If you’ve read our report regarding the cost of IVF, then you must know by now that the prices are considerably high. So, if you don’t have a significant sum of money put aside, you’ll have to consider a source of financing.
Moving on to medical loans – these are basically credit card loans, being specifically designated for covering health care costs. There are particular medical credit cards that can be used at specific providers only. But that’s not the case with all of them since there are options that aren’t as restrictive. These loans are provided for a wide range of medical needs, including cosmetic surgery, dental work, whereas some might be used to cover the expenses of IVF treatments.
Something you should bear in mind is that not all medical loans can be used for IVF treatments. Make sure that the loan you’re considering is compatible with what you’re looking for, to avoid spending your valuable time without any results.
Without a doubt, many people consider medical loans to be convenient options. That’s because, for a certain period of time, the interest rate is 0. Another considerable benefit would be the fact that since you can only use the money to pay the IVF treatment, this will eliminate the temptation of spending the money for any other purpose.
Nevertheless, the bottom line is that, before entering any agreement with a lender, you should read the fine print of the loan. You should know what happens in the case in which you don’t manage to make the repayments in time, or if you want to make early payments to diminish the lifespan of the loan: is this possible or will you have to pay a penalty?
In most situations, in the case in which you file a late payment, your interest rate will go up. And note that the interest rate might be higher than you expect in this case, even higher than it is for credit cards.
There are actually lenders that provide fertility financing, partnering up with doctors’ offices. The downside might be that some fertility loans might come with higher interest rates when compared with most online lenders – but there might be some exceptions to this, so you shouldn’t dismiss it from the very beginning.
The reason why some couples choose a fertility loan is that it is more convenient than a typical loan. That’s mainly because the IVF doctor’s office collaborates with the lender, meaning that you don’t have to worry about this aspect at all. Aside from this, you won’t have to shop around for various IVF financing options, which can be time-consuming and dreary. At the end of the day, you have to see whether the convenience element is worth paying a higher interest rate – if that’s the case in your situation, of course.
Take the time to determine the amount of money you need to borrow and make sure you assess your financial capability of repaying the loan within the designated time. If this situation seems to cause more difficulty than you anticipated and it has led to tension in your family, perhaps it would make sense to consult with a financial advisor, who will guide you in the right direction, so that you don’t have any regrets afterward.