Adoption.com is partnering with Prosper.com to provide hopeful adoptive parents across the U.S. with access to low-interest, unsecured adoption loans.
This means that these new loans for hopeful adoptive parents are not dependent on collateral for the loan, but that they are dependent on the credibility or worthiness of the person getting the loan.
The fact that they are low interest means that, for hopeful adoptive parents, much of the cost will go down. The interest accrued over the time of having the loans will be smaller than others where the interest is high and accrues more money to it over usually a longer time.
“While many adoption lending programs are specific to individuals living in certain geographical regions or belonging to specific faith groups, this program is available to anyone in the U.S. who qualifies financially,” said Nathan Gwilliam, CEO of Elevati, LLC, which is the parent company of Adoption.com and its satellite sites.
The partnership was formed to address a concern that is universal among hopeful adoptive parents: affording the costs of adoption. “I noticed that some of the most-accessed content on our website was about affording adoption,” said Gwilliam. “And I realized that this was a need we could help meet. So we set out trying to find the best possible lending program with which we could to partner.”
The hope is that by providing easier access to low-interest, unsecured adoption loans that can be paid back over a period of years, adoption will become a more affordable prospect for more hopeful adoptive parents.
Prosper.com offers unsecured loans ranging from $2,000 – $35,000. Prosper’s loans are guaranteed to be free of hidden fees and prepayment penalties. Borrowers can select the period of time (anywhere from 3 – 5 years) in which the loans are paid back.
The application process can be started at adoption.com/loans.