Paying for IVF with Bad Credit: Medical Loans, Payment Plans

Paying for In Vitro Fertilization (IVF) or any other infertility treatment with bad credit will not be easy. Finance companies shy away from approving consumers with a history of delinquency on their consumer reports.

In other words, you need a strategy and a backup plan in case of rejection. Plus, you probably should resolve the problem ahead of time, rather than relying on “in-house payment plans” offered by your fertility clinic.

With an average cycle cost of $15,000, becoming pregnant on your first attempt should be your priority. Therefore, you do not want funding issues to influence your provider choice.

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IVF Loans for Bad Credit

Patients with bad credit fare better by requesting a loan to finance In Vitro Fertilization before choosing a fertility clinic. Having money stashed away in a checking account lets you choose the provider with the best success rates and avoids last-minute denials from “in-house” underwriters.

Personal Loans

Request a personal loan online here (Sponsored Link) to finance your IVF or other infertility treatment. Couples with bad credit will need to compensate for their higher default risk to find a lender willing to approve their funding request.

Patients can engage in four tactics to overcome weak borrowing credentials.

  1. Get your profile in front of a vast network of subprime lenders; volume increases approval odds
  2. Enable automatic repayment by providing your bank account and routing numbers in the online form
  3. Help the lenders verify employment by providing contact information for your current job
  4. Keep your projected debt-to-income ratio below acceptable levels to establish affordability

No Credit Check

A medical loan for IVF with no credit check is unrealistic for people with adverse history and low FICO or Vantage scores. The high prices mean that few lenders will approve applications without pulling a copy of your consumer report or considering your FICO or Vantage score.

No credit check lenders approve small amounts: $500 to $1,000 maximum making an insignificant dent in the average $15,000 per-cycle IVF costs. However, another option could help you raise heftier sums.

A Flexible Spending Account (FSA) can work as a medical loan with no credit check. A couple can elect to contribute $5,500 annually to their FSA during open enrollment and schedule their IVF treatment at the beginning of the plan year.

  • Employers must reimburse qualifying expenses immediately
  • Employees have 52 weeks to repay the loan using pre-tax dollars
  • Employers cannot pull a copy of your consumer report

Capital One

Many couples with lousy credit search for IVF financing through Capital One, hoping that this subprime lender might approve their application because they have an existing credit card, auto loan, checking, or savings account.

Capital One no longer offers medical loans to consumers because losses were too high. Consider what happens to your ability to make on-time payments after successful treatment.

  • Mom takes unpaid maternity leave, sometimes lasting 3 to 4 months
    • Pregnancy disability leave before childbirth
    • Recovery from labor and delivery
    • Postpartum complications delay her return to work
  • Medical debts pile up connected to multiple births (twins or triplets)
    • Doctor & hospital bills for complicated twin pregnancy
    • NICU charges for twins born prematurely

Consider purchasing supplemental health insurance to cover IVF outcomes before your next cycle. Learn from the Capital One experience to protect your family finances from foreseeable calamity.

IVF Financing Alternatives for Bad Credit

Patients with bad credit history often need to explore In Vitro Fertilization financing alternatives when lenders decline their applications. Fortunately, several options remain for people who do not qualify to borrow money due to their weak credentials.

Financial Assistance

IVF financial assistance programs could be viable for patients with bad credit because charitable foundations and financing companies use opposite criteria when reviewing applications.

  • Lenders reject applicants with low FICO scores, adverse payment history, spotty employment records, and low incomes
  • Non-profit organizations approve IVF grants to infertile couples with low incomes, few resources, and an inability to finance treatment

Having insufficient borrowing qualifications could become an enormous advantage for couples who cannot afford to pay for treatment. However, the demand for free money exceeds the supply.

Health Insurance

Coverage through group health insurance is another way to pay for IVF when you have bad credit and lenders will not approve your financing application. Couples should not overlook one obscure insurance rule, regardless of their borrowing credentials.

IVF insurance mandates exist in eight states, and having a third-party company cover your costs makes treatment far more affordable.

ArkansasConnecticutHawaii
IllinoisMarylandMassachusetts
New JerseyTexas 

However, do not give up if you do not live in one of these eight states. The mandates apply to group plans issued in their jurisdiction. If your employer makes its headquarters in one of these states, you may have coverage for infertility treatments without realizing it!

Monthly Payment Plans for IVF

Yes, there are payment plans for In Vitro Fertilization. Virtually every financing option feature monthly installments. However, couples with bad credit have to be extra careful not to wait until the last minute.   

In-House Financing

Searching for local fertility clinics that offer in-house payment plans for IVF is a flawed strategy for couples with bad credit. Plus, you want to choose the doctor most likely to help you conceive!

Would you visit your neighborhood bank branch and ask if they offer artificial reproductive technologies in-house? Of course, that would be silly because infertility treatment and finance are two completely different specialties. Few single entities do both.

Instead, fertility clinics that offer in-house payment plans typically refer patients to a few third-party finance companies that utilize industry-standard underwriting criteria. You are hurting rather than helping your chances of getting funding to bring home a baby.

  • Sub-prime borrowers should get their credentials before many lenders to improve their odds of approval, rather than the few finance companies that cut deals with your clinic
  • Choosing a fertility clinic that offers in-house payment plans rather than the best record of successful treatment increases the chances that you have to fund multiple cycles rather than one

Paid in Installments

By definition, all IVF financing options allow patients to get treatment immediately and then pay for the service in monthly installments in the future. Payment plans are just an umbrella term that means the same thing.

Couples with bad credit history might benefit from understanding the pros and cons of each alternative that supports installment payments. In general, secured contracts allow you to borrow more money because the lender can repossess collateral in the event of default.

  1. Unsecured credit cards have lower spending limits and flexible installments with a minimum monthly payment
  2. Unsecured personal loans have stingier borrowing amounts and fixed monthly installments over a predefined period
  3. Secured home loans offer the most generous funding amount (equity permitting) but allow the lender to foreclose on your house should you default
    1. Home Equity Line of Credit (HELOC) is a revolving contract with flexible monthly payments
    2. Cash-Out-Refinance is a new mortgage replacing the old with fixed monthly installments over a set period
    3. Second mortgage means that you have two sets of fixed monthly installments instead of one