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Synchrony’s CareCredit Launches One-Time-Use Installment Loan for Out-of-Pocket Healthcare Expenses

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Synchrony’s CareCredit Launches One-Time-Use Installment Loan for Out-of-Pocket Healthcare Expenses

CareCredit, a solution from consumer financing company Synchrony, has launched an enhanced and rebranded installment loan product that helps consumers plan and pay for products and elective health and wellness expenses not covered by insurance, the company said in a Wednesday (Oct. 21) press release.

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This CareCredit Pay Later product is a one-time-use installment loan that offers fixed monthly payments, a clear payoff timeline and a fixed APR for defined care expenses, according to the release.

CareCredit launched CareCredit Pay Later Wednesday at nearly 20,000 health and wellness locations, including dental, cosmetic, vision and audiology care providers. The company plans to expand the product across its entire network over time, the release said.

CareCredit Pay Later is presented digitally alongside CareCredit’s revolving credit card, giving eligible consumers two payment options and a simplified offer comparison, per the release.

The product is included in CareCredit’s payment calculator, which is available from the Provider Center portal homepage and delivers estimated payment amounts.

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“When it comes to health and wellness, a ‘one-size-fits-all’ payment plan doesn’t work for everyone,” Beto Casellas , executive vice president and CEO of health and wellness at Synchrony, said in the release.



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