Affirm helped pioneer modern buy now, pay later (BNPL) financing, giving consumers the ability to split purchases into predictable payments — often with transparent terms and no interest. You’ve likely seen Affirm at checkout on retail sites like Peloton, Walmart, or Target, where shoppers can pay over time for everything from fitness gear to electronics.

But while Affirm works well for everyday purchases, it doesn’t always fit the realities of healthcare financing, where treatment costs are higher and patients need access to larger loan amounts, longer repayment timelines, and integrations at the point of care.

For medical, dental, and wellness practices, choosing the right financing partner can directly impact treatment acceptance, cash flow, and patient satisfaction. Platforms like Cherry are built specifically for healthcare, while Affirm was designed primarily for retail purchases and e-commerce.

Here’s a detailed look at how each platform works, who they’re best suited for, and which one may be the better fit for your practice.

Cherry Payment Plans

Cherry is a healthcare-first financing platform built for medical, plastic surgery, dental, dermatology, aesthetic, and veterinary practices. Patients can apply in less than a minute and receive an instant approval decision with a soft credit check, which doesn’t hurt their credit score. Cherry approves over 80% of borrowers across credit profiles, making flexible financing accessible to all patients, no matter their background.

Once approved, borrowers can choose from short-term interest-free plans like Pay in 4, or longer monthly payment options extending up to 60 months. With loan amounts as high as $50,000, Cherry makes it possible to finance everything from routine care to major procedures such as cosmetic surgery, orthodontics, or dermatology.

Cherry offers true 0% APR for qualified borrowers, and there are no hidden fees, deferred interest charges, or prepayment penalties. Providers receive payment upfront while offering patients a smoother path to care. The result: higher approval rates, improved treatment acceptance, and a frictionless checkout experience for both staff and patients.

Key Takeaways

• Application process: 60-second soft credit check with instant approval decision.
  
• Loan amounts: Up to $50,000.
  
• Terms: Pay-in-4 interest-free installment payments or extended monthly plans up to 60 months.
  
• Interest & fees: True 0% APR options for qualified borrowers; no origination fees, no hidden fees such as deferred, retroactive, or compounding interest; no prepayment penalties; down payment required at checkout.
  
• For providers: 80%+ approval rate across credit profiles; lowest merchant fees in the industry; high loan amounts for larger purchases in healthcare; upfront payment to practice within 2–3 business days; integrates seamlessly into in-office workflows; dedicated customer support phone number.

Affirm

Affirm is a buy now, pay later (BNPL) provider known for its transparent pricing and flexible repayment options. Patients can apply directly through the Affirm app or at checkout, choosing between Pay in 4 or longer monthly installments.

The application process takes place instantly and starts with a soft credit check to determine eligibility. For some longer terms or higher loan amounts, Affirm may perform a hard credit check, which appears on the patient’s credit report and can temporarily hurt their credit score.

Affirm offers 0% APR plans, but some carry interest rates between 10% and 36% depending on creditworthiness, term length, and purchase amount. There are no origination fees, annual fees, prepayment penalties, or fees for late payments. However, Affirm’s loan limits are lower than Cherry’s, and its platform is designed mainly for retail and e-commerce checkout — not for high-value medical procedures or long-term care financing.

Key Takeaways

• Application process: Instant approval decision via soft credit check (some loans may include a hard inquiry).
  
• Loan amounts: Typically up to about $17,500; smaller limits for medical and wellness use.
  
• Terms: Biweekly Pay-in-4 or fixed monthly installments ranging from 3 to 36 months.
  
• Interest & fees: APRs from 0% to 36%; no origination fees; no late fees; no annual fees; no prepayment penalties.‍
• For providers: Well-known BNPL brand; popular with retailers but lacks healthcare-focused functionality; easy to integrate into checkout flows with versatile APIs; may trigger a hard inquiry for some loan products; higher merchant service fees.

Affirm vs Cherry: Quick Comparison Table

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Cherry May Be Right for Your Practice If…

• You’re a healthcare or wellness provider who wants a financing option designed specifically for medical treatments.
  
• You want high approval rates and interest-free payment plans that fit patients across credit profiles.
  
• You prefer a soft credit check that doesn’t hurt patients’ credit scores.
  
• You offer larger procedures or elective treatments that require higher loan amounts and longer terms.
  
• You value upfront funding, low merchant fees, and streamlined integration into your existing practice workflows.
  
• Your patients use loyalty programs like Allē, and want a financing partner that integrates directly into your rewards system.

Affirm May Be Right for Your Practice If…

• You sell smaller treatment packages or wellness products online and want to provide a familiar BNPL checkout option.
  
• Your patients already use Affirm for retail purchases and prefer a consistent experience.
  
• You’re comfortable with potentially exposing your patients to a hard credit check that will hurt their credit score.

FAQs for Practices

How does applying affect my patients’ credit scores?

Cherry uses only a soft credit check, which does not affect a patient’s credit score. Smaller Affirm loans usually require only a soft credit check, but larger ones may trigger a hard inquiry.

What payment methods can patients use with BNPL services?

Both Cherry and Affirm allow patients to link a debit card, bank account, or credit card for automatic payments. Most patients complete transactions directly at checkout — either in-office or online. Cherry’s process is optimized for healthcare checkouts. Affirm aligns more closely with e-commerce payment flows, offering several unique ways to pay, like a one-time virtual card that can be used online or in-store, a convenient mobile app, and the Affirm Card, which is similar to a credit card but usable with Affirm’s payment plans.

What’s the difference between BNPL and traditional lenders?

BNPL providers like Cherry and Affirm offer instant approval decisions, soft credit checks, simple terms, and no origination fees. Traditional lenders, on the other hand, generally rely on full underwriting, have longer approval timelines, and provide a wider range of financial services. BNPL tools focus on accessibility, speed, and convenience rather than extensive credit evaluation. They also ensure the business is paid upfront, as opposed to traditional lenders who fund the borrower.

What’s the difference between true 0% APR and deferred interest?

True 0% APR means the patient pays no interest at all for the life of the loan. That’s how Cherry structures its plans for qualified borrowers: the amount a patient sees at checkout is exactly what they pay back, with no surprises, no compounding or retroactive interest, and no hidden fees.

Deferred interest, used by some other providers like CareCredit, can be riskier. These promotional 0% plans appear interest-free at first, but a remaining balance at the end of the period, or a single missed payment during that time, will trigger interest charges applied on the full amount of the loan retroactively from the time of purchase. That can result in surprise costs and ballooning debt.

Is our practice responsible if the borrower can’t pay?

No. Once approved, Cherry and Affirm pay your practice upfront. Repayment is managed by the financing provider, so your practice carries no financial liability if a patient misses a payment.

Why should we offer financing at our practice?

Offering patient financing improves treatment acceptance and patient satisfaction. It removes upfront cost barriers, allowing more patients to move forward with care while ensuring your practice maintains healthy cash flow.

Who handles customer service?

Both Cherry and Affirm manage all customer support directly with patients — including payment questions, autopay setup, and due date reminders — keeping your staff focused on patient care.

What’s the minimum credit score needed to apply?

Cherry doesn’t set a minimum credit score. Instead, it uses a proprietary underwriting algorithm that goes beyond traditional approval eligibility standards to get a fuller picture of the applicant’s financial situation. It’s the main reason Cherry approves more borrowers across credit profiles than anyone else in the industry. Affirm’s approval process relies more heavily on traditional creditworthiness, so patients with limited or poor credit history may face more restrictions.

Conclusion

Affirm helped make BNPL mainstream, giving consumers an easy way to split a purchase into smaller installment payments. But like many of today’s most popular buy now, pay later services — including Klarna, PayPal Pay Later, Afterpay — its structure isn’t designed for healthcare, where loan amounts are higher, patients want longer repayment timelines, and approval eligibility is more complex.

That’s where Cherry stands out. Purpose-built for healthcare, Cherry features a 60-second application, soft credit check, high loan amounts, flexible payment options, and true 0% APR options for qualified borrowers. Patients get affordable, transparent financing; providers get upfront payment, the industry’s lowest merchant fees, and a smoother path to treatment acceptance.

For practices that want to help patients say yes to care while maintaining predictable revenue, Cherry is the clear choice. Find out more. Claim your complimentary demo here.