 70% refund. Treatment must be received at an In Vitro Sciences Center of Excellence. Medical loans for infertility are available through Springstone Patient Financing.
Qualifications: Patient must be under the age of 38, unless donor eggs are utilized. An application along with medical records is required to determine eligibility for their medical loans for IVF.
Contact: Visit www.Invitrosciences.com, or call 877-678-1999.
IVF Greenlight - Medical Loans for IVF
Company: Ferring Pharmaceuticals Inc.
Features: IVF Greenlight is an In Vitro financing and savings program offered by Ferring Pharmaceuticals to make fertility treatments more affordable for cash paying patients. The program offers savings on human menopausal gonadotropin (hMG), follicle stimulating hormone (FSH), progesterone, and human chorionic gonadotropin (hCG) products. Eligible patients will receive a 50% discount on BRAVELLE and 15% discounts on MENOPUR, NOVAREL, and ENDOMETRIN. IVF Greenlight is available to all cash paying patients, irrespective of income. There are no financial criteria to qualify and no income verification documents to complete.
Qualifications: No financial eligibility criteria – Cash paying patients just need a valid prescription for at least 10 vials of Bravelle and 10 vials of Menopur.
Now let's talk about another popular option people choose for when seeking medical loans for IVF...
Peer-to-Peer Medical Loans For IVF - Infertility Surgery Funding
The mainstream public has not been truly aware of this option for IVF financing and that's too bad. Peer-to-peer loans for IVF and other medical procedures are often a much more transparent form of borrowing without the fine print and pre-payment penalties. In both the U.S. and U.K. peer-to-peer loans have grown in popularity over the last few years and they will probably continue to become a bigger part of the solution for people in need of medical financing because of the low rates in comparison to credit cards and bank loans.
The cons to getting peer-to-peer medical loans for IVF are that you have to tell the reason why you need the money to your potential lenders, these are everyday people who will read and judge whether to fund your loan or not. Some may not feel comfortable with telling their business to a whole platform of people.
The good thing is that medical loans for IVF get funded rather quickly on platforms like Prosper Marketplace, Lending Club and Funding Circle. Another advantage to choosing p2p loans for IVF financing is that you can apply from your computer or electronic device in a couple of minutes from the comfort of your home, you can get an answer of approval within hours and get the money electronically deposited into your account within about 6 days after approval (4 days with Prosper).
If you have a credit score of at least 640 with Prosper, you have a great shot at being approved for borrowing on their loan platform and Lending Club requires a 660 FICO score.
Both companies have made huge deals with healthcare providers in order to fund loans and compete with the credit card companies and banks to fund medical loans for infertility procedures. You are sure to hear more and more about them in the future as more people experience borrowing through peer-to-peer lenders.
If you'd like to get a medical loan for IVF deposited into your account within 4-6 days of loan approval, take 3 minutes and see if you are approved for a loan, checking does not affect your credit at all.