Credit Score Basics > How to get a fertility loan with bad credit

How to get a fertility loan with bad credit

Wollit Team2 minute read · Updated 1st July 2024

To get a fertility loan in the UK, there are various financing options to help with the costs of fertility treatments. Here is how you can get a fertility loan in the UK, even with a bad credit score.

How do fertility loans work in the UK?

Fertility loans are specialised financial products meant to help people cover the expenses associated with expensive fertility treatments, such as IVF and egg freezing.

These loans provide a way to manage the significant costs involved in these procedures, making them more accessible to a wider range of people.

Are there any lenders that specialise in fertility loans for people with poor credit?

Yes, there are UK lenders that specialise in fertility loans for people with poor credit. Here are a few options:

Chrysalis Finance: Chrysalis Finance is a specialist lender that provides finance for private healthcare procedures, including fertility treatments.
Kandoo Finance: Kandoo Finance is a regulated credit broker that offers flexible finance options for healthcare, including fertility treatments.
Aro: Aro is a credit broker that also offers medical loans, including fertility treatments. They offer a data-driven marketplace where you can compare medical loan options without affecting your credit score.

While these lenders charge higher interest rates than traditional ones, they can give you a viable option if you’re seeking a fertility loan despite having poor credit. However, you need to carefully review the terms, interest rates, and fees associated with each loan before making a decision. Bad credit loans often come with excessive interest rates, short repayment periods, and low loan amounts.

How can I get better terms?

If you want to get better terms on a fertility loan or any kind of medical loan for that matter, you have a few options:

Offer collateral. Secured loans often have lower interest rates and can offer larger amounts. However, your home will be at risk if you can’t make repayments on time.
Get a guarantor. Having a guarantor with a good credit score can increase the chances of loan approval and potentially secure more favourable loan terms.
Improve your credit score. Taking steps to improve credit scores, such as paying off existing debts and paying bills on time, can make you eligible for loans and credit cards with much better terms than the fertility loans for bad credit.

The good news is that there are many ways to improve your credit score. One of the best ones is to download a specialised credit-building tool like Wollit.

Wollit is an app available both on Android and iOS, and it works by reporting a fixed-fee monthly subscription as a loan repayment to all three credit reference agencies.

This builds your credit history and helps you improve your credit score. Eventually, a better credit history will increase your approval chances for affordable loans that can cover the cost of the fertility treatments you need without sending you into a debt spiral.