As out-of-pocket costs rise, patients need financing they can trust — and practices need tools that help them grow.

In today’s dental and medical landscape, it’s not enough to offer care — healthcare providers need to offer flexible financing options that support treatment acceptance without sacrificing profitability.

Two of the most recognized solutions are CareCredit, a long-standing healthcare credit card, and Proceed Finance, a lender focused on high-ticket treatment plans. But the way they work, and what they offer, couldn’t be more different. Here’s what both patients and practices should consider before they pick one.

How CareCredit Works

CareCredit is an established healthcare credit card (backed by Synchrony) accepted by over 270,000+ providers across healthcare specialties — from veterinary to dentistry and beyond. Patients can pre-qualify with a soft credit check, then submit an application with a hard credit check. If approved, they can secure a reusable line of credit up to $25,000.

CareCredit offers “interest-free” options for 6–24 months, but these promos use deferred interest, meaning that if the borrower doesn’t pay off the balance by the end of the promo period — in full and on time each month — interest is charged retroactively from the purchase date. Even one missed payment can trigger these charges.

For practices, CareCredit means upfront funding and strong brand recognition, but provider costs are higher (fees starting around 5.9%) and approvals are non-exclusive, so patients can use the card elsewhere.

How Proceed Finance Works

Proceed Finance offers unsecured, fixed-rate installment loans built for larger treatment plans so patients get predictable monthly payments for a variety of healthcare needs.

The application process starts with a quick pre-qualification using a soft credit check, and if a patient moves forward, the full application includes a hard credit check.

Their interest-bearing loans range from $2,500 to $75,000 with terms up to 12 years, designed to create more affordable payment options for higher-ticket care.

Funds are paid upfront to the practice — typically 1-2 business days after approval. There’s no down payment required, no prepayment penalties, and the program emphasizes transparent pricing (fixed rate, no hidden fees). New loans are made by Optum Bank or Security First Bank and serviced by Security First Bank.

Proceed Finance vs CareCredit: Side-by-Side Snapshot

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For patients

• For patients facing a high-cost treatment who want stable monthly payments, Proceed Finance offers clear payment plans, fixed interest rates, and longer loan durations — all without hidden fees. However, there are no interest-free promotions, rates depend on creditworthiness, and higher loan amounts coupled with longer terms can mean patients pay more interest over the life of the loan.
  
• For patients planning to finance recurring dental health or wellness services with multiple providers, CareCredit offers flexibility with a revolving credit line accepted at thousands of providers. It’s best suited to creditworthy borrowers who can pay off balances during the promotional period to avoid deferred interest charges.

For practices

• Proceed helps secure treatment acceptance on high-cost cases by pairing upfront payment to practices with higher loan amounts and no surprises for the patient. However, with high loan limits, extended terms, and no true 0% APR options, a loan from Proceed Finance can mean significant long-term debt for the patient.
• CareCredit may increase volume with patients already familiar with the brand, but the economics — including high provider fees and non-exclusive approvals — require careful evaluation.

Alternatives to Proceed and CareCredit

Not every patient will be a match for Proceed Finance or CareCredit — whether due to credit profile, loan amount, or repayment preferences. Fortunately, a growing field of patient financing companies is redefining what flexibility and accessibility look like. From true 0% APR plans to higher approval rates and faster application processes, these alternatives can help practices increase treatment acceptance while maintaining control over margins and patient trust.

Cherry

Cherry is a healthcare-first buy now, pay later (BNPL) platform that integrates seamlessly into practice workflows. Patients complete a 60-second application with a soft credit check and get an instant decision, with over 80% approved across credit profiles for loan amounts up to $50,000.

Borrowers can finance shorter treatment plans with an interest-free pay-in-4 option, or larger ones with terms up to 60 months and true 0% APR for qualified borrowers (no deferred interest),

Practices get upfront funding, the lowest merchant fees in the industry, and exclusive approvals that keep financing tied to their office.

Takeaways – Cherry

• 60-second application with soft credit check and instant decision
  
• 80%+ approval rate
  
• Funding up to $50,000 with terms as long as 60 months
  
• True 0% APR for qualified borrowers (no deferred interest)
  
• Upfront payment to practice, enhancing cash flow
  
• Lowest merchant fees in the industry
  
• Approvals exclusive to practice, reinforcing loyalty between the patient and practice

Alphaeon Credit

For practices that prefer the familiarity of a credit card model, Alphaeon offers a revolving line of credit that borrowers can carry across visits. Patients pre-qualify with a soft credit check, then undergo a hard credit check for the full application. If approved, they can secure funding up to $25,000 for medical, cosmetic, and dental care.

Promotions often advertise “no interest,” but — like other medical cards — those are deferred-interest offers that require on-time payments during the promo period, and a $0 balance by its conclusion to avoid retroactive interest charges from the purchase date. Practices receive upfront payment, but approvals are non-exclusive, so patients can use that line with other healthcare providers.

Takeaways – Alphaeon Credit

• Reusable line of credit up to $25,000
  
• Requires a hard credit check
  
• “No-interest” promos rely on deferred interest
  
• Upfront payment to the practice
  
• Non-exclusive approvals — patients can use their credit line with over 270,000 providers

Sunbit

If your practice mainly serves patients with lower credit scores, Sunbit can lift approval rates and reduce drop-off at checkout. The application process is a quick digital flow with a soft credit check and near-instant decisions, which helps keep treatment plans on schedule.

With a cap of $20,000, however, Sunbit’s financing plans are generally best suited to small- or medium-sized medical and dental procedures, and though it offers “interest-free” promotions, these plans rely on deferred interest.

For practices, merchant fees starting around 4.7% can cut into margins, and deferred interest promotions combined with low-credit borrowers can result in unexpected debt that erodes patient trust.

Takeaways – Sunbit

• High approval rates for low-credit borrowers
  
• Soft credit check
  
• Loan amounts up to $20k, terms up to 72 months, APRs up to 35.99%
  
• Relies on deferred-interest promos
  
• Merchant fees start 4.7%

Affirm

Affirm is a fast, familiar way to split procedures into installments with quick pre-qualification via soft credit check, near-instant approvals, and clear repayment terms up to 36 months. Its ceiling — $17,500 — makes it ideal for small- to medium-sized medical and dental treatments.

Patients appreciate the straightforward structure, including true interest-free options on some plans. While practices benefit from the earned consumer trust of a recognizable brand, they’ll face higher merchant fees at 5.99% + $0.30 per transaction, and may struggle to integrate a system that isn’t built specifically for healthcare.

Takeaways – Affirm

• Recognizable BNPL company with a global network
  
• Soft check and instant decision
  
• Shorter terms (up to 36 months) and smaller loan amounts ($17,500)
  
• Some interest-free offers, transparent costs (no deferred interest)
  
• Not built specifically for healthcare
  
• Provider fees 5.99% + $0.30 — better for mid-ticket cases

Personal Loans (Prosper, LendingClub, United Medical Credit)

For one-time, higher-cost treatments — think mommy makeover surgery or full-mouth dental implants — traditional personal loans can stretch financing further. Programs commonly span $1,000–$100,000 with repayment terms from 24-84 months.

The caveats: patients go through full underwriting (hard credit check and income verification), there are no interest-free promos, and funds are disbursed to the patient instead of the practice, which can delay both payment and treatment. Additionally, for the patient, larger loans and longer terms can translate to more interest paid over the life of the loan.

Still, for well-qualified borrowers prioritizing a larger loan amount over speed, options from Prosper, LendingClub, and United Medical Credit are viable options.

Takeaways – Personal Loans

• Larger loan amounts (~$1k–$100k) and longer loan terms (24–84 months)
  
• Full underwriting (hard credit check)
  
• No interest-free promotions
  
• Favors creditworthy borrowers
  
• Slower funding timelines can delay treatment

Final Thoughts: Proceed Finance vs CareCredit

Proceed Finance gives patients more room to say yes to treatment with larger loans, longer terms, and fixed-rate transparency — all without deferred interest traps. CareCredit offers familiarity and flexibility, but with lower approval amounts, potentially harmful promotional financing, and high provider costs.

Whether you're treating a high volume of patients with adverse credit history or focusing on comprehensive procedures, your financing partner should support both treatment acceptance and profitability.

Cherry’s 80%+ approval rate across credit profiles, true 0% APR for qualified borrowers (no deferred interest), upfront payment to practices, and the lowest merchant fees in the industry make it easier for patients to access life-changing care, and for practices to grow sustainably. Find out why over 40,000 practices rely on Cherry. Claim your complimentary demo here.