If you're considering in vitro fertilisation (IVF) to start a family, you’ll most likely know by now that the process entails noticeable expenses. If you don't have the available funds, you may want to consider a loan that can cover the costs of IVF.
Find out how these loans work and how you can apply in this guide.
Symple Loans Personal Loan
Symple Loans Personal Loan
Flexible repayment options
Personalised interest rate
100% confidential application
Symple Loans Personal Loan
Get access to flexible repayment options and next-day funding with a Symple personal loan.
Interest rate: 5.75% p.a.
Comparison rate: 6.89% p.a.
Interest rate type: Variable
Establishment fee: from 1% to 5% of the loan amount
Unsecured personal loan. As these loans, which can be from a bank, credit union or standalone lender, can be used for any purpose you can use the funds to pay for IVF treatment. However, keep in mind some lenders will not lend for IVF, so check this before you apply.
Medical loan. Specialised medical financing companies offer loans to cover a range of medical treatments, including IVF.
Bad credit IVF loan. Those with bad credit may still be able to access financing for IVF. Unsecured bad credit personal loans are an option to consider, as are specialised medical loans for bad credit individuals.
What are the benefits of these loans?
Range of loan options. Depending on your eligibility for these credit options, you can have your choice between a specialised medical loan, credit card and unsecured personal loan and IVF.
Structured or ongoing credit. If you opt for a credit card or line of credit personal loan you can redraw the funds you repay as and when you need. Unsecured personal loans and medical loans give you a lump sum that you repay over a set term.
Choose a loan to suit your budget. As there is a range of options available you can choose the most competitive option.
Things to avoid about IVF loans
Interest rates. Some IVF loans attract high interest rates, resulting in you paying much more over the course of your loan. If you have a poor credit history, expect to pay a higher than average interest rate.
Hidden fees and charges. When you apply for an IVF loan, go through its fine print to look for a list of fees and charges you might have to pay during the course of the loan. These can include application fees, loan disbursement fees, early exit fees and late fees.
How to apply for an IVF loan
Many lenders allow you to complete online applications for IVF loans, so you can start the shopping process by comparing loans in the table on this page. The eligibility criteria and application process will differ depending on the lender you opt for.
You should be a permanent Australian resident
You should be at least 18 years of age
When you begin filling out an IVF loan application, keep in mind that you have to enter a variety of information, so make sure you can provide the following:
Contact details like phone number, email address and mailing address
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
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