Consider less expensive options like subsidies, adoption grants, and reimbursements. They can help you borrow less, even though they may not cover all your needs.
5 Best Personal Loans to Adopt a Child
After reviewing over 120 personal loan providers, we selected five providers to compare rates, terms, and loan amounts. These providers often offer personal loans for general purposes. While some lenders may advertise adoption loans, we found they might only sometimes be the most attractive rates or terms and could not be the best option.
1. LightStream Personal loans (Best for outstanding credit score)
If you are looking to lower costs, LightStream may be the best option. You can get loans up to $100,000 for adoption costs. Although its adoption loan rates are slightly higher than those for general-use personal loans it offers, they will still beat other offers as long as they meet certain conditions.
Pros
- Up to $100,000 in Loans
- Rate beats program
- Autopay Discount of 0.5%
Cons
- Preapproval is not an option
- Starter loans start at $5,000
- Adoption costs are more expensive than other expenses.
2. SoFi Personal Loans ( Best for Good Credit Score )
SoFi offers loans up to $100,000 and rates as low as 7.99%. It also offers financial advice and financing. This will help you to stay on top of your finances as you adjust to the new cost of a family member. It can take up to 30 days for your funds to be available.
Pros
- Rates start at 7.99%
- Get free financial advice
- Up to $100,000 in Loans
Cons
- Possible turnaround time of 30 days
- Mixed customer reviews
- Start with $5,000 for loans
3. Monevo Personal loans ( Best for both fair and poor credit )
By completing one application, this connection service will help you get prequalified with multiple lenders. This service is available to all credit types and has won numerous awards. However, if you wish to use the online service, you will need to consent to be contacted by its partners. This can lead to many calls and emails.
Pros
- Credit score not required
- Up to $100,000 in Loans
- Compare multiple offers
Cons
- Direct lenders not available
- Contacts and emails with partners
- For some partners, it might take a while to recover.
4. Discover Personal Loans ( Best option for flexible returns )
You can return your Discover loan within 30 days of receiving funds. If you are unsure if an adoption will go through, but still need the funds available, this flexibility is helpful. However, it does not accept joint applicants so you cannot apply with your spouse.
Pros
- No-cost Return Policy
- No origination fee
Cons
- Joint applications are not allowed
- These late fees start immediately
- Lending stops at $35,000
5. Laurel Road Personal loans ( Best to apply with a cosigner )
Laurel Road is the only personal loan provider that accepts cosigners and not co-applicants. This is a great option for couples who want to apply together with different credit types. However, the rates are higher than what is typical for most borrowers. This is except for doctors and dentists who can qualify for rates starting from 6.5% APR and loans of up to $80,000
Pros
- Accepts cosigners
- Special Offer for Doctors and Dentists
- Get loans as low as $1,000
Cons
- APRs begin at 8.99%
- Rates are higher for long-term contracts
- The maximum loan amount is $45,000
Bottom line
It is exciting but costly, to bring a new family member into your home. Comparing personal loan options and applying for grants can help you reduce the financial burden so that you can concentrate on this exciting new adventure.