Should You Take Out a Loan for Adoption?

By Lifesong for Orphans Jun 8, 2022 3 Min Read

Adoption funding can be overwhelming.

Which is why money is the #1 reason families who consider adopting don’t do it.

For many families, getting help with adoption funding can be the difference between adopting and not being able to bring a child home.

So what about adoption loans? Should you take out a loan for adoption?

Here are 3 things to consider—

First, not all loans are created equal.

Some lenders offer adoption-specific loans, but you may also be able to qualify for a personal loan to finance your adoption fees.

Regardless of the type you take, look for the lender that offers the:

lowest interest rate
friendliest long-term repayment terms

Once you’re home with your child, financing the adoption shouldn’t be your greatest concern.

Check personal loan rates from multiple lenders using Credible.

Second, you have options.

Here at Lifesong, we offer interest-free loans through covenant agreements where adopting families repay the loan through manageable monthly or annual payments.

But we aren’t the only ones.

Several nonprofits and religious organizations now offer interest-free adoption loans. Here are two we recommend:

Finally, keep in mind that there are alternatives

There are options other than taking out a loan to fund your adoption.

Adoption grants
Online crowdfunding platforms (like ours here at Lifesong, MySTORY)
Donations from friends and family
Employer adoption assistance
Fundraising support

Some families keep it simple and send out letters or emails telling their story and sharing their financial need. Others get resourceful and organize events to encourage donations. Depending on how creative you’re feeling, the possibilities are almost endless.

So, here’s some good news. As over 10,000 families we’ve served in the last 20 years can attest, if God calls you to adopt, He will provide. And here at Lifesong, we’d love to cheer you on as you do His will.