Are you struggling to find an adoption loan with bad credit? Have you been turned down for a personal loan because of your credit history? Are conventional lenders refusing to work with you, even if they do approve of your chosen agency or adoption attorney?
Adoption loans for people with poor credit are particularly rare. Most agencies and attorneys will not provide loans to their clients, especially ones that have been declined elsewhere. Fortunately, there are still some private organizations out there that can help adoptive families secure the funds they need.
The following is a list of options for adopting parents who have been refused financial aid from most agencies and/or attorneys:
1) Look into the legislative services offered by certain charitable foundations. These types of foundations can help parents secure the funding they need to adopt, but there are deadlines and requirements that must be met.
2) Work with an adoption attorney. While most will not provide loans (and some will even refuse you as a client if your credit is bad), some do offer financing options after the child has already been placed with their family, or by using secondary lenders.
3) Utilize online services. There are money-for adoptive parents available on sites like “Adoption Fundraising” (which can actually help you get started planning for your big day!), “Go Fund Me,” and other similar websites designed to help people who have a cause, need funding for something, etc…
4) Try applying for a loan through a peer-to-peer loan company. These types of lenders are becoming more widely used as people become less satisfied with traditional banks and more interested in finding a better deal on loans where they can receive the money faster.
5) Check with your agency. Some agencies, especially those that provide government-subsidized or sliding scale fees, will also offer options for financing their adoption costs. If you want to be sure to utilize all possible sources for funding, you should check with them first.
6) Talk to both credit and non-credit providers alike. For example, if someone has one car payment due every month until late 2021, this is going to have a far greater impact on their credit score than if they don’t make any other payments like utilities, phone bills, etc.
This is why it’s a good idea for potential adoptive parents to speak with both credit and non-credit providers alike in order to get the best rates possible on their loans.
7) Look into low-interest rate adoption loans. There are many lenders who specialize in providing loans specifically targeted towards helping parents finance all of the different costs associated with adopting a child, even if they have bad credit already.
Other options include looking at borrowing from friends or family members, utilizing grants available through professional organizations, local governments, state governments, religious institutions, etc., and other creative ways of getting cash fast.
Bottom line: Adoption is an incredibly cost-intensive process that can be very expensive for would-be adoptive parents but you do have options so be sure to take advantage of them.
