HELP --Where can we apply for an adoption loan??

[girlgator95]

Hi All,
We were discharged on 12/6/11. In May of 2012, we adopted a 4-yr-old boy and now need to pay for $5,000 in adoption fees ASAP. We tried to get a loan through a Christian agency but because of the unique circumstances of our adoption, we didn't qualify (had to do with timing of placement). We tried applying at our credit union, but they turned us down (even if we had a co-signor w/excellent credit). My husband makes good money and we don't have any debt, other than vehicles (one of which is paid off in Feb. 2013). Any banks that you'd recommend going to for this? It would probably have to be one that handles signature loans, as we are renting and do not have a house for collateral. We can probably get some help from a family member, but we were hoping to handle this on our own. We should get most of the money back in our taxes next year, so we really want to do this on our own if at all possible. Thanks in advance for your advice!!

GG95

[Logan]

Best bet would be a personal loan and usually you get those from credit unions.
Good luck.

[AngelinaCat]

But her credit union turned them down. Girlgator, I don't have any bright ideas right now, but I will keep thinking.... Congratulations on your new family member. I hope everything works out.

[basketsbears]

Congrats on your new son!

Is there anyway you can pay the adoption fee in installments?

[Logan]

But her credit union turned them down. Girlgator, I don't have any bright ideas right now, but I will keep thinking.... Congratulations on your new family member. I hope everything works out.

They could try another credit union? Long shot I'm sure.
If you have no debt and good income you need to cut back on some spending and save the 5K. In fact, if you have no debt and a good income and now a child you really should be aggressively saving to have a 3 to 6 month emergency fund. You should listen to some of Dave Ramsey's radio shows and he'll talk you into saving an emergency fund--keep in mind that he pushes Christianity and is majorly anti-credit which both get annoying after a while.
Logan

[Amy26]

Yea I would recommend trying another credit union and/or trying to put it on a credit card if you really really have to. Sometimes its easier to qualify for a credit card than it is to get a personal loan. You may even find something with a zero percent intro rate or something. If you are hard pressed to find another credit union I would suggest Digital Credit Union. They are friendly to BKers and have been known to be generous. I just refinanced 2 car loans with them and got a credit card with them in one credit pull.

[bcss]

You could probably borrow up to $4k from Prosper (I hope I can mention a company name?) but the interest rate is like 31%. See if you can make payments on it. Good luck.

[tess_bk]

Hey GG, congratulations on your new family member! Have you talked with anyone at your church about your challenge? I have read a lot of stories of people who adopted a child and paid the fees via fundraisers and garage sales and the like, sometimes put on by their churches or by friends within the churc. I can also recommend a book called "Adopt without Debt" by Julie Gumm. (She has a blog at juliegumm.com that covers the same subject if you can't find that book at your library.) Best of luck. You did a good thing.

[tobee43]

i KNOW it's not wise to borrow for family, but FOR family, i would run to the closest sibling with money and ask for the loan. i know many do not agree, but this is a child we are talking about here not a tv or a car, a baby.

i know i'm in for a few bucks! set up a web site and see maybe if you can donations? anything! start a local drive. i know you asked christian charities, but how about your church...any church????