This whole adoption loan thing is a LOT harder than I thought it would be. It might seem like arranging financing should have been the first step in the process, but it can't work that way.
o I had to have a completed home study ($1,300) in order to apply for grants
o Until I found out about grants, I didn't know what my budget would be or how much I'd need to borrow
o 1 of the 3 grants I qualify for only awards funds after you've been matched with a child (which is ridiculous, because it means I'd have to commit to a child and a budget before knowing if I could actually afford the adoption)
o No luck with grants so far, so I've narrowed my plan to private adoption and a bare bones budget
The best loan rate I've found so far is 13% on a 36 month loan, through a peer-to-peer lending network (came highly recommended by another single mom). However, Idaho wasn't an option on their application so I'm not sure if they loan here. And while I'd get a big chunk of money back through a tax refund, I'd have pretty high payments due until that refund came through, since it's a only 36-month loan.
I'm also waiting to hear back from my Texas credit union on a personal loan, but I don't expect that rate to be below 15%.
I continue to apply for grants and will find out about the next rounds at the end of March and mid-June. Until then, geez. Who knows.
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