Jan 12, 2023

5 Key Steps in the Loan Disbursement Process for Fertility Treatment

If you’ve decided taking out a fertility loan is the best way to pay for IVF, you’re probably wondering how the loan disbursement process works. This fertility loan guide fills you in on all the pertinent information you need to understand exactly what lies ahead and what you can do to prepare.

For any additional questions, refer to our FAQs or blog resources.

5 Key Steps to the Fertility Loan Process

The loan disbursement process for IVF and other fertility treatments encompasses five key steps.

1. Applying for the Loan

Prospective parents will be asked to fill out a form to get prequalified for a loan. The application asks for personal and financial information as a part of the credit check.

2. Loan Approval Timeline

Upon submission of the loan application, applicants can be pre-approved within two minutes for up to $50K at Future Family. Rest assured, this pre-approval process does not affect your credit score.

Once you are pre-approved, you will be connected to an account manager. Your account manager will work with you to customize a financial plan based on the treatment plan you have discussed with your doctor.

3. Fees and Other Additional Costs

You can expect two types of fees:

  • A required deposit only for those eligible for Future Family’s 0% APR financing plan (eligibility depends on financial background check). The deposit amount varies depending on the loan term and amount.
  • A Future Family membership fee that includes billing and operations services. This fee also includes access to your personal care team of experienced fertility nurses. They are here to help guide you through your fertility treatment and provide the holistic care and attention you deserve. The membership fee is paid upfront—it is not a part of the loan, so the fee will not accrue interest.

4. Disbursement of Funds

Please note, disbursement processes will vary depending on whether you work with a Future Family partner vs. non-partner clinic:

  • Partner clinics: Our team helps finance the cost of treatment, medication, and genetic testing. Future Family will disburse the treatment funds directly to your clinic, pharmacy, and approved third parties one to three business days upon notification of request. You only need to worry about your monthly loan payments, most of which are automatically drafted via ACH. Additional payments are made via payment portal.
  • Non-partner clinics: There will likely be additional documentation required prior to disbursement. Funds may be directly disbursed to the borrower instead of the clinic. Your account manager will work with you to assess when and how the funds will be disbursed

5. Interest Rates

Interest rates vary depending on your lender, the specific loan products you qualify for, and the fertility clinic you work with.

At Future Family, our interest rates range from 0.00% to 17.99%—some of the lowest in the industry. Your interest rate is based on:

  • Your credit score
  • The borrowing amount
  • The length of your loan

How Do I Know How Much to Apply For?

Speak with your fertility clinic and physician to assess what specific treatments you’ll need and estimated costs. Our account managers base your loan amount on the selected services and total costs projected for your treatment.

What Will Insurance Cover for Fertility Treatment?

It depends on your insurance provider and which state you reside in. Currently, 17 states mandate fertility treatment coverage.

Insurance companies generally only cover some costs. They usually cover a portion of costs or specific areas of the treatment process (e.g., medications, injections, diagnostic tests, etc.). Some states may also cover only a particular type of fertility treatment.

If you’re not sure what your insurance covers, we can write a loan that fully covers the treatment. In the end, any unused funds will be directly applied to the principal, helping you pay off the loan sooner and pay less interest.

And as a member, you are given access to a personal care team that entails experienced fertility nurses. This added benefit offers the holistic care and service you need to grow your family.

Who Is Eligible for Financing?

Eligibility depends on but is not limited to:

  • FICO score
  • Personal income
  • Household income

If your application is not approved, there are still options available to finance fertility treatment when you think you can’t afford it:

  • Have a friend or family member take out a loan on your behalf via the Friends & Family Plan (Learn how this plan eased up the process for Future Family client Hilary).
  • Add a cosigner to your loan application. Your cosigner must be affiliated with you (e.g. your spouse or partner).
  • Take actionable steps to help boost your credit score and reapply in 30 days.

What Does an IVF Loan Cost?

The cost of an IVF loan entails a principal amount (the value of your loan) along with fixed interest rates. Your monthly payment depends on these two factors and the timeframe of the loan.

Here’s an example to help you evaluate fertility pricing:

Let’s say you take out a loan for $18,000 with a fixed APR of 7.99% on a 60-month term. Future Family will pay out $18,000 to vendors on your behalf. You will then make 60 monthly payments of $364.89.

Use this to help you assess how much you’ll need to invest each month and the best way to pay for IVF.

What Payment Plans Are Available for an IVF Loan?

IVF loan payments are typically available in 12/24/36 monthly payment plans. Future Family’s medium payment term is 60 months—this helps spread out payments over a longer period.

Remember that Future Family’s IVF loan payment covers a portion of the principal and interest. Compare this with credit card payments, where interest is generally charged until the balance is paid in full. Thus, the credit card timeline can be much longer than anticipated.

Read more about paying for IVF with a credit card vs. a loan.

Is There an Application Fee?

Some lenders may have an application fee, so we encourage you to ask about it during your fertility financing process. At Future Family, our application fee is included in the membership and concierge fees we discussed earlier.

Lean on Future Family

Ready to get started on your fertility journey? Prequalify today! Applicants can be pre-approved in 90 seconds, and this process does not impact your credit score.

Our team is focused on making fertility treatment affordable and accessible. Not only do we offer financial support, but we also provide a personalized care team comprising fertility nurses. Learn more about what we offer and how we can be your IVF guide.

Learn how Future
Family can help you

Flexible financing plans and dedicated support for IVF and egg freezing