When it comes to patient financing companies, two of the names best known to healthcare providers and patients are PatientFi and Cherry. Both aim to remove financial barriers to care by offering easy application tools and multiple patient financing solutions for elective procedures, medical bills, and aesthetic treatments.

Cherry vs. PatientFi: Quick Comparison

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How It Works: Application Process and Credit Checks

Both Cherry and PatientFi make applying simple, but the process differs.

• PatientFi: On patientfi.com, applicants can prequalify in real-time with a soft credit check that doesn’t impact credit score. Most receive a decision in minutes, though final loan terms depend on credit approval. Borrowers with stronger credit history may qualify for higher approval amounts, while only 5-50% with lower credit scores will qualify.
  
• Cherry financing: Cherry’s easy application can be completed in seconds, and it also uses a soft credit check. Cherry offers instant decisions to all patients, boasts an industry-leading approval rate (80+%), and approves more patients across all credit profiles.

Financing Options and Payment Flexibility

Both financing programs allow patients to spread out costs, but the flexibility differs.

• PatientFi offers: Monthly payment plans with fixed loan terms and no down payment. A payment calculator helps estimate affordability. PatientFi also provides plans with a 0% promotional period, but these are deferred interest plans, meaning interest accrues during the promo and is waived only if the balance is paid in full and all payments in the promo period are on time. If even one payment is late, the accrued interest is added to the loan principal. Fixed-rate APR options start at 6.99% and can be higher depending on credit score, loan amounts, and autopay enrollment.
  
• Cherry payment plans offer: Flexible buy-now-pay-later plans with interest-free Pay-in-4 installments, special financing options like qualifying true 0% APR (no deferred interest), and repayment terms up to 60 months. Features like autopay, automation, and clear terms simplify patient payments.

Interest Rates, Hidden Fees, Pricing, and Transparency

Interest rates and hidden fees are a key comparison point. PatientFi advertises 0% APR for all approved borrowers, though it comes with a hidden catch. If the full loan amount isn’t paid off by the end of the promotional period, or if a single payment is late, interest accrued from the date of the purchase can be added retroactively to the principal, potentially creating debt that can be difficult to pay off.

Cherry keeps things simple with no hidden fees and clear payment options so patients get what they agreed to — no surprises. By offering transparent pricing, interest-free choices, and flexible payment options, Cherry helps borrowers protect their financial health and avoid unnecessary out-of-pocket costs.

Providers and Patient Experience

Both PatientFi and Cherry work with healthcare providers across multiple specialties — plastic surgeons, medspas, dermatology, dentistry, and more. This helps healthcare organizations, health systems, and providers expand access to treatments while improving patient experience.

For providers, both platforms reduce revenue cycle delays by delivering upfront payment. But the difference comes down to provider fees. PatientFi generally carries higher merchant fees (even though it offers rebates, which only apply to the fee and not the transaction amount), which can impact practice profit.

Cherry’s model, on the other hand, encourages growth by increasing treatment acceptance, offering the industry-lowest merchant fees, integrating into the revenue cycle efficiently, and leaving more cash flow in the practice.

From the patient perspective, both companies aim to improve patient satisfaction by removing financial barriers. Cherry’s support team is often highlighted for its responsiveness, with a direct phone number for customer support. PatientFi’s support team is also accessible by phone and email.

Aesthetic Treatments and Cosmetic Procedures Covered

Both PatientFi financing and Cherry are financing partners that can help patients cover a wide range of elective procedures and cosmetic surgery. Examples include:

• Aesthetic treatments like Botox, fillers, and skin care
  
• Cosmetic procedures such as rhinoplasty, facelift, tummy tuck, breast augmentation, and other plastic surgery options
  
• Medspa visits and wellness treatments
  
• Dentistry, orthodontics
  
• Veterinary services through Cherry’s lending partners

Comparing Other Alternatives

Beyond PatientFi and Cherry, patients may consider other patient financing solutions like CareCredit, Alphaeon, or even traditional credit unions and private lenders. These financing companies typically issue a line of credit with varying loan terms and minimum payment requirements.

While these can help cover healthcare financing and medical expenses, borrowers must watch out for hidden fees, prepayment penalties, and confusing repayment structures. Some lenders advertise non-recourse loans, which sound appealing but may include restrictions. Flexible payment options like Cherry Payment Plans often prove more patient-friendly in comparison.

FAQs

Does Cherry require a hard credit check?

No. Cherry uses a soft credit check, so patient credit score isn’t affected.

Which financing company has higher approval rates?

Cherry financing has higher approval rates thanks to its soft credit check and flexible eligibility criteria.

Are there prepayment penalties?

No. Neither Cherry nor PatientFi charges prepayment penalties — patients can pay off early at any time.

Why use financing solutions instead of a credit card or debit card?

While patients can use a credit card to cover medical expenses, they often come with higher interest rates and minimum payments, and many don’t have the funds available to pay with a debit card upfront. By contrast, dedicated patient financing solutions like Cherry and PatientFi typically provide more flexible payment plans and lower APR options, making them a better fit for patients seeking long-term affordability.

Choosing Between PatientFi and Cherry

Both companies provide patient financing solutions that reduce out-of-pocket costs for elective procedures. PatientFi may work best for borrowers with excellent credit who are certain they can pay off their loan during the promotional term before a deferred interest bill comes due.

For those seeking higher approval odds, flexible payment plans, true 0% APR options, and no deferred interest traps, Cherry stands out as a strong choice for both patients and healthcare providers.

Supporting patient satisfaction and practice profitability, Cherry aligns aesthetic goals and elective care needs with leading loan terms and a seamless payment experience. Want to see how Cherry could transform your practice? Claim your complimentary demo here.