Best Adoption Loans and Grants in 2024

Find adoption loan lenders with the friendliest terms

See Personalized Rates
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured  |  Advertising Disclosures
 
Written by Carol Pope | Edited by Jessica Sain-Baird and Xiomara Martinez-White | Updated December 29, 2023
Best For:
Long-term loans
lender-logo
Get RatesRead More
Best For:
Excellent-credit
lender-logo
Get RatesRead More
Best For:
Fair-credit borrowers
lender-logo
Get RatesRead More
Best For:
Bad-credit borrowers
lender-logo
Get RatesRead More
Best For:
Joint adoption loans
lender-logo
Get RatesRead More
Best For:
Interest rate discounts
lender-logo
Get RatesRead More
+
More Options

Adoption loan lenders at a glance

Best for long-term adoption loans

6.99% - 25.49% with autopay

$5,000 - $100,000

24 to 84 months

No origination fee

Not specified

Pros

  • One of the longest repayment terms on the market
  • Large loans available
  • No origination or late fees
  • Competitive maximum APR

Cons

  • Only those with good-to-excellent credit are eligible
  • No prequalification process
  • Borrowers not enrolled in autopay can only repay via mail or their bank’s billpayer service

What to know

+

LightStream (owned by Truist Bank) is an online lender that offers loans with flexible terms. Welcoming a new member to your family comes at a cost, but LightStream’s maximum loan amount of $100,000 and extended repayment terms may ease some of the burden. However, you’ll need to agree to a hard credit pull to learn if you qualify — LightStream doesn’t offer prequalification.

Read our full LightStream personal loan review.

How to qualify

+

LightStream doesn’t disclose its exact eligibility requirements, but it does state that it only approves borrowers with good-to-excellent credit. It also reviews applicants’ credit history, assets, debt-to-income ratio and payment history.

See Your Personalized Results

Best for excellent-credit borrowers

8.99% - 35.99%

$2,000 - $50,000

24 to 60 months

1.00% - 9.99%

560

Pros

  • Low minimum APR for the most qualified borrowers
  • Flexible due dates
  • Co-applicants allowed

Cons

  • Funding timeline can be lengthy
  • Charges multiple fees (late payment, check payment, insufficient funds and origination)
  • Not available to those with fair credit or lower

What to know

+

Prosper is a peer-to-peer lender, which means that private investors will fund your loan rather than a financial institution or company. Unfortunately, this business model can make for a lengthy funding timeline (investors have 14 days to fund your loan). But if you have excellent credit, the wait could be worth it, as you could qualify for a competitive APR (as low as 8.99%).

Read our full Prosper personal loan review.

How to qualify

+

Prosper’s eligibility requirements are a bit vague. Applicants do need to have a credit score of at least 560, a personal bank account and a Social Security number. Notably, this lender doesn’t offer loans in Iowa or West Virginia. However, Prosper does have a prequalification process that allows you to check eligibility without dinging your credit score.

See Your Personalized Results

Best for fair-credit borrowers

8.49% - 35.99% with autopay and other discounts

$1,000 - $50,000

24 to 84 months

1.85% - 9.99%

580

Pros

  • May be available if you have less-than-perfect credit
  • Extended repayment terms
  • Could have funds the next business day after approved
  • Short-term hardship program available

Cons

  • High maximum APR
  • Potential for high origination fee
  • $10 late payment fee

What to know

+

Upgrade is a fintech company that offers personal loans to a wide range of consumers, including those with fair credit. One of this company’s standout features is its hardship program. This benefit could provide breathing room if a situation arises, but you’ll need to call Upgrade for further details. It also offers a repayment term longer than most. Beware, though, of the company’s high origination and late payment fees.

Read our full Upgrade personal loan review.

How to qualify

+

Upgrade doesn’t release its specific requirements, but it does evaluate applicants based on their credit score and credit history. You must also be a US citizen, permanent resident or live in the US with a valid visa. Only those of the age of majority in their state are eligible, and you must have a verifiable bank account and email address.

See Your Personalized Results

Best for bad-credit borrowers

7.80% - 35.99%

$1,000 - $50,000

36 or 60 months

0.00% - 12.00%

300

Pros

  • May be available to those with bad or no credit
  • Low minimum APR for qualified borrowers
  • Can prequalify before applying

Cons

  • Origination fee can reach 12%
  • Repayment term not as flexible as some lenders
  • No joint loans

What to know

+

Upstart is a lending platform that issues personal loans through partner banks. Rather than relying on credit score alone, Upstart also considers your education, employment and financial background. It also has a minimum credit score of 300. There’s no guarantee you’ll be approved, but Upgrade may be the best option if you have no credit or bad credit. Excellent-credit borrowers may also see APRs as low as 7.80%. Note, however, that Upgrade loans can come with an expensive origination fee.

Read our full Upstart personal loan review.

How to qualify

+

Other than the eligibility requirements previously mentioned, Upstart also reviews applicants’ debt-to-income ratio. It may also cancel your loan if any adverse actions appear on your credit report between your approval and when your loan is disbursed. You must also have a positive borrowing history with Upstart (if you’re a returning customer), have a full-time job, full-time job offer or a regular source of income.

See Your Personalized Results

Best for joint adoption loans

8.99% - 35.99%

$5,000 - $50,000

24 to 60 months

1.99% - 6.99%

620

Pros

  • APRs are on the low end
  • Multiple APR discounts, including a co-borrower discount
  • Same-day approval decisions

Cons

  • Charges an origination fee
  • High minimum loan amount
  • Fewer repayment terms than some

What to know

+

Couples looking to adopt may want to prequalify for a loan through Achieve. This lender not only offers joint loans, but also an APR discount for co-borrowing. Discounts notwithstanding, Achieve tends to have competitive APRs and can approve you for a loan quickly — however, you’ll need to borrow a minimum of $5,000.

Read our full Achieve personal loan review.

How to qualify

+

To determine if you meet its personal loan requirements, Achieve will pull your credit report. You may also need to provide proof of income, proof of identity, your employment status and Social Security number.

See Your Personalized Results

Best for interest rate discounts

8.99% - 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

$5,000 - $100,000

24 to 84 months

0.00% - 7.00% (optional)

680

Pros

  • Loans up to $100,000
  • Wide variety of repayment terms
  • No required fees

Cons

  • Need good credit or better to qualify
  • High minimum loan amount
  • Relatively high minimum APR

What to know

+

Eligible borrowers could get a SoFi personal loan of up to $100,000 to help pay adoption costs. You’ll need good credit or better to qualify. SoFi offers a 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount (if using an eligible SoFi account for direct deposit).

Read our full SoFi personal loan review.

How to qualify

+

To qualify for a Sofi personal loan, you must be at least 18 years old and a US citizen, permanent resident or visa holder. You must also be employed, have an employment offer that starts in 90 days or a regular source of income, such as alimony. SoFi also reviews your current level of debt, income, expenses and professional experience, among other credit-related factors.

See Your Personalized Results
loading image

Interest-free adoption loans

Some religious organizations offer interest-free adoption loans, but you’ll likely need to identify as a certain faith to qualify.

  • Lifesong for Orphans: Those that follow the Christian faith can apply for an interest-free adoption loan, adoption grants or set up a fundraising campaign through Lifesong for Orphans.
  • Pathways for Little Feet: Pathways for Little Feet can provide interest-free adoption loans of up to $10,000 to eligible Christian couples. The organization also offers grants for post-adoption therapy for adopters, adoptees and birth mothers.

On this page

How do adoption loans work?

Between home studies, lawyer and agency fees, travel expenses and more, adopting a child can cost tens of thousands of dollars. While this expense is worth it for many, it does cause a barrier for entry that some potential adoptive parents have a hard time hurdling. That’s where an adoption loan might help.

An adoption loan is a personal loan used to help fund the adoption process. Potential borrowers fill out an application — if approved, they’ll receive their funds in a lump sum, which can be used for nearly anything. Then, the borrower will begin repaying their loan in monthly installments, usually about 30 days after the loan is disbursed.

How to compare adoption loans

Welcoming a new member to the family is a joyful occasion, but such a big change can also be stressful — the same may be true when borrowing money. Learning how to compare adoption loans could empower you to find the lender that’s best for your unique situation.

When reviewing your loan offers, pay attention to:

Eligibility requirements: Some lenders specifically cater to borrowers with excellent credit, while others are willing to take on people with rockier credit. Get your free credit score to know where you stand and target lenders with attainable eligibility requirements.

APRs: The higher your APR, the more expensive your loan will be. If you have excellent credit, compare minimum APRs across lenders. If you’re shopping for bad credit loans, look at maximum APRs.

  Use our personal loan calculator to understand the true cost of your loan, considering interest.

Term lengths: Choosing a term length is a delicate balance. The longer your term, the lower your monthly payment — but the more interest you’ll pay over the life of your loan. Choose a term that provides affordable payments but also minimizes your total interest.

Fees: Keep your eyes peeled for excessive fees. Origination fees are quite common on personal loans, though not every lender charges them. Some lenders also levy fees for late payments, insufficient funds and paying by check.

Maximum loan amounts: Adoption can be expensive and depending on how much you have saved, you might need a large loan. Make sure the lender you’re applying for can supply the funds you need.

Customer service: The last thing you need after adoption is poor customer service from your personal loan company. Check out LendingTree’s lender reviews before committing.

Alternatives to adoption loans

If you don’t want to take out an adoption loan, you may have other options.

Adoption grants

Frequently issued by nonprofit organizations, an adoption grant is money that you don’t have to pay back. If you can, maximize grants before taking out loans to lower your out-of-pocket expense. Some popular adoption grants include:

  • HelpUsAdopt.org: HelpUsAdopt offers adoption grants from $1,000 to $20,000 to cover lawyer or adoption agency fees. You must demonstrate financial need and priority goes to those who don’t have children. Unlike some organizations, HelpUsAdopt doesn’t charge any fees to apply.
  • The National Adoption Foundation: The National Adoption Foundation provides adoption grants and low-cost adoption loans. Its grants have no income requirement, range from $500 to $2,000 and can be used for any adoption-related expense. However, you’re required to pay a $15 processing fee with your application.
  • A Child Waits Foundation: Grants from the A Child Waits Foundation are between $1,000 and $7,500. With some exceptions, applicants must have an annual income less than $150,000. You’ll also need to pay a $20 application fee.
  • Gift of Adoption Fund: To qualify for a grant from the Gift of Adoption Fund, you must demonstrate financial need; there’s also a $50 fee to apply. If you’re eligible, though, you could be awarded between $1,000 and $7,500 (with an average grant totalling $3,500).

Adoption crowdfunding

With crowdfunding, you could find a little help from your friends (and strangers). AdoptTogether is a nonprofit organization and crowdfunding platform where anyone can donate money toward your adoption journey.

AdoptTogether is free to join — simply create a profile including family pictures, your adoption story, the amount of money you need and the crowdsourcing will begin. Eligible applicants can also request adoption grants.

HELOC

A home equity line of credit (HELOC) is a type of secured loan that uses your house as collateral. The amount you can borrow (and at what interest rate) depends on several factors, including your home’s appraised value, your equity and your credit score.

For a set number of years (called the draw period), you can borrow as many times as you’d like, up to your HELOC limit. Eventually, you’ll enter the repayment period. This is when you’ll pay back what you borrowed, either in a lump sum or in monthly installments.

Still, HELOCs can be risky: If you don’t hold up your end of the bargain, you’ll lose your home. At the same time, they can be helpful for the disciplined borrower, and provide a significant amount of money to use for adoption expenses.

How we chose the best adoption loans

We reviewed more than 28 lenders to determine the overall best adoption loans. To make our list, lenders must offer joint loans with competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

Adoption loans are personal loans, and the best place to get a personal loan largely depends on personal preference. You can find personal loans online or at brick-and-mortar banks and credit unions. You may also be eligible for interest-free adoption loans, depending on your religious alignment.

Adoption grants are better because you don’t have to pay them back, but they usually provide less funding than personal loans. You may need to supplement your grant with a loan or crowdsourcing.

Before you can adopt, you must complete a home study. A home study evaluates your fitness to be a parent, including your living situation, physical and mental condition and finances. While you may not need to meet a certain income level to adopt, you must demonstrate that you are financially capable of caring for a new family member.