Fertility Loans

Feb 26th, 2013Comments Off on Fertility Loans

Having a child is a dream that many couples are eager or even desperate to fulfill. They might even go so far as to reach for the modern miracle of fertility treatment. With the right method and a good doctor, it is possible for women to have children even after menopause. The largest obstacle is usually the cost, which can run into thousands of dollars. There are two types of loans for fertility, the first being a personal loan and the other being explicitly for fertility treatment.

 

Personal loans are often taken out from banks in order to supply the needed funds, especially if the patient is a couple without abundant long term savings. A fertility loan is provided by a lender who is familiar with the hospital and is summoned by medical staff or by third parties who act as brokers and middlemen. Either type of loan has the same risk and might have different interest rates. Patients are perfectly entitled to shop around to see where they can find the best deal. Fertility loans are not backed by assets. The individual’s credit is all that matters. They are backed by the person’s own regular income and must accept interest that reflects the lender’s statistical risk.

Fertility loans can be lower than bank loans in many cases, even though banks are inevitably behind many fertility loans. It is for a known purpose and there is no risk that the borrower will blow an open line of credit on extraneous or wasteful things. Fertility loans cover the treatment itself as well as related medical bills such as hospital stay and nurse visits for people who chose to do their medicine at home. Paying health professionals can be an enormous bill in itself, well beyond the initial cost of the treatment. Fertility loans could be lumped together with medical loans in general and are often supported by related providers. In some cases, even discretionary medical spending can take advantage of insurance benefits, so this can be a security for lenders. If a fertility clinic suggests a specific lender, the patient should be prepared to do his or her own homework. Any type of lender can act in a predatory fashion, and some have a profitable relationship with the clinic. Patients are always entitled to seek loans from a third party or from different institutions. It is usually hard to secure any loan in the way of thousands of dollars without stating the purpose. Interest on medical loans can close in on ten percent sometimes, but credit cards can be much worse. It is usually better to seek a loan specific to its purpose.