Adoption loans are a great source to consider when financing your adoption journey. There are many reasons a loan just may be the perfect fit for your particular situation.
Here are four reasons to consider getting a loan to fund your adoption.
- Having financing available in the bank allows for surprise situations. The most typical way to welcome a new child into your home is to match with the birth parents, wait several months for your child to be born, and then bring them home. However, many times a situation arises unexpectedly, like the baby is already born or the potential birth parents are ready to view profiles. In case you are chosen during one of these sudden events, you will be expected to submit payment immediately. Having financing available will allow you to share your profile with those potential birth parents looking to match right away. This also works for when the potential birth parents are looking to choose a family for a child already born.
- Be prepared for unexpected medical or travel needs. For non-local adoptions, you will be required to travel. Traveling and lodging can add up, especially if your child’s birth mom experiences a false or long labor, or if your baby needs extra time at the hospital. You can tally up quite a total for all of your days waiting for ICPC clearance for you to return to your home state. Having funds available to you will allow for less stress and more flexibility during your out-of-town stay or during a lengthy stay in the NICU.
- Adoption loans are low to no interest. Adoption loans have a lower interest rate than other typical loans or credit cards. Your total interest payments will actually not be as large as you would think when you select a loan specifically for adoption purposes. There are also non-interest loans that can allow you to slowly pay portions of your adoption without needing to gather all funds up front.
- Keep your cash on hand for raising your child. Something common for all adoptive parents to speak about is the fact that you spend so much money on the adoption journey that there is little left to actually raise your child and buy all the things you need. Keep your savings account and cash on hand and consider a low to no interest loan to spread out the cost of adoption over a longer period of time, keeping you from becoming financially drained.
A few places to research for no to low interest loans: