STAMFORD, Conn.—Synchrony said it has launched CareCredit Pay Later, an enhanced installment loan product designed to give consumers additional financing options for elective health and wellness expenses not covered by insurance.
According to Synchrony, the product, announced Oct. 21, is available at nearly 20,000 health and wellness locations, including select dental, cosmetic, vision and audiology providers. The company plans to expand availability across CareCredit’s network over time.
The new offering provides fixed monthly payments, a fixed annual percentage rate and a defined payoff timeline, allowing consumers to know their repayment obligations upfront.
“When it comes to health and wellness, a ‘one-size-fits-all’ payment plan doesn’t work for everyone,” said Beto Casellas, executive vice president and CEO of health and wellness at Synchrony. “With CareCredit Pay Later, consumers now have more options to choose from based on their purchase, monthly budget, and preferences.”
Multiple Financing Options
Synchrony said eligible consumers can now use a single credit application to review available CareCredit financing products, including:
- CareCredit Pay Later: A one-time-use installment loan with fixed payments and a defined repayment period.
- CareCredit Credit Card and CareCredit Rewards Mastercard: Reusable revolving credit products offering special financing options, accepted at 290,000 locations nationwide and select retailers, including Albertsons, Walgreens and Walmart.
Synchrony said it has also expanded provider tools, including a payment calculator that incorporates Pay Later options and allows loan amounts to be adjusted before funding when treatment plans change.
The company said credit decisions are supported by its proprietary PRISM underwriting platform, which considers factors beyond traditional credit scores, including existing debt obligations and other financial indicators.
Research Finds Cost Concerns Affect Care Decisions
Synchrony also released findings from two CareCredit consumer studies involving a combined 4,105 respondents.
Among the findings:
- 58% worry about the cost of care, while 51% say out-of-pocket expenses are not always clear.
- 77% consider knowing the total cost of care upfront very or extremely important.
- 80% say payment options influence their choice of healthcare provider.
- 50% would consider switching providers if billing became too cumbersome.
- 41% would likely postpone care without access to credit.
- 46% would postpone care if required to pay the full cost upfront.
The findings came from CareCredit’s Well, Informed and Path to Purchase studies, which examined consumer attitudes toward healthcare costs, financing and payment decisions.
Industry Reaction
Adam Reinebach, CEO of the American Med Spa Association, said financing flexibility is particularly important for elective treatments.
“For med spa customers, having choices like the CareCredit credit card and CareCredit Pay Later can make it easier to move forward with the care they want,” Reinebach said.
Synchrony said the expanded financing options are intended to help providers improve treatment acceptance while giving consumers more control over how they pay for care.
