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.
The loan disbursement process for IVF and other fertility treatments encompasses five key steps.
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.
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.
You can expect two types of fees:
Please note, disbursement processes will vary depending on whether you work with a Future Family partner vs. non-partner clinic:
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:
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.
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.
Eligibility depends on but is not limited to:
If your application is not approved, there are still options available to finance fertility treatment when you think you can’t afford it:
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.
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.
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.
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.