CareCredit, a Synchrony solution, has launched CareCredit Pay Later, an enhanced and rebranded installment loan that gives eligible consumers another way to pay for health and wellness care not covered by insurance.
The one-time-use loan offers fixed monthly payments, a defined payoff timeline, and a fixed annual percentage rate for specific care expenses. Through a single credit application, eligible consumers can see Pay Later alongside the reusable CareCredit credit card and compare their options.
Pay Later is available at nearly 20,000 locations, including select dental, cosmetic, vision, and audiology providers, with expansion across CareCredit’s network of more than 290,000 locations planned over time.
For providers, the payment calculator in the Provider Center portal now includes Pay Later and uses each practice’s promotional mix to estimate payments. Providers can also change loan amounts before funding to reflect treatment plan changes.
CareCredit uses Synchrony’s proprietary Prism underwriting platform, which looks beyond credit scores to active credit lines and debt-to-income indicators.
“A ‘one-size-fits-all’ payment plan doesn’t work for everyone,” said Beto Casellas, executive vice president and CEO of Health and Wellness at Synchrony.
In CareCredit research cited in the release, 80% of consumers said payment options influence which provider they choose, and 77% said flexible payment options are critical when choosing a recommended treatment plan. The findings draw on two studies with 4,105 respondents.
