Some people get lucky when it comes to adoptions. They meet the right person at the right time and become the parent of choice for a mother putting her child up for adoption at birth. This scenario is not as common as many adoptive parents prefer. 

More commonly, children enter the system first or there are other barriers that only time, professional experience, money and a bit of luck can help to take down. The one factor that parents have control over is funding, so it is not a bad idea to get this underway as soon as possible. 

Options for adoption loans 

There are several companies only too eager to extend credit to hopeful parents. Some require great to excellent credit scores to get approved, but not all of them are this strict on their requirements. Credit Karma recommends the following options: 

  • Personal loans  
  • Home equity lines of credit 
  • Personal lines of credit 

Alternatives to loans 

If you do not have good credit or higher or you just prefer not to start parenthood off with debt, there are other options to consider: 

  • Using adoption benefits from employers, if available 
  • Taking the federal adoption tax credit, if eligible 
  • Asking family and friends for donations 
  • Applying for adoption grants 
  • Hosting a fundraiser event 

Another important option is to consider a child in the foster care system. These children often cost parents less to bring them into their families and the government may offer some assistance to make the process easier. 

WalletHub points out that while loans are a great way to pay for adoptions, parents may want to keep adoption costs as low as possible. After all, adoption is only the first step. Other costs involve furnishing bedrooms, buying school supplies, purchasing more groceries each month, preparing to fund extracurricular activities ― and the list goes on. The less the family has to worry about debt payments, the more time and freedom they have to enjoy the happier side of parenting together.