(Newswire.net — November 12, 2019) — Furthermore, many couples pay the expenses of their IVF treatment with a credit card. In other words, if you don’t qualify for a credit union loan, or an online personal loan, a credit card might be the solution. The thing with credit cards is that they have lower credit limits than it is the case for regular loans, so to speak. This could be a disadvantage, especially if you need the loan to pay for most of the price of the fertility treatment.
Although at first, you might only need a few hundred dollars, the costs of IVF treatments add up over the course of time. As an idea, if you have the possibility to do so, prior to starting to pay by credit card for the treatment, you should try to pay any outstanding debt you might have. This may have a positive impact on your credit score, which may also increase your borrowing limits – this is another important advantage.
On the downside, the interest rates for credit cards aren’t necessarily convenient – far from it actually, they tend to be quite lofty. Usually, they are determined depending on your credit score. To that end, if you don’t have the best credit score, the interest rate for your credit card might be pretty high. But if your credit score is decent, then you’ll most likely get an advantageous deal in this respect as well. For future reference, note that having a high balance imminently harms your credit.
On a different note, there might be another IVF financing option worth considering, but not everyone qualifies for it. However, if you do qualify, you should consider zero-interest cards. Some of these cards come with no interest whatsoever for the first 21 months. This would allow you to focus your energy on paying the balance before the interest costs kick in.
The APR for credit cards ranges from 10 percent to 24 percent – in the case of cards for big issuers. In regards to additional fees, some of these cards come with annual fees. Make sure you know what fees apply to you prior to signing any official documents. Usually, in order to qualify, your credit score should be at least 630. This IVF financing option is best for people that need financing only to pay a part of the total cost of the treatment. Considering that IVF treatments are quite expensive, covering all the costs by making credit card payments is unlikely.
If you have bad credit, you might be worried that this might be an impediment in the way of getting a convenient fertility financing alternative. This may or may not be true, depending on the lender you’re working with. To that end, online lenders might be more flexible in this respect, as their eligibility criteria are less restrictive than it is the case with conventional lenders whose terms and conditions are a bit difficult to address for most couples.
In this view, demonstrating that you have a steady income and reliable employment might be enough for most online lenders. On the other hand, if your credit rating is good, then it goes without saying that your fertility options will be more varied, in the sense that you’ll be able to make your pick, depending on what works best for you. Either way, don’t get discouraged; make sure you consider various options before making a decision – as this is the most sensible approach to IVF financing.