Buy now, pay later services (BNPL services) are now a familiar option at checkout across major e-commerce platforms, in-store retailers, and even healthcare offices. Instead of paying the full amount upfront, consumers can spread the purchase price of a product or service over weeks, months, or even years with fixed installment plans.

Two of the biggest BNPL providers are Affirm and Afterpay, each offering flexible financing options that appeal to different spending habits and purchase types.

Both providers offer quick approvals, soft credit checks, and transparent repayment schedules. However, they were built for retail, not healthcare, where costly procedures and more complex financial decisions are a common barrier at the time of purchase. Here’s how these BNPL platforms compare, along with some better alternatives for healthcare financing.

How Affirm Works

Affirm offers point-of-sale financing with predictable monthly installments. Borrowers see the full amount they’ll repay upfront, including any interest charges and fees, so there are no surprises after the purchase.

Loan amounts extend up to $17,500, with repayment terms ranging from 6 weeks to 36 months. Some offers include interest-free installments, though most charge APRs between 0% and 30% depending on the borrower’s creditworthiness.

Affirm uses a soft credit check during the application process, which doesn’t affect a borrower’s credit report, though a hard credit check may be required for certain loans, according to some sources. Affirm does not charge late fees, but missed payments can still hurt a borrower’s credit history.

Key Features of Affirm

• Uses a soft credit check for eligibility
  
• Loan amounts up to $17,500 — suited to large retail purchases, travel expenses, or small- to medium-sized elective procedures
  
• Affirm Pay-in-4 (interest-free) and Pay-in-30 offer clear repayment terms with fixed due dates
  
• No late fees or prepayment penalties
  
• Transparent APR between 0% and 30%
  
• Not healthcare-focused; retail-focused with Amazon, Walmart, Apple Pay, and Shopify integrations
  

How Afterpay Works

Afterpay is best known for its Pay-in-4 model, which splits a purchase amount into four equal, interest-free installments due bi-weekly. Payments are linked to a debit card, credit card, or bank account.

Unlike Affirm’s fixed loan amount structure, Afterpay offers each user a variable spending limit based on payment history, account age, and credit profile. Some report caps around $1,500–$2,000, but there is no disclosed universal maximum. Limits increase with positive repayment behavior.

Afterpay charges late fees for missed payments, which can create added costs. It works across thousands of businesses, from fashion to medical aesthetics, and has a strong presence in Australia and the U.S., both online and in-store.

Key Features of Afterpay

• Dynamic spending limit that adjusts over time with good personal finance habits
  
• Smaller transaction limits; better-suited to small retail purchases and routine procedures
  
• Not healthcare-focused; only available in medical aesthetics
  
• Pay in 4 interest-free installments
  
• A down payment may be required
  
• Late fees for missed or late payments
  
• Available via app, virtual card, and partnered retailers for a personalized user experience

Side-by-Side Comparison

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Who Each Solution Is Best For

• Affirm: Best for larger retail purchases and travel expenses requiring structured monthly installments, and suited to small or medium-sized elective procedures. Ideal for borrowers who want flexible payment options and can qualify for competitive interest rates.
  
• Afterpay: Best for short-term, smaller retail purchases and routine procedures with equal installments over six weeks. It appeals to shoppers looking for interest-free payments on clothing, beauty, and lifestyle products with smaller average order values.

Top Alternatives to Affirm and Afterpay

While both Affirm and Afterpay can keep consumers from draining their savings accounts, neither is designed for healthcare. This is true for many of today’s most popular buy now, pay later apps like Sezzle, Splitit, and Zip (formerly Quadpay).

Affirm charges service fees that cut into provider margins, while Afterpay’s variable credit line makes it impractical for high-cost procedures. Here are some more specialized alternatives for patients and practices:

Cherry Payment Plans

Cherry is built specifically for healthcare financing in areas like plastic surgery, dental, dermatology, aesthetics, and veterinary care. Patients can prequalify in 60 seconds with a soft credit check and access up to $50,000 with repayment terms as long as 60 months. Unlike other buy now, pay later options, Cherry offers true 0% APR for qualified borrowers without deferred interest traps.

For providers, Cherry delivers upfront payment, exclusive approvals, and the lowest merchant fees in the industry.

Key Takeaways — Cherry

• 60-second application with a soft credit check and instant decision
  
• 80%+ approval rate across all credit profiles
  
• Loan amounts up to $50,000, with flexible payment plans up to 60 months
  
• True 0% APR for qualified borrowers — no deferred interest
  
• Practices paid upfront, no risk if a borrower defaults
  
• Exclusive approvals build loyalty to the practice and increase conversion rates
  

CareCredit

CareCredit is a healthcare credit card issued by Synchrony Bank. When patients apply, they go through a full underwriting process that involves a hard credit check (which will harm the applicant’s credit score). If approved, they receive a revolving credit line up to $25,000.

The CareCredit card is accepted at over 270,000 providers, with promotional interest-free installments for 6–24 months. However, these promotions rely on deferred interest. If the full balance isn’t paid off by the end of the promotional period, or if one payment is missed during that period, interest will be charged retroactively from the purchase date — at a steep APR of 32.99%.

Key Takeaways — CareCredit

• Hard credit check required to apply
  
• Reusable line of credit up to $25,000
  
• Payment method accepted across 270,000 providers
  
• Relies on deferred interest promotions
  
• Higher merchant fees compared to other healthcare-focused providers
  
• Non-exclusive approvals

Sunbit

Sunbit is a financing option available in a number of industries, including auto repair, retail, and healthcare. Its biggest draw is accessibility: Sunbit approves a high percentage of applicants, especially those with lower credit scores, which makes it appealing to practices that want to reduce financial barriers.

Patients can finance purchases up to $20,000, with repayment terms ranging from 3 to 72 months. Applications begin with a soft credit check that won’t impact credit scores, and decisions are made quickly at the point of care.

While Sunbit advertises 0% APR promotions, many of these rely on a deferred interest structure. For practices, Sunbit provides upfront payment, but merchant fees start higher than competitors, at around 4.7%.

Key Takeaways — Sunbit

• High approval rates across credit profiles
  
• Financing up to $20,000
  
• Deferred interest promotions create risk of retroactive charges
  
• Higher service fees (starting at ~4.7%) for providers compared to alternatives
  

Scratchpay

Scratchpay began as a veterinary-only financing solution. Over time, it has expanded into other fields like dentistry and mental health, but veterinary practices still account for most of its network.

Patients can apply online in minutes using a soft credit check for loan amounts up to $10,000 with repayment terms of 12 to 36 months. Promotional “interest-free” financing options are available, but they rely on deferred interest.

While Scratchpay doesn’t charge hidden fees or prepayment penalties, its network is smaller than CareCredit’s, and its lower approval rates make it less reliable for practices compared to other healthcare-first providers.

Key Takeaways — Scratchpay

• One-time installment loans tied to specific treatments
  
• Financing up to $10,000 with terms up to 36 months — making it less suited to larger procedures
  
• Uses deferred interest promotions
  
• Best fit for emergency or mid-range expenses, especially in veterinary care
  

Klarna

Klarna is one of the most recognized global buy now, pay later providers — available at over 600,000 merchants from small businesses to large box stores. It’s best known for its Pay-in-4 option, which splits costs into four interest-free payments over six weeks, with the first installment due at the time of purchase. Beyond this, Klarna offers Pay in 30 (delaying full payment by 30 days) and longer installment loans for larger purchases, sometimes with interest depending on creditworthiness.

Borrowers typically apply at checkout with a soft credit check, and Klarna accepts a number of payment options for monthly installments, like debit cards, Visa, Mastercard, or even Apple Pay.

However, limits are generally low, and higher service fees reduce its appeal for healthcare providers. Klarna is most effective for smaller purchases but less suited to financing high-cost medical or cosmetic procedures.

Key Takeaways — Klarna

• Pay-in-4 interest-free, Pay in 30, and Pay Over Time (longer installment loans) plans available
  
• Popular for smaller, everyday online purchases
  
• Some promotions include interest-free installment payments
  
• Higher service fees and limited usefulness for larger procedures
  
• More globally recognized than other BNPL apps

PayPal Pay Later

PayPal offers financing through its Pay Later suite, giving consumers two main options: Pay in 4 and Pay Monthly.

With Pay in 4, patients can split payments between $30 and $1,500 into four equal, interest-free payments every two weeks. For larger expenses, Pay Monthly covers purchases from $49 to $10,000, with repayment terms of 6 to 24 months and a fixed interest rate based on the borrower’s credit profile. Both programs use a soft credit check and charge no late or sign-up fees.

For providers, PayPal is one of the easiest financing tools to integrate, since it connects directly with PayPal’s existing checkout flows and APIs. Funds are delivered upfront, but merchant fees are higher than those of healthcare-specific lenders — often around 4.99% + $0.49 transaction fee. This makes PayPal Pay Later best suited for smaller to mid-range expenses, rather than large-ticket medical procedures.

Key Takeaways — PayPal Pay Later

• Soft credit check
  
• Pay-in-4 interest-free: $30–$1,500; Pay Monthly: $49–$10,000, monthly payments up to two years, fixed APR
  
• No late payment fees or sign-up fees
  
• Funds delivered upfront via PayPal
  
• Higher merchant fee structure (~4.99% + $0.49) compared to healthcare-focused lenders
  
• Best fit for moderate expenses; not ideal for high-cost medical procedures
  

Final Thoughts: Affirm vs Afterpay

Both Affirm and Afterpay give shoppers more payment flexibility. Affirm is best for larger expenses with clear monthly installments, while Afterpay works best for smaller orders that can be paid off through short-term interest-free payment plans.

But when it comes to healthcare and wellness, these BNPL options aren’t ideal for patients or providers. Patients need higher loan amounts, more predictable repayment terms, and protection from hidden fees and deferred interest traps. Providers need upfront payment, lower merchant fees, and financing that builds loyalty.

That’s where Cherry stands out. With an 80%+ approval rate across credit profiles, true 0% APR for qualified borrowers, high loan amounts, and exclusive approvals, Cherry helps patients move forward with treatment while increasing provider revenue. Learn more about offering flexible payment plans to your patients. Claim your complimentary demo today.