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Adoption can be an extremely expensive process — adopting through a private agency can cost $20,000 up to $45,000, according to the Child Welfare Information Gateway.

If these costs are keeping you from adopting a child, adoption loans or grants could help get you the funds you need.

Here’s what you should know about adoption loans and other alternatives for adoption expenses:

13 lenders for adoption loans

One option to pay for adoption is a personal loan. These types of loans typically range from a few hundred dollars up to $100,000 or more, depending on the lender, and can be used for almost any personal expense — including adoption or other associated costs for childcare.

Keep in mind: There are a few types of lenders that offer personal loans, including online lenders, banks, and credit unions.

Here are Credible’s partner lenders that offer personal loans that could be used for adoption costs:

LenderFixed ratesLoan amountsLoan terms (years)
avant

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9.95% – 35.99% APR$2,000 to $35,000**2, 3, 4, 5*
  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, IA, NV, NY, VT, and WV
  • Min. income: $24,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

axos

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6.49% – 29.99% APR$5,000 to $35,0001, 2, 3, 4, 5
  • Rates: 6.49% – 29.99% APR
  • Loan terms (years): 1, 2, 3, 4, 5
  • Loan amount: $5,000 to $35,000
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Min. income: Does not disclose
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 740
  • Time to get funds: Next business day
  • Loan uses: Debt consolidation, home improvement, and other purposes

Axos Bank personal loans review

best egg

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5.99% – 29.99% APR$5,000 to $35,0003, 5
  • Rates: 5.99% – 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $5,000 – $50,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 600
  • Time to get funds: As soon as 1 – 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Best Egg personal loans review

discover

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6.99% – 24.99% APR$2,500 to $35,0003, 4, 5, 6, 7
  • Rates: 6.99% – 24.99% APR
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $2,500 – $35,000
  • Fees: None as long as you pay on time
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: Funds can be sent as soon as the next business day after acceptance
  • Loan uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Discover personal loans review

freedomplus

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7.99% – 29.99% APR$10,000 to $35,0002, 3, 4, 5
  • Rates: 7.99% – 29.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $7,500 – $40,000
  • Fees: Origination fee
  • Discounts: Does not disclose
  • Eligibility: Available in all states except CO, CT, HI, KS, MA, ME, NH, NV, NY, ND, OR, RI, VT, WV, WI, and WY
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: As soon as 2 business days
  • Loan uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

FreedomPlus personal loans review

lendingclub

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10.68% – 35.89% APR$1,000 to $40,0003, 5
  • Rates: 10.68% – 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 600
  • Time to get funds: Usually takes about 3 days
  • Loan uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

LendingClub personal loans review

Based on a majority of borrowers from LendingClub’s marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.

lendingpoint

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15.49% – 35.99% APR$2,000 to $25,0002, 3, 4
  • Rates: 15.49% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $2,000 to $25,000
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, MA, MD, NV, NY, VT, WV, and WY
  • Min. income: $35,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 585
  • Time to get funds: As soon as the next business day
  • Loan uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LendingPoint personal loans review

lightstream

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3.99% – 19.99% APR$5,000 to $100,0002, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Rates: 3.99% – 19.99% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

LightStream personal loans review

LightStream disclosure

marcus

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6.99% – 19.99% APR1$3,500 to $40,00023, 4, 5, 6, 7
  • Rates: 6.99% – 19.99% APR1
  • Loan terms (years): 3, 4, 5, 6
  • Loan amount: $3,500 to $40,0002
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Min. income: $30,000
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660

    (TransUnion FICO®️ Score 9)
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus personal loans review

1Rate reduction of 0.25% available for AutoPay.

2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

prosper

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6.95% – 35.99% APR$2,000 to $40,0003, 5
  • Rates: 6.95% – 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: On average, within 5 days of accepting your offer
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Prosper personal loans review

sofi

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5.99% – 18.83% APR$5,000 to $100,0002, 3, 4, 5, 6, 7
  • Rates: 5.99% – 18.83% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 3 business days
  • Loan uses: Solely for personal, family, or household uses

SoFi personal loans review

upstart

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6.94% – 35.97% APR$1,000 to $50,0003, 5
  • Rates: 6.94% – 35.97% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $50,000 ($3,005 minimum in GA; $6,005 minimum in MA)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except IA and WV
  • Min. income: Does not disclose
  • Customer service: Email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Within a day of clearing necessary verifications
  • Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upgrade personal loans review

upstart

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8.27% – 35.99% APR4$1,000 to $50,00053 to 5 years4
  • Rates: 8.27% – 35.99% APR4
  • Loan terms (years): 3 to 5 years4
  • Loan amount: $1,000 to $50,0005
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Min. income: $12,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as 1 – 3 business days6
  • Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Upstart personal loans review

4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

6​If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms

Avant

If your credit is less-than-stellar but you need to borrow money for adoption costs, Avant might be a good option. With Avant, you can borrow $2,000 to $35,000** with terms ranging from two to five years*.

Axos Bank

Axos Bank offers personal loans from $5,000 to $35,000 with terms ranging from one to five years.

If you’re approved, you could have your loan funded as soon as the next business day, which could make Axos a good choice if you need money quickly to cover adoption fees or other expenses.

Best Egg

If you have good credit, you could qualify for competitive rates on a personal loan from Best Egg.

You can borrow $2,000 to $35,000 with Best Egg and could have your loan funded in one to three business days after successful verification if you’re approved.

Discover

Discover offers personal loans from $2,500 to $35,000 to borrowers with good to excellent credit. Repayment terms range from three to seven years, which could make Discover a good option if you’re looking for a long-term loan.

FreedomPlus

With FreedomPlus, you can borrow $7,500 to $40,000 for a wide variety of purposes. Plus, if you apply with a cosigner or are able to show proof of retirement savings, you might qualify for a lower interest rate.

LendingClub

LendingClub is one of the few lenders that allow cosigners on personal loans, which might make it a good choice if you don’t qualify for a personal loan to cover adoption costs on your own.

With LendingClub, you can borrow $1,000 to $40,000 with a term of three or five years.

LendingPoint

LendingPoint specializes in working with borrowers with near-prime credit — generally meaning credit scores in the upper 500s or 600s. If you need to borrow between $2,000 and $25,000 and have poor or fair credit, LendingPoint could be a good option.

LightStream

If you need to borrow a large amount (such as to cover travel expenses or furnishing for a child’s room), LightStream could be a good option, as you can borrow $5,000 to $100,000. You could also get your money as soon as the same business day if you’re approved.

Marcus

Marcus offers personal loans from $3,500 to $40,0002 with terms ranging from three to six years, which could be ideal for adoptive families looking to borrow over a long term.

Keep in mind that if you make your payments on time for 12 months, Marcus will let you defer your payment for one month interest-free.

Prosper

Prosper personal loans range from $2,000 to $40,000 with two available loan terms — three or five years.

Keep in mind that Prosper operates an online peer-to-peer loan marketplace, which means you’ll need to wait for investors to fund your loan. The process from start to finish generally takes about three to five business days.

SoFi

SoFi might be a good option for adoptive parents who need to borrow a large sum, such as to cover travel costs or to help the birth mother with medical expenses.

With SoFi, you can borrow $5,000 up to $100,000. SoFi borrowers also enjoy perks like unemployment protection and financial advising.

Upgrade

If you have poor or fair credit, Upgrade could be another way to go. Upgrade loans range from $1,000 to $50,000. If you’re approved, you could have your loan funded within a day of clearing necessary verifications.

Upstart

Upstart is willing to work with borrowers with poor credit or even no credit history. If you don’t have a credit score, Upstart will also consider your education and job history to determine your eligibility. You can borrow $1,000 to $50,0005 with Upstart.

Learn More: LightStream vs. SoFi

Interest-free adoption loans

Some nonprofit and religious organizations offer interest-free adoption loans to families who qualify. Here are a few to consider:

  • ABBA Fund offers adoption assistance for Christian families. The average ABBA Fund loan is $6,000 to $8,000, and the application review typically takes six to eight weeks.
  • Lifesong for Orphans provides interest-free adoption loans to families based on financial need. Application processing can take four to six weeks.
  • The Oxford Adoption Foundation assists adoptive families with loans up to $5,000. There is no interest on the loans for the first three years of repayment.

No matter which type of adoption loan you choose, it’s important to consider the overall cost of the loan so you can plan for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator below

Enter your loan information to calculate how much you could pay

Total Payment
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With a
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over the life of the
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Grants for adoption

There are also some organizations that provide grants for families who need help covering adoption-related expenses. Here are a few adoption grants to look into:

  • A Child Waits Foundation’s International Adoption Grant Program is geared toward supporting the placement of international orphans and international foster children in family homes. Grant amounts vary but are typically $7,000 or less.
  • HelpUsAdopt.org awards grants four times a year in February, May, August, and November. These grants range from $500 to $15,000 and can be used for domestic, international, and foster care adoptions.
  • The National Adoption Foundation offers grants from $500 to $2,000, depending on the adoptive family’s needs. The funds can be used for any adoption-related expense.

Check Out: Average Personal Loan Interest Rates

Adoption loan frequently asked questions

If you’re considering an adoption loan, here are the answers to some common questions:

Can you get a loan for an adoption?

Yes, you can. There are generally two types of loans that can be used for adoption costs:

  1. Personal loans can typically be used for any personal expense, including adoption. Depending on the lender, you might be able to borrow a few hundred dollars up to $100,000 or more. The time to fund for personal loans is usually one week or less — though some lenders will fund your loan as soon as the same or next business day if you’re approved.
  2. Adoption-specific loans and grants are generally provided by nonprofit and religious organizations and might come with low or no interest. Keep in mind that these types of adoption loans tend to come in small amounts, and your application could take weeks to process — if you’re approved at all.

Learn More: How to Get a $20,000 Personal Loan Fast

Can you get an adoption loan with bad credit?

Yes, there are personal loan lenders willing to work with borrowers who have bad credit. However, keep in mind that bad credit loans tend to come with higher interest rates compared to good credit loans.

Here are Credible’s partner lenders that offer personal loans for bad credit:

Tip: If you’re struggling to get approved for a personal loan on your own, consider adding a cosigner to your application. Not all personal loan lenders allow cosigners on personal loans, but some do.

Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

Check Out: Where to Get a Personal Loan

Can you get an adoption loan with a low income?

You’ll generally need verifiable income to qualify for a personal loan for adoption, though the actual amount required will vary depending on the lender.

Some lenders will accept a lower income as long as you can afford the new loan on top of any existing debt you already have.

For example: Prosper and Upstart — two of Credible’s partner lenders — have less stringent income requirements.

Prosper only requires that you have some form of income and a debt-to-income ratio below 50%. And Upstart requires that you have a regular source of income or be able to show that you have a job offer starting within the next six months.

Here are Credible’s other partner lenders that might accept a lower annual income:

Learn More: How to Get a $50,000 Personal Loan

How else can you finance an adoption?

There are also other ways to finance an adoption besides loans and grants. Here are a few options to consider:

  • Personal line of credit: This is a type of revolving credit that you can continually draw on and pay off, similar to a credit card. This could be helpful for ongoing expenses. Just keep in mind that a personal line of credit might have a higher interest rate than a personal loan.
  • Cash-out refinance: With this type of home refinance, you’ll refinance for a higher amount than you owe on your house and get the remainder as cash minus any closing costs. This would essentially bundle your adoption expenses into your mortgage and would spread out payments over your mortgage term. However, you’ll also be paying mortgage closing costs with a cash-out refinance — closing costs on a home refinance are typically $5,000 on average.
  • Home equity loan: This type of loan lets you tap into the equity you’ve built in your home. Because the loan is secured by your home, you might get a lower interest rate than you would on a personal loan. However, keep in mind that you could lose your home if you default on the loan.
  • Borrowing from friends and family: This could be a much less expensive option compared to borrowing from a lender. However, you could also strain your relationships if you fail to repay the loan, so be sure to borrow wisely.
  • Crowdfunding: There are several crowdfunding platforms, such as GoFundMe, that could help you run a campaign to raise money for adoption. This could be especially effective if you have a compelling adoption story to help your campaign gain traction. However, keep in mind that the crowdfunding platform might charge a transaction fee for each donation, so be sure to factor that into your fundraising goal.

If you decide to take out a personal loan to cover adoption expenses, be sure to shop around and compare as many lenders as possible to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.



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