By PYMNTS | October 21, 2026
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.
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. “With CareCredit Pay Later, consumers now have more options to choose from based on their purchase, monthly budget and preferences.”
The PYMNTS Intelligence report “The Family Factor: Where Pay Later Providers Can Compete” found that payment options can influence where families seek medical care.
The share of families who rate buy now, pay later (BNPL) availability as very or extremely influential when choosing a provider for medical or dental bills is 47% among single consumers with children, 35% among married consumers with children, 12% among single consumers without children and 10% among married consumers without children.
“For healthcare providers, the opportunity begins when patients learn their expected costs,” the report said. “Explaining available payment arrangements alongside the estimated bill could help a family facing an unexpected dental expense understand its choices.”
Another PYMNTS Intelligence report, “Financing the Decision: How BNPL and Installments Reshape Merchant Choice,” found that 22% of consumers said BNPL availability is very or extremely influential on their choice of medical or dental provider.
The percentage varies by generation, ranging from 6% among baby boomers and seniors to 49% among Gen Z consumers, according to the report.
PYMNTS reported in August that in healthcare, breaking a large expense into manageable payments can determine whether a treatment goes forward, gets scaled back or is postponed. The financing market is moving closer to that decision by building credit into the systems that providers already use to collect payment.
Synchrony reported Tuesday (Oct. 20) that purchase volume in its Health & Wellness sales platform increased 3% year over year in the third quarter.