Editor's choice: LendingClub
- Less strict eligibility requirements
- Quick turnaround time
- High Trustpilot rating
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Most baby and adoption loans are unsecured, meaning you don’t have to provide any kind of collateral to qualify. You may be able to 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 credit and the adoption details.
The cost of adopting a child depends on the service you use:
Some adoption agencies or other programs use a sliding fee scale, where they charge fees based on your income. In addition, adoption costs may vary based on factors like expenses borne by the birth mother, attorney or agency fees, background checks, failed adoption matches, out-of-state agency fees and travel.
The expense of bringing a new child into your home doesn’t end with adoption fees. It’s estimated that families spend between $12,350 and $13,900 every year per child, according to a 2017 US Department of Agriculture study.
If you need help affording some of the initial costs of raising a baby — like nursery furniture, formula and clothing — you may want to consider a baby loan as well. These are personal loans that help new parents cover common first-year expenses.
While it’s ideal to budget for a new baby in advance, a baby loan can help you cover a large one-time expense up front so you can pay it off over time, without the high interest of a credit card.
There are several baby and adoption loans available:
|Provider||Why we like it||Loan amounts||APR ranges||Min. credit score|
|SoFi||SoFi has a straightforward online application with an unusual amount of perks like unemployment protection and community events.||$5,000 to $100,000||5.99% to 19.96%||680|
|Even Financial||This free service can save you serious time by connecting you with multiple lenders you might qualify with.||$1,000 to $100,000||4.99% to 35.99%||580|
|Laurel Road||Quick funding with no origination or prepayment fees and a 0.25% interest rate discount for signing up for autopay.||$1,000 to $45,000||8.01% to 16.30%||680|
Adopting a child may be expensive, but there are ways to lower the cost or make a large loan a little more manageable:
You might want to apply for an adoption or baby loan if you find yourself in one of the following situations:
This largely depends on what expenses you’re looking to finance. If you need money to pay for upfront fees at an adoption agency, you might want to apply for an online loan at least two weeks before your first payment is due to ensure you get your funds on time.
If you know you’ll need money but don’t have a strict deadline, take the time to compare your personal loan options and find a lender that best meets your needs. Most can fund approved applications within a few weeks.
Adoption loans tend to have more requirements than your standard personal loan, though specific criteria vary by lender. In general, you likely need to meet the following requirements at a minimum to be considered:
Bringing home a new member of your family is an exciting but expensive prospect. Comparing your personal loan options and applying for grants can help ease the burden on your budget so you can focus your attention on this brand-new adventure.
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