Adoption of a child is a complex process that requires a lot of patience from future parents and lasts a long time.
However, if everything goes well, children’s laughter will sound in the house of the adoptive parents – such happiness is worth every minute spent. To make the complex procedure as easy as possible, it is necessary to know the adoption procedure and be ready for all the pitfalls.
Adoption is taking a child in a family as a daughter or son. It involves the construction of permanent and stable relations between the child and the parents. In this case, the child loses the status of an orphaned child or child deprived of parental care, but acquires real parents “forever” with all the rights and obligations, as between biological parents and children.
- 1 What is an adoption loan?
- 2 How much does adoption cost?
- 3 How can you pay for an adoption?
- 4 Interest-free loans for adoption
- 5 Low-interest adoption loans
- 6 Unsecured personal loans
- 7 Bad credit personal loans
- 8 Who can and cannot be an adopter?
- 9 The list of persons who cannot be adoptive parents
- 10 The following persons have the right to adopt
- 11 How to apply for an adoption loan?
- 12 Well-considered decision
- 13 The process of obtaining an adoption loan
What is an adoption loan?
Adoption loan is a personal loan used to pay for all procedures and documents related to adoption. Sometimes there are situations when you urgently need money to adopt a child, but you don’t have enough financial means to make out all the necessary documents. So, in this case, an adoption loan is the best solution.
How much does adoption cost?
The cost of adopting a child varies greatly depending on the type of adoption you are pursuing. If you are adopting a child through the adoptive program, this process costs from 0 to 1,500 dollars. On the other hand, if you voluntarily adopt a newborn using the services of a non-profit organization, you can spend from 15,000 to 30,000 dollars. Adopting a newborn with the help of a lawyer can cost from 25,000 to 35,000 dollars.
The commission of the adoption agency can vary from 6,000 to 45,000 dollars. However, more than half accounts for between 10,000 and 30,000 dollars. Some adoption agencies use sliding pay scales where they charge fees depending on your income.
How can you pay for an adoption?
Depending on your circumstances, several different loans are available for adoption.
Interest-free loans for adoption
Several charities, such as the Oxford Adoption Foundation, provide interest-free loans. Usually, you need to go through home study before applying and you may not be able to get enough money to cover the whole cost of your loan – Oxford grants loans of only 5,000 dollars.
It may also be a bit slower than other types of loans; it usually takes from one to three months to obtain a loan. In addition, you may need to pay a small monthly fee at the time of repayment.
Low-interest adoption loans
Some financial organizations and charities also provide adoption loans at lower interest rates than you can find when applying for a regular personal loan. As a rule, you can borrow more than you could with an interest-free loan for adoption, and you can even potentially get enough money to cover the entire cost. You may have to go through home study before you apply for a loan.
Unsecured personal loans
Banks and financial organizations throughout the United States offer unsecured personal loans that you can be used to pay for adoption costs. To obtain such a loan, you usually need a good credit rating.
Bad credit personal loans
If you have bad credit, you can search lenders who provide personal loans to individuals with poor credit. The interest you will have to pay will be higher than regular personal loans.
Who can and cannot be an adopter?
In order to avoid any existing risks in relation to the child, as well as to ensure the well-being of children who can be adopted, there are restrictions for a certain circle of people. These restrictions prohibit the opportunity to be an adopter.
The list of persons who cannot be adoptive parents
- citizens which are limited in capacity;
- citizens declared incompetent;
- citizens earlier deprived of parental rights, if such rights have not been renewed;
- citizens who were adoptive parents (guardians, caregivers, adoptive parents, parents-educators) of the other child, but the adoption was canceled or invalidated (similarly in the custody issue) due to their fault;
- citizens who are registered or treated in a psycho-neurological or narcological dispensary, are abused by alcoholic beverages or narcotic drugs;
- citizens who do not have a permanent place of residence and permanent income;
- citizens who suffer from chronic, infectious diseases that can harm the health of the baby;
- citizens who are not married (except when there is a relationship with a child);
- citizens who were convicted of crimes against life and health, will, honor, dignity, sexual freedom and immunity, as well as a number of other criminal offenses;
- citizens who are stateless persons or are married to persons who are not allowed to be adoptive parents;
- citizens whose interests are contrary to the interests of the child.
The following persons have the right to adopt
- married couples;
- one of the spouses, if the second does not object to the adoption;
- persons living in the same family without marriage;
- relative of the adopted child;
- single person.
How to apply for an adoption loan?
At first, glance, applying for a personal loan is simple. It is only necessary to provide the bank with a passport and a small package of documents, wait a few days – and credit in your pocket. But is it worth it to hurry when it comes to finances? It is better to understand in detail all the nuances of obtaining a personal loan.
The first and most important step should be a balanced decision on obtaining an adoption loan. Before you go to the bank, you should assess all the pros and cons of borrowing money from the bank. A loan is a paid banking service, and if there is no firm confidence in the ability to return the money promptly and fully, then you should not get a loan. If there is no alternative to a loan, and the funds are really needed, it is better to spend some time choosing an optimal loan with favorable terms (for example, using a loan calculator).
The process of obtaining an adoption loan
1. The process of obtaining a loan in bank begins with filing an application online or in one of the bank branches.
2. After preliminary consultation, an employee of bank invites the applicant to a meeting in one of the bank branches.
3. During this meeting, a person fills in a questionnaire and a bank officer reviews documents, and approval can also be immediately received.
4. The application will be reviewed and approved within one business day (usually, from 15 minutes to two hours).
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