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CareCredit Introduces CareCredit Pay Later, Offering Consumers Another Way to Plan and Pay for Health and Wellness Care

SYF
  • CareCredit launched CareCredit Pay Later, an enhanced installment loan product presented digitally alongside its revolving credit card to provide consumers with additional payment options.
  • Eligible consumers can access both CareCredit Pay Later & the CareCredit credit card through a single credit application.
  • CareCredit Pay Later functions as a one-time-use installment loan featuring fixed monthly payments, a clear payoff timeline, & a fixed APR for specific health & wellness expenses.
  • The product is currently available at nearly 20,000 locations including select dental, cosmetic, vision, & audiology providers, with plans to expand across CareCredit's entire network.
  • Synchrony PRISM is used for underwriting to evaluate an applicant's broader financial health, including active debt commitments & debt-to-income indicators, rather than relying solely on static credit scores.
  • Research indicates that 80% of consumers say payment options influence their provider selection & 77% consider flexible payment options critical for treatment plans.
  • Providers can utilize enhanced tools in the Provider Center portal, such as an updated payment calculator & the ability to modify loan amounts before funding.
  • CareCredit remains the only health & wellness financing platform offering revolving credit, installment loans, promotional financing, & acceptance across more than 290,000 healthcare locations nationwide.
  • Checking eligibility via prequalification does not impact the consumer's credit score as it involves no hard credit check.
  • CareCredit manages all billing & collections for providers, streamlining administrative workflows & protecting against payment delays.