Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Written by Sara Routhier
Director of Outreach Sara Routhier

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Jun 29, 2022

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  • Adopting a child is expensive; it could cost upwards of $50,000
  • There are a number of different expenses you may need to cover, including travel, education, legal fees, adoption fees, medical care, and more
  • While it is expensive to adopt, there are a lot of different options prospective parents have to finance an adoption

Adopting a child is one of the most exciting and beautiful moments life can offer, but it is also expensive to adopt in many cases.

Adoption loans come in many forms, the most common being a personal loan. Parents have a wide array of options when it comes to financing an adoption.

Adoption costs can be as much as $50,000 or more in some cases. That is quite expensive, but there are a number of different financial resources parents can tap into to make their adoption a reality.

We’ll take a look at the best ways to finance an adoption. Adoption loans make dreams come true; they create families. If you’re eager to adopt a child, but you’re not sure you can afford it, keep reading.

If you’re ready to apply for an adoption loan, enter your ZIP code above to compare adoption loans in your area.

What options do I have to finance an adoption?

There are three main ways people finance their adoptions: personal loans, a home equity line of credit, and personal lines of credit. Any one of these three options may be the best choice for you.

We’ll take a closer look at each one of these adoption loan options so that you can start to figure out which choice makes the most financial sense for you moving forward.

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Can I get a personal loan to finance an adoption?

Adoption loans are available from a number of different resources. These loans will be written in the same way a personal loan is. You could go to your bank, credit union, or another lending institution and apply for a personal loan through them.

Working with your bank or lender might be your best available option, and it could be the quickest way to loan approval since you already have a standing relationship with your bank.

However, personal loans from these lenders will have higher interest rates and more fees than the next type of personal loan we’re going to look at.

When you want to get the best possible loan terms, it sometimes makes more sense to get a loan catered to your needs, like an auto loan or a student loan.

Are there loans designed for adoption?

There are personal loans designed specifically for parents looking to adopt a child.

These loans are written by a number of organizations that support adoption efforts. These organizations include Oxford Adoption Foundation, ABBA Fund, Hebrew Free Loan, A Child Waits Foundation, Lifesong for Orphans, and many more.

The advantage of these loans is that they often have very low or no-interest rates. Plus, these organizations will not be trying to make money off hidden fees and other costs. The goal of these organizations is to help kids get adopted.

You should keep in mind that while these loans for adoption will probably offer better terms and interest rates, they may not cover all of your adoption costs.

Just because you get a loan from one of these organizations does not mean you couldn’t get a personal loan from your bank as well to cover the remaining costs.

If you’re interested in the full array of adoption loans and grants available through these adoption organizations, visit the government’s Child Welfare website.

Can I use a home equity line of credit to finance an adoption?

If you own a home, you could apply for a home equity line of credit (HELOC) to help finance your adoption. What is interesting about this option is that a HELOC is a revolving line of credit that allows you to borrow money multiple times during what is known as the “draw period.”

Once your draw period has ended, you will need to pay back the money you borrowed. Sometimes this money is due all at once, and other times you may have a repayment period in which you pay back the money you borrowed.

This might be a great option if you’re not sure how much money you’ll need to complete your adoption and you want an easy way to borrow more money should you need it.

The one major downside of this type of borrowing is that should you fail to pay back the borrowed money; you could lose your home.

Also, HELOCs generally have variable interest rates that fluctuate over time. This could end up costing you more money in the long run.

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Can I use a personal line of credit to finance an adoption?

Personal lines of credit, like a credit card, give you the ability to borrow multiple times should you need it. However, credit cards and other personal lines of credit typically have much higher interest rates.

Speak with your banking or lending institution to see if you even qualify for a personal line of credit. Generally speaking, you need an excellent credit score to secure a personal line of credit.

You should be wary of running up too much credit card debt, as the interest rates on these cards are pretty high.

Adoption Loans: The Bottom Line

Adoptive parents have a number of different options available to them when it comes to financing an adoption.

Your best bet is probably a personal loan through an organization that specializes in adoptions. These loans will offer the best terms.

You should speak with an unbiased financial consultant when you’re trying to decide how to finance your adoption. They will be able to give you a clear view of your best path going forward.

If you’re ready to apply for an adoption loan, enter your ZIP code below to compare adoption loans in your area.