General Information on Personal Financing
A personal financing instrument is one way for an individual to borrow money. The instrument offered by emBorrow is unsecured, which means this financing does not require the customer to pledge an asset (like a home or car title) as collateral.
Typically, the borrower’s service provider such as a fertility clinic receives a lump sum payment (the principal) from the financing company and the borrower pays it back at a cost (interest rate plus loan fees if any). Payments are made in regular installments over the term of the loan. The financing instrument amounts and terms can vary widely, depending on the borrower’s needs, state and the financing company’s assessment of debt-to-income analysis. At emBorrow, our goal is to make sure you get your financing offer based on your fertility journey needs and your unique financial and credit situation.
Interest rates for unsecured financing instruments are generally set by the financing company and can vary depending on factors such as the borrower’s credit worthiness and size and duration of the borrowed amount. Rates will usually be fixed for the life of the agreement and calculated as an Annual Percentage Rate (APR). If you qualify for an Emborrow financing offer, we will work to match you with our lowest rate possible based on your needs and financial eligibility.
To determine the amounts to finance, one of the factors that emBorrow takes into account is the cost of fertility treatments. Use our online personal loan application form to quickly determine your personal loan qualification or contact our Customer Service Specialists today at firstname.lastname@example.org for more information.
It is important to note that the APR is typically not the same as the interest rate on the financing instrument. There are many factors that can affect the cost of financing, and the interest rate is just one of them. An APR considers all these factors, including whether the rate is simple or compound interest, additional fees if there are any, and the duration of the financing.
In compliance with the Truth In Lending Act, emBorrow states the APR for every personal financing offer in the agreement so customers can review all financing details before accepting the terms and conditions. If you qualify for Emborrow financing, we will work to match you with our lowest rate possible based on factors such as the financing amount and financial eligibility.
Compound interest adds any interest accrued to the principal. Both are legitimate practices, but financing with compound interest can be more expensive, so it’s important to know what you’re agreeing to before you sign anything.
emBorrow financing instruments only use simple interest. At emBorrow, we are committed to clear, transparent financing instruments.
Applying for Financing
- You are 18 years or older.
- You live in a state we service.
- You have a job or regular source of income.
- You have an active and valid checking account (savings and prepaid accounts are not accepted).
- You have an email address to receive account information.
At emBorrow, we provide financing instruments tailored to your fertility needs and unique financial situation. We look at a variety of factors when determining your eligibility, including your credit history and income. Based on this information, you will be able to select your financing up to your approved amount or state limit. Returning customers may be eligible for a lower APR based on payment history and the affordability of the requested amount. (See Check your Rate for more information.)
This depends on our assessment of what you can afford, your specific fertility needs as determined by your doctors, your application information, credit history, and the financing amount and terms & conditions offered in your state (see How it works for more information). It’s important to remember that emBorrow may or may not be the cheapest financing option. At the same time, we offer services and value to you that most other financing options do not provide.
At emBorrow, we are committed to a transparent fee structure that makes it easy to understand. We have no hidden fees on our financing offers. We will never charge you additional fees like application, origination, or prepayment fees. Of course, we can’t speak for your bank, so you should reach out to them directly if you have questions about the fees they may charge, including interest, late fees, and dishonored payment fees. Late fees might apply if a scheduled payment is missed, although amount and time of application of late fees can vary by state. Dishonored payment fees might apply if a scheduled payment is returned unpaid.
We know this financing is important to you, so we work hard to get it processed quickly. If approved, the funds most often are transferred as soon as the following business day! The exact time that funds become available to your service provider will depend on a few factors. Funds are generally deposited via ACH for delivery next business day if the financing is approved by 4:30pm CT Monday-Friday.
emBorrow hosts its secure servers with Amazon Web Services (AWS). AWS is one of the most technologically advanced companies in the world. Additionally, Amazon brings its subject-matter experts know-how in security to the locations where our physical servers are hosted. Furthermore, emBorrow encrypts all personally identifiable information (PII). These are sensitive data; thus we understand your concerns and consequently we act to protect your personal information.
Application pre-qualification results could be available to you in a matter of minutes after submission. In some cases, we might need to ask for additional information or proof of income before your application can be approved. emBorrow is able to offer faster approval decisions subject to verification agreement checks because of two important factors that set us apart from other financing providers:
- Direct financing. emBorrow is a direct financing company. We process, underwrite, and approve all the financing offers we make. Unlike brokers and agents, we don’t have to send your information to other parties to get your financing approval.
- Proprietary technology and online automation. At emBorrow, we’re committed to the efficiency that online automation provides. Our website does more than just collect your application information. We have algorithms and other technology that give qualified applicants a fast approval decision. In the event we are unable to approve your application, we’ll provide you a reason for denial.
Previous customers need to Login to their accounts to reapply for a new financing offer. When you are eligible to reapply, click on the ‘APPLY’ button on your Account Overview page. For your convenience, simply review and update your information on file, answer a few questions, and get your re-qualification results.
If you receive an alert with information that is incorrect or unknown to you, you should immediately contact the source provider of the alert. For example, if a new credit card account has been opened in your name for which you did not apply, contact the credit card company immediately.
Manage Your Plan
There are no fees for paying off your financing early and there is no balloon payment at the end of your financing. Financial offers through emBorrow are fully amortizing, which means that when customers make the payments outlined in their original agreement terms, their balance will be $0 after their final payment. At emBorrow, we are fully transparent with our customers regarding any interest and fees if any that may impact the accounts.
We believe it’s important to offer easy and convenient ways to pay back your financing. We provide a few payment options such as an Electronic Fund Transfer via ACH. There is also an optional automatic payment that you can sign up for, which will not only decrease your Annual Percentage Rate (APR) but also prevent any worries about forgetting a due date. Using this option, we electronically debit your bank account for the amount you owe on your due date.
emBorrow does not charge any pre-payment penalties or fees, so we encourage you to pay back your financing early and save on interest!
If you find that you cannot make an upcoming payment on your financing instrument, contact our friendly Customer Service Specialists at email@example.com. We would like to work with you to help you through Your Journey.
If you have already missed your scheduled payment, write to firstname.lastname@example.org. Our Customer Service Specialists are committed to getting you back on track by helping you set up a payment arrangement. In general, interest will continue to accrue on overdue amounts when you miss a payment. If you make a late payment or a payment is returned to us, you might incur additional fees. Check your financing agreement for details.
You have 5 business days from the date you sign your financing agreement to change your mind. If you decide that the financing isn’t right for you, simply contact our Customer Service Specialists for support. We will contact your service provider to return the principal amount immediately and will not be charged any fees or interest.
You can view details of your current financing. Just follow these simple steps:
- Login into your account.
- You will be able to see ‘Payment Information’ and ‘Balance Overview’ on the Home dashboard.
- Select ‘My Financing’ tab, followed by ‘Financing Overview’ and ‘Statements’ in the drop down. Here, you will be able to see the financed amount, your outstanding balance, your next due date, and much more! If you want to view the details of past financing, you can also access that information by clicking on the ‘Financing History’ tab.
When you set up automatic payments, the bank account you listed on your application is the one from which we will withdraw the contracted repayment installments. To confirm which bank account we have on file, login to your account and select ‘My Profile’ drop down.
When you want to review the personal information we have on file, login to your account and select ‘My Profile’. Additionally, you can see the personal information you originally used in your financing agreement.
When you want to reset your password, login to your account and select ‘My Profile’. To change your account password, first enter your current password, then the new password you’d like to use.
Similarly to most companies that provide financing, emBorrow reports to credit bureaus each month, depending on the specific date of your payment.