Personal Loans

Adoption Loans: What You Need to Know

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Kids are expensive regardless of how they enter your life. The U.S. Department of Agriculture estimates that families spend an average of $233,610 to raise a child. That’s almost $13,000 a year.

But adoption can be even more expensive. According to the Child Welfare Information Gateway, adoption can cost you up to $40,000 — or more if you adopt from another country. The high cost may lead you to take out an adoption loan.

What is an adoption loan?

An adoption loan is a personal loan used for adoption-related expenses, which can include court costs, agency fees and travel, among other things. It’s important to review each personal loan lender to see where you can get the friendliest repayment terms and lowest interest rate. Not all loans offer the same benefits, so make sure you consider as many as you can before deciding.

4 adoption loan lenders to consider

Compare personal loan lenders by filling out an online form on LendingTree, you can receive offers from up to 5 different lenders based on your creditworthiness. This allows you to see which ones best fit your financial situation but don’t require a hard credit inquiry that could hurt your credit score.


Loan range: $5,000 – $100,000¹
APR: 3.99% – 19.99%
Terms: 24 to 144 months
Credit requirement: Not specified
Origination fee: No


Loan range: $5,000 to $100,000²
APR: 5.99% to 18.28%
Terms: 24 to 84 months
Credit requirement: 680
Origination fee: No

Best Egg

Loan range: $2,000 to $35,000³
APR: 5.99% to 29.99%
Terms: 36 or 60 months
Credit requirement: 640
Origination fee: 0.99% - 6.99%


Loan range: $1,000 to $50,000
APR: 7.98% to 35.99%
Terms: 36 or 60 months
Credit requirement: 600
Origination fee: Up to 8.00%

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Qualifying for an adoption loan

Each lender has different eligibility requirements for personal loans. In general, though, the better your credit score, the lower your interest rate. If you have less-than-stellar credit, explore lenders who can help you with fair credit.

Lenders will look at your credit history to check your creditworthiness. They’ll also look at your income. If you don’t have a stable job or a steady paycheck, this shows lenders you may not be reliable enough to pay back your loan. Check your credit score and look through your credit history before applying for a loan. This way, you know what lenders are looking at when they review your application.

Remember that you should only borrow what you need. While many lenders have the option for you to borrow a lot of money, that doesn’t mean you need to take it all out. Review your adoption-related expenses before taking out your loan. If you’ve already paid for the expenses with a credit card, take out a loan to pay off the credit card debt. This is also referred to as a credit card consolidation loan.

Alternative funding options

While a loan can be a tremendous help to families who can’t otherwise afford an adoption, it’s not the only option you have. Consider some other ways to cover adoption costs.


Instead of borrowing money, try to get gifted money. awards grants to those trying to adopt a child. Grants go up to $15,000. The National Adoption Foundation also awards grants, ranging from $500 to $2,000.

Family help

Reaching out to a friend or family member to help cover the costs can take away the strain of borrowing from a lender. Lenders demand monthly payments and include interest rates, but family and friend borrowing may not be as stringent.

Borrowing money from friends and family is doable if there’s a clear understanding from both sides. Make sure you have a repayment plan in place and be open if you run into any hiccups that would change that plan.


Getting family and friends to help pitch in is a great way to ask for money without putting the onus on only one person. AdoptTogether is a crowdsourcing site that is specifically intended for raising money for adoption. AdoptionBridge also allows you to crowdsource your adoption. Other major crowdfunding sites, like GoFundMe, are available, too.

This allows anyone who can spare a few extra dollars to contribute to your adoption costs. As they say, “it takes a village” to raise a child, and this lets your village help out.

Should you get an adoption loan?

Personal loans for adoption are available and ready if you need them. But if you don’t have stellar credit, you might not qualify for one.

Luckily, you have other options to help lower costs. Explore grants that are available for adoption-related expenses. Ask your friends and family to help as well. Adoption is already a long and complicated process. Having money to cover the costs shouldn’t slow down your adoption journey.

However you choose to proceed, it is important to research different lenders, examine your finances, and take all factors into consideration before applying for a personal loan to cover adoption expenses.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

¹**Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

²Fixed rates from 5.99% APR to 18.28% APR (with AutoPay). SoFi rate ranges are current as of October 5, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

³The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.


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