adoption loan

Compare adoption loans

If you’re planning to adopt and are wondering about finance, read this guide to find out what your options are.

It’s an exciting time when you decide to add to your family, as a couple or an individual. But both baby and adoption costs can quickly add up throughout the process. There are loans, as well as grants, subsidies and reimbursements, that are designed to give you access to funds for your growing family when you need them.
LendingClub Personal Loan

LendingClub Personal Loan

LendingClub offer you the chance to borrow up to $40,000 as alternative to bank personal loans. Rates from 5.99% to 35.89%%* APR based on your credit score.

  • Recommended Credit Score: 660 or higher
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $40,000
  • Loan Term: 3 to 5 years
  • Turnaround Time: Up to 7 days
  • Total Costs: Depends on your credit score.
  • Consolidate loans or pay off high interest debt
  • Confidential and secure online application!

    Personal loans to consider for covering adoption costs

    Rates last updated November 24th, 2017

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Let's get started

    Select your credit score range

    I don't know my credit score

    Finally, select where you live.

    To get your credit score:

    Experian logo

    Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR Requirements
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    680
    $45,000
    From 5.5% (fixed)
    Must be a US citizen or permanent resident with a valid I-551 card
    Even Financial Personal Loans
    Get connected to the best loan offers instantly from top online consumer lenders.
    580
    $100,000
    From 4.99% (fixed)
    Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
    Prosper Personal Loan
    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.
    640
    $35,000
    From 5.99% (fixed)
    Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
    SoFi Personal Loan Fixed Rate (with Autopay)
    Borrow up to $100,000 with a competitive APR and no fees.
    Good to excellent credit
    $100,000
    From 5.49% (fixed)
    You must be a U.S. citizen or permanent resident, and 18 years or older.
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    600
    $25,000
    From 15.49% (fixed)
    Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    From 5.99% (fixed)
    You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.

    Compare up to 4 providers

    How does a baby and adoption loan actually work?

    Most baby and adoption loans are generally unsecured, meaning you don’t have to provide any kind of collateral (such as a house or car that you own). Depending on your circumstances, you can borrow up to $25,000 through an unsecured personal adoption loan. The maximum you qualify for depends on factors such as the lender you choose, your creditworthiness and the adoption details.

    What types of financing are available?

    There are several different baby and adoption loans available depending on your circumstance. These include:

    • Unsecured personal loans. Banks and credit unions across the US provide unsecured personal loans that you can use for adoption costs. To qualify, you usually need a good or excellent credit rating.
    • Peer-to-peer loans. Online peer-to-peer lending platforms connect borrowers with investors who can fund your loan. Your credit rating plays an important role in finding an investor. It also helps determine the interest rate you get.
    • Bad credit personal loans. If you suffer from poor or bad creditworthiness, you can look for loan providers that offer personal loans to individuals with less-than-perfect credit. The interest you’ll have to pay will be higher when compared to conventional personal loans.
    • Adoption grants. Some organizations offer grants to people who wish to adopt children. The National Adoption Foundation is one example. Others include A Child Waits Foundation, Help Us Adopt, Gift of Adoption Fund and CMomA.
    • Federal adoption tax benefits. You can offset some of the costs involved in adoption through the Federal Adoption Tax Credit, which the US Government made permanent in July 2013. This tax credit can be beneficial if you have tax liabilities. The maximum amount available has changed every year, starting with $12,970 in 2013, to $13,190 in 2014, $13,400 in 2015 and $13,460 in 2016.
    • Employer adoption reimbursements. A significant number of government agencies and businesses offer adoption benefits to their employees. These can come in the form of adoption information, referral services, post-adoption counseling and paid or unpaid leave. Some employers also provide financial reimbursement for agency fees, as well as medical and legal expenses.
    • Government subsidies. You may be able to take advantage of federal and state adoption assistance if you are adopting a hard-to-place child. These subsidies are designed to help you meet the child’s ongoing requirements, and are available for children that are in the care of public or private agencies.

    Top three personal loan picks for financing an adoption

    ProviderWhy we like itLoan amountsMin. APRMin. credit score
    SoFiSoFi has a straightforward online application with an unusual amount of perks like unemployment protection and community events.$5,000–$100,0005.49%Good creditRead our review
    Even FinancialThis free service can save you serious time by connecting you with lenders offering the kind of loan you’re looking for.$1,000–$100,0004.99%580Read our review
    Laurel RoadQuick funding with no origination or prepayment fees and a 0.25% discount on interest for signing up for autopay.$1,000–$45,0005.5%680Read our review

    How can I compare baby and adoption loans?

    Considering the following factors before choosing a baby and adoption loan can help you find the right option for you:

    • Interest. The interest your loan attracts can have a significant impact on how much you end up paying for the money you borrow. Some organizations, such as Lifesong for Orphans, provide interest-free adoption loans, but you may have to meet certain eligibility criteria to qualify.
    • Fees. Fees your lender may charge include application fees, disbursement fees, prepayment fees and late payment fees.
    • Eligibility criteria. In most circumstances, you should have good creditworthiness to qualify. Some grant providers might require personal references from your pastor, employer, co-workers or friends.
    • Turnaround time. The loan processing time can vary depending on which option you choose. If you apply for a personal loan or a peer-to-peer loan, you can receive the approved funds within days. When it comes to grants and subsidies, the process takes longer.
    • Loan term. Your loan term determines the value of your repayments. Make sure you consider your current financial circumstances and the size of the repayments before requesting a specific loan term. If possible, choose a shorter loan term so that you can reduce the amount of interest you pay over the life of the loan.

    lady pushing a pram

    How much does adoption cost?

    The costs of adopting a child vary significantly depending on the kind of adoption you’re pursuing. If you’re adopting a child through a county foster or adopt program, the process usually costs between $0 and $1,000. If you’re adopting a newborn voluntarily using the services of a non-profit organization, on the other hand, you may end up spending $10,000 to $25,000. Adopting a newborn through an attorney can cost $20,000 to $30,000.

    If you wish to take the private domestic infant adoption route, you can use the services of an adoption lawyer or agency. The costs would vary depending on factors such as expenses borne by the birth mother, attorney or agency fees, background checks, failed adoption matches, out-of-state agency fees and travel.

    Adoption agency fees can range from $5,000 to over $40,000. However, more than half fall within the $10,000 to $30,000 bracket. Some adoption agencies make use of sliding fee scales, where they charge fees based on your income.

    Things to avoid when financing an adoption

    • If you think you might have trouble repaying the borrowed money in a timely manner, avoid taking a loan in the first place. Not making repayments on time would have an adverse effect on your creditworthiness and could impact your ability to borrow money in the future.
    • Be wary of taking a loan with a very high annual percentage rate (APR) that would increase the overall cost of the loan. Instead, check if you qualify for any grants or subsidies.
    • Look out for companies that try to guilt you into spending more than you can afford.

    Frequently asked questions about baby and adoption loans

    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.

    US Personal Loans Offers

    Learn about our information service
    Even Financial Personal Loans

    Get connected to the best loan offers instantly from top online consumer lenders.

    Prosper Personal Loan

    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    Borrow up to $100,000 with a competitive APR and no fees.