CareCredit has launched Pay Later, a loan with fixed monthly payments for dental, vision and other care that insurance skips. Here is what to compare before you sign.
CareCredit, the health financing brand from Synchrony, has launched a loan that lets patients pay for care insurance does not cover in fixed monthly payments. It is called CareCredit Pay Later. The company announced it on Wednesday, Oct. 21.
Pay Later is a one-time-use installment loan. You borrow for a specific expense, then repay it on a set schedule. The company says it comes with fixed monthly payments, a clear payoff timeline and a fixed APR. APR is the yearly cost of borrowing, shown as a percentage.
It starts at nearly 20,000 locations, including dental, cosmetic, vision and audiology (hearing) providers. Synchrony plans to expand it across its whole network over time. Eligible patients see it digitally next to the CareCredit credit card, so they can compare the two offers.
Synchrony executive Beto Casellas said a one-size-fits-all payment plan does not work for everyone. Providers can also see estimated payments for the loan in CareCredit's payment calculator.
The announcement does not say what the APR is, how much people can borrow, whether there are fees, or who gets approved. It also does not say when your provider might offer it. Payment options do matter to patients, though. A PYMNTS report found 22% of consumers say pay-later availability strongly influences their choice of medical or dental provider.
If you face a big dental or vision bill, compare the loan and the card side by side, including the APR, before you sign.
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