As healthcare costs continue to rise, patients are increasingly turning to consumer financing options to manage out-of-pocket expenses for medical, dental, wellness, and surgical procedures. From short-term buy now, pay later (BNPL) plans to longer-term installment loans and revolving credit, today’s financing solutions give borrowers more flexibility in how they pay while helping providers increase treatment acceptance and improve working capital.

Modern financing platforms are designed to streamline the application process, offer upfront pricing, and support flexible payment options at the point of sale or checkout. Whether offered in-store, online, or through a third-party financing provider, the right financing program can improve the overall customer experience, support better financial outcomes for borrowers, and help healthcare practices reach new customers without relying solely on traditional credit cards or financial institutions. The solutions below are commonly referred to as top options in the healthcare space.

Cherry Payment Plans

Cherry is a consumer financing platform built specifically for healthcare and wellness. Patients use it to cover healthcare procedures of all kinds, including dental treatments, plastic surgery, cosmetic care, dermatology visits, and even veterinary expenses. Unlike traditional credit cards or retail BNPL apps, Cherry’s financing options are tailored to the timelines and costs common in medical treatment.

Patients complete a 60-second application and receive an instant decision without harming their credit score, and over 80% are approved across all credit profiles for loans up to $50,000. Qualified borrowers can choose from a range of terms that match their budget — from always-interest-free short-term plans up to 8 weeks to longer-term options up to 60 months with true 0% APR — no deferred interest traps.

Borrowers benefit too — from increased treatment acceptance, upfront payment, exclusive approvals, and the lowest merchant fees in the industry. These are just a few reasons over 50,000 providers from all types of businesses in healthcare already partner with Cherry.

Key Takeaways — Cherry

• Application process: 60-second application with a soft credit check (won’t hurt credit score) and instant decision.
• Loan amounts: Up to $50,000 depending on provider, treatment type, and treatment cost.
• Terms: BNPL installment loans, including short-term interest-free plans up to 8 weeks and extended terms as long as 60 months.
• Interest & fees: Always interest-free short-term plans; true 0% APR options for qualified borrowers; no deferred interest, origination fees, or other hidden fees.
• Best for: Patients who want healthcare-specific BNPL with transparent payments, longer-term flexibility, and an application that doesn’t hurt credit score.

CareCredit

CareCredit is one of the longest-standing healthcare financing options on the market. Powered by Synchrony, it operates as a revolving line of credit — similar to a regular credit card. And like a regular credit card, the application process involves a hard credit check, meaning it will temporarily hurt the patient’s credit score.

If they’re approved, borrowers can use their card across more than 270,000 eligible medical, dental, vision, and veterinary providers, without needing to reapply for each new expense. Credit limits can reach up to approximately $25,000 depending on credit approval.

CareCredit’s flexibility and wide acceptance are major advantages, but its promotional financing offers rely on deferred interest traps that can damage both a patient’s finances and their relationship with the practice.

Deferred interest works like this: If the borrower’s balance isn’t paid in full by the end of the promotional period, or if a single payment is missed during that period, interest is applied retroactively from the original purchase date and added to the principal. Standard APRs can reach over 30%, which can significantly increase the total cost of care if balances carry over, resulting in a costly surprise for the borrower at the end of their promotional offer.

Key Takeaways — CareCredit

• Application process: Online or in-office application with a hard credit check.
• Loan amounts: Revolving credit line up to $25,000.
• Terms: Revolving credit with promotional financing periods (typically 6 – 24 months).
• Interest & fees: Deferred interest if balance isn’t paid in full by promo end; APR can reach ~32.99%.
• Best for: Patients who want a reusable healthcare credit line and can reliably pay balances off within promotional periods.

LendingClub

LendingClub is a consumer lending marketplace that matches patients with personal loans they can use to pay for healthcare expenses. These loans aren’t healthcare-specific, but since personal loans can be used for nearly any purpose, patients often turn to LendingClub when they need to cover large expenses over a longer period of time.

Applications are completed directly with LendingClub and involve a full underwriting process with a hard credit check. Loan amounts can be substantial — often up to $60,000, depending on credit profile — with fixed monthly payments and clearly defined repayment terms.

These loans can work well for large medical expenses because of their predictable structure and longer repayment timelines. However, approval depends heavily on credit history and income, and interest rates vary widely. Since funds are paid directly to the borrower, patients are responsible for paying the provider themselves, which can sometimes delay treatment.

Key Takeaways — LendingClub

• Application process: Full personal loan application with a hard credit check.
• Loan amounts: Up to $60,000 depending on credit profile and income.
• Terms: Unsecured personal installment loans, typically 24 – 60 months.
• Interest & fees: APR varies widely (often ~7%–35%+); origination fees may apply.
• Best for: Patients with strong credit who want a traditional loan for large healthcare expenses and predictable long-term repayment.

Alphaeon Credit

Alphaeon Credit provides financing primarily for elective and specialty healthcare services like cosmetic surgery, dermatology, and dental care. It works as a reusable credit line, similar to CareCredit, with approved limits that can reach up to around $25,000. Financing offers may include promotional periods for qualifying purchases.

Alphaeon can make small to mid-sized elective procedures more accessible, but approval is based on traditional credit underwriting and requires a hard credit check. Like other revolving credit products, many plans use deferred interest, meaning interest can be added retroactively if balances aren’t paid off in full and on-time by the end of the promotional period.

Key Takeaways — Alphaeon Credit

• Application process: Full underwriting with hard credit check.
• Loan amounts: Reusable credit line up to $25,000.
• Terms: Revolving credit with promotional financing periods (commonly 6 – 24 months).
• Interest & fees: Standard APR up to 32.99%; deferred interest applies if promo balances aren’t paid in full; APR can be high post-promo.
• Best for: Patients financing elective or cosmetic procedures who want a reusable healthcare credit option.

Affirm

Affirm is a buy now, pay later company widely used among retailers and e-commerce businesses, and more recently, in some healthcare settings. It allows patients to split costs into fixed installment payments, with loan amounts ranging from smaller purchases up to $17,500, depending on eligibility and the provider offering financing.

Affirm is known for its transparency — patients see the total cost and repayment schedule upfront, with no deferred interest. Some plans are interest-free, while others include APR based on credit profile. Because Affirm isn’t healthcare-specific, its $17,500 cap can be limiting for higher-cost procedures.

Key Takeaways — Affirm

• Application process: Online application with a soft credit check.
• Loan amounts: Up to $17,500, depending on eligibility and provider.
• Terms: Fixed installment loans, typically 3 – 36 months depending on offer.
• Interest & fees: No deferred interest; 0% APR available on some plans, otherwise APR varies.
• Best for: Patients who want shorter installment payments with full cost transparency for smaller or mid-range procedures.

Sunbit

Sunbit is a leader in auto repair financing, and has since expanded to other areas like home improvement and healthcare. With alternative underwriting data, soft credit checks, and a wide approval range, Sunbit tailors its offerings to borrowers with bad credit who may not qualify through traditional lenders. Loan amounts generally reach up to around $20,000, with repayment terms extending as long as 72 months in some cases.

Sunbit’s accessibility and fast approvals make it appealing for patients with limited or lower credit. That said, interest rates can be higher depending on credit profile, and some plans include deferred interest promotions. Loan caps may also fall short for large medical procedures.

Key Takeaways — Sunbit

• Application process: Point-of-sale application with a soft credit check and fast approval.
• Loan amounts: Up to $20,000.
• Terms: Installment loans with repayment terms up to 72 months.
• Interest & fees: Standard APR varies from 5.99% to 35.99%; 0% promotional plans include deferred interest promotions.
• Best for: Patients with limited or lower credit who need longer repayment timelines.

Scratchpay

Scratchpay offers financing primarily for veterinary care (but has since expanded to some human healthcare areas), with a focus on helping patients handle unexpected expenses. It provides one-time installment loans rather than revolving credit, typically with loan amounts up to around $10,000 and repayment terms between 12 and 36 months. Applications are mobile-friendly and often rely on a soft credit check.

Scratchpay is easy to understand, with predictable monthly payments and no hidden fees. Loan limits are lower than many healthcare-focused options, and its uses are constrained to veterinary expenses, making it a niche solution that’s not suitable for most medical expenses.

Key Takeaways — Scratchpay

• Application process: Quick online application, typically with a soft credit check.
• Loan amounts: Up to $10,000.
• Terms: One-time installment loans, usually 12 – 36 months.
• Interest & fees: Some interest-free promotions; APRs up to 36% based on plan and eligibility.
• Best for: Patients managing smaller or unexpected veterinary expenses.

Klarna

Klarna is a popular buy now, pay later provider best known in retail and e-commerce, but it occasionally appears in healthcare and wellness settings for smaller purchases. It offers multiple payment options, including Pay in 4 plans and longer installment plans, with spending limits that vary by user and can grow over time with responsible repayment.

Klarna’s appeal lies in how simple it is to use. Many plans are interest-free, the application process is quick, and approval is usually based on a soft credit check. Because it isn’t designed specifically for healthcare, financing limits are generally lower than healthcare-focused options.

Key Takeaways — Klarna

• Application process: Online application with a soft credit check.
• Loan amounts: Varies by user and purchase; typically hundreds to a few thousand dollars, increasing over time with repayment history.
• Terms: BNPL Pay in 4 plans (every two weeks) and short-term installment plans (often up to 24 months).
• Interest & fees: Many plans are interest-free; APRs up to 35.99% for pay over time; late fees may apply on Pay in 4.
• Best for: Patients paying for smaller wellness or elective services who want short-term, interest-free payments.

Afterpay

Afterpay is a buy now, pay later option that allows customers to split purchases into four interest-free payments, typically paid every two weeks. While it’s most commonly used in retail, it may be offered for certain wellness or elective healthcare services. Because of restrictions in the US, it can only be used in med spa settings.

Afterpay is easy to understand and doesn’t charge interest when payments are made on time, which makes it appealing for short-term expenses. The downside is that spending limits are usually low, and Afterpay doesn’t offer longer repayment terms, which limits its usefulness for patients facing more expensive healthcare costs.

Key Takeaways — Afterpay

• Application process: Simple signup with soft credit evaluation.
• Loan amounts: Typically low initial limits (often a few hundred dollars), increasing gradually with on-time repayment.
• Terms: Pay in 4 BNPL installments over 6 weeks (payments every two weeks).
• Interest & fees: No interest; late fees may apply if payments are missed.
• Best for: Patients covering small, short-term wellness costs who can repay within six weeks.

Proceed Finance

Proceed Finance is a healthcare-focused financing solution designed for larger medical, dental, and elective procedures. The company offers installment loans that allow patients to spread the cost of care over longer repayment periods, often measured in years rather than months.

Proceed Finance can be a good fit for patients financing higher-priced treatments who want predictable monthly payments over time. Approval typically requires a full credit application and a hard credit check, and interest rates vary based on credit history.

Key Takeaways — Proceed Finance

• Application process: Full credit application with a hard credit check.
• Loan amounts: Designed for high-cost medical and dental procedures, up to $75,000 depending on approval.
• Terms: Long-term installment loans, commonly 24-84 months.
• Interest & fees: APR varies based on credit profile; interest accrues over the life of the loan.
• Best for: Patients financing large procedures who need long repayment timelines and predictable monthly payments.

United Credit

United Credit is a network that connects borrowers with personal loan options they can use to cover healthcare expenses, retail purchases, and even taxes. These loans work like traditional personal loans, so patients usually apply directly with the lender rather than through a healthcare provider.

United Credit offers straightforward repayment with fixed monthly payments and clear loan terms. Approval depends on credit history and requires a hard credit check, and because the process happens outside the provider’s office, patients will need to secure funding before moving forward with care.

Key Takeaways — United Credit

• Application process: Online personal loan application with a hard credit check.
• Loan amounts: Varies by borrower credit profile and provider; can support mid- to larger-sized expenses up to $35,000+.
• Terms: Unsecured personal installment loans, varies based on provider.
• Interest & fees: APR varies by creditworthiness; origination fees may apply.
• Best for: Patients with good credit who want a traditional loan structure and fixed monthly payments.

Prosper

Prosper is an online personal lending platform that provides fixed-rate installment loans borrowers can use for a wide range of expenses, including medical bills. While the company began as a peer-to-peer marketplace, it now operates as a more traditional lending platform, with loans funded through a mix of institutional and individual investors and paid out directly to approved borrowers, who then pay their healthcare provider.

Prosper is best suited for patients in good financial standing who want a straightforward personal loan with predictable monthly payments. Approval and pricing are closely tied to credit history, and the application process includes a hard credit check, which isn’t ideal for every borrower.

Key Takeaways — Prosper

• Application process: Full personal loan application with a hard credit check.
• Loan amounts: Up to $50,000, depending on eligibility.
• Terms: Unsecured personal installment loans, commonly 24-60 months.
• Interest & fees: APR varies widely based on credit score and provider; origination fees may apply.
• Best for: Patients with strong credit who want a larger, fixed-term personal loan to cover major healthcare expenses.

How to Move Forward With Customer Financing

For Patients

Step 1: Identify the right type of financing for your situation

For patients, moving forward with customer financing starts with understanding how different consumer loans work and how they fit into personal finance goals. Whether using BNPL installment plans, unsecured loans, or revolving credit, borrowers should consider the size of the expense, how quickly payment is required, and whether monthly payments align with their budget and savings account balances.

Step 2: Compare available financing options

Patients should compare financing options across fintech platforms, consumer finance companies, and traditional financial services like banks or credit unions. Some solutions offer real-time credit decisions at checkout, autopay features, and transparent disclosures that make it easier to plan ahead. Understanding whether a loan is secured or unsecured, how refinancing might work, and how payment terms affect long-term financial goals can help narrow the right choice.

Step 3: Submit an application and review the offer

Once a financing option is selected, the next step is submitting a credit application. Many BNPL and healthcare-specific financing solutions allow patients to apply at the point of sale or online, often using a soft credit pull that does not impact a personal credit score. Other consumer loans may require a hard credit check and additional verification, such as income documentation or recent bank statements. Reviewing approval details, annual percentage rate (APR), and repayment terms before accepting an offer helps ensure predictable payment history and avoids long-term financial strain.

For Providers

Step 1: Define your financing goals and business needs

For providers and small business owners, moving forward with customer financing starts by identifying business needs and growth goals. Whether the priority is supporting customers’ needs, improving cash flow, or increasing treatment acceptance, choosing the right payment solutions is key to long-term success.

Step 2: Choose the right financing model

Point-of-sale (POS) financing allows practices to offer flexible payment options in real time, reducing friction at checkout and helping more potential customers move forward with care. Rather than managing in-house financing, many service businesses partner with a third-party provider that integrates directly into their POS through APIs and automation. Providers that choose to offer in-house financing should be prepared to manage credit applications, underwriting, payment terms, and ongoing collections internally, which often requires additional staff resources and compliance oversight.

Step 3: Implement and scale customer financing

Once a financing model is selected, providers can implement customer financing by onboarding with a third-party platform that handles credit decisions, underwriting, and payment processing while paying providers upfront. From there, practices can train staff on how to present payment solutions at checkout, integrate financing into existing workflows, and monitor performance metrics like approval rates and treatment acceptance.

As financing becomes part of the standard process, providers can use it to improve cash flow, increase sales, and gain a competitive edge without taking on additional financial risk or administrative burden. Over time, offering customer financing at the point of sale can help strengthen customer loyalty and expand the customer base as more patients are able to move forward with care.

Consumer Financing FAQ

What kind of credit score is needed to apply for consumer financing?

Credit score requirements vary by financing company and type of loan. Some financing platforms use alternative underwriting and soft credit pulls, allowing borrowers with poor credit or limited credit history to qualify. Others — such as traditional lenders and personal loan providers — rely heavily on data from credit bureaus. For these, approval rates and APR are closely tied to their credit report, income, and existing debt, making them less ideal for patients with low credit scores.

Does applying hurt credit score?

It depends on the financing provider and application process. Many BNPL programs and some healthcare-specific financing solutions use a soft credit pull, which does not affect a borrower’s credit score (no credit check during Cherry’s application process will harm credit score). Traditional personal loans, credit cards, and some installment loan products require a hard credit check, which will temporarily hurt the borrower’s credit score. Applicants should always review disclosures before completing an application.

How fast is the approval process?

Approval timelines vary, but many modern financing platforms offer instant or near-instant credit approval at the point of sale. BNPL and healthcare-focused financing solutions often provide decisions in seconds (Cherry offers instant approval decisions after a 60-second application that doesn’t hurt credit score), while personal loans and traditional financial institutions may take one to several business days due to underwriting and verification requirements.

Will I need to provide collateral to take out a consumer loan?

Whether a consumer loan requires collateral depends on whether it’s structured as a secured loan or an unsecured loan.

A secured loan is backed by an asset the lender can claim if the loan isn’t repaid. Common examples include mortgage loans, home equity loans, and a home equity line of credit (HELOC), all of which are secured by a home. Auto loans are another example, with the vehicle serving as collateral. Some small business loans may also be secured, depending on the lender and loan structure. Because these loans reduce risk for the lender, they may offer more flexible repayment terms or better interest rates — but they also carry the risk of asset loss if payments are missed.

An unsecured loan does not require collateral. Most healthcare financing options fall into this category, including BNPL installment plans like Cherry, personal consumer loans, most student loans, and some small business loans that rely on credit history and cash flow rather than assets. Instead of relying on collateral, lenders evaluate factors like creditworthiness and income. For patients, unsecured loans provide a faster, more flexible way to cover medical or wellness expenses without putting personal property at risk.

How quickly will funds be disbursed?

Disbursement timing depends on the financing works and provider structure. Some financing solutions pay providers upfront, improving cash flow and reducing administrative work. Others deposit funds directly to the borrower’s bank account within a few business days, after which the borrower pays the service provider. Payment processing timelines should be confirmed during checkout.

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

Deferred interest means interest accrues behind the scenes and is applied retroactively if the balance isn’t paid in full by the promotional deadline, or if a single payment is missed during that period. True 0% APR installment plans do not accrue interest at all when terms are met, resulting in predictable loan payments, transparent pricing, and a more affordable loan. Understanding this distinction is critical when comparing financing offers and payment plans.

What payment methods work with BNPL consumer financing?

BNPL consumer financing typically supports a range of payment methods, including debit cards, linked bank accounts, and autopay from a checking or savings account. Some financing programs also allow cardholders to manage payments through online dashboards or mobile apps, making it easier to track payment history and upcoming due dates.

Payment methods and flexibility vary by financing provider, so borrowers should review disclosures carefully. Many fintech and point-of-sale financing solutions prioritize transparency, real-time payment processing, and predictable payment structures, which can improve both the customer experience and long-term repayment outcomes when compared to traditional lenders.

Can financing be used to supplement health insurance?

Yes. Customer financing is often used to cover costs not fully paid by insurance, including deductibles, copays, uncovered treatments, and elective or wellness services. Funding options can help patients manage unexpected expenses without delaying care, especially when insurance coverage falls short.

Which consumer financing solution is best?

The best financing solution depends on the borrower’s needs and eligibility. Patients with strong credit may prefer unsecured personal loans with competitive rates and longer repayment terms. Others may benefit from flexible BNPL installment plans with interest-free options and no hard credit check. For providers, the right financing provider is one that improves customer satisfaction, supports higher conversion rates, and aligns with operational goals.

Is customer financing worth it?

For many healthcare practices and small business owners, offering customer financing is worth it because it removes payment barriers for potential customers while helping businesses boost monthly revenue. From the patient perspective, flexible payment solutions make care more accessible by breaking large costs into manageable monthly payments, offering clear pricing upfront, and providing customer financing options that align with different financial situations.

For providers, offering customer financing through a third-party provider can help increase sales, improve conversion rates, boost annual revenue, and expand the overall customer base — without taking on the operational risk of in-house financing. Modern financing platforms handle the credit application, underwriting, disclosures, and payment processing, allowing practices to focus on care while still supporting flexible financing offers at checkout. Compared to managing in-house financing, third-party solutions reduce administrative burden and limit exposure to nonpayment, creating a smoother customer experience for both staff and patients.

Explore Flexible Patient Financing With Cherry

There is no one-size-fits-all approach to consumer financing in healthcare. The right financing solution depends on factors like loan amount, repayment terms, interest rates, and a borrower’s creditworthiness. Some patients benefit most from short-term buy now, pay later installment plans with upfront pricing and predictable monthly payments, while others need longer-term loans or revolving credit to manage higher-cost surgical procedures or recurring medical treatment.

For healthcare providers and service businesses, offering consumer financing through a trusted lending partner can improve approval rates, increase average order value, and strengthen customer loyalty — all while streamlining the financing process at checkout. Cherry stands out by offering healthcare-specific financing with transparent loan terms, flexible payment options, and true 0% APR plans with no deferred interest. By improving the user experience for both patients and practices, Cherry helps providers improve treatment acceptance, boost the bottom line, and deliver financing that actually fits how healthcare works. Find out how Cherry could transform your practice. Claim your personalized demo here.