SearchIntroducing Synchrony Pay Monthly
Synchrony Pay Monthly, together with the CareCredit credit card, brings more financing choices to your patients or clients, empowering them to move forward with your recommended care.
Why Offer Pay Monthly
Offer the right product at the right time
Offering Pay Monthly loans in addition to the CareCredit credit card provides your patients or clients with another financing option to pay for your recommended care.
Support your end-to-end business goals
Receive payment in two business days and help minimize accounts receivable and administrative burden.
Deliver a positive experience for your staff
Offer a seamless prequalification and payment experience for your patients or clients while making financial conversations easier for your staff.
Provide another financing option with Pay Monthly
Offer your patients or clients a streamlined financing experience, along with CareCredit, through a single application via your custom link URL and QR code.
One-time use loan that closes when paid in full
Fixed APR and loan term
No impact to credit score until offer is accepted and submitted
How it works for your patients or clients
See if they Prequalify
They can submit a prequalification check, with no impact to their credit score.
Review financing options
If qualified, they’ll review their prequalified offer(s) of credit.
Instant decision
They accept the offer and open an account.
More financing choices to move forward with care
Questions about Pay Monthly?
A Pay Monthly installment loan is a one-time use loan that closes when paid in full at the end of the fixed term. This differs from a credit card, which can be used for additional purchases as credit becomes available. Pay Monthly has a predictable, fixed monthly payment which includes all interest charges, making it easier to help fit care into your patient’s or client’s budget. It also offers:
- Fixed APR.
- Fixed loan term.
- No application fee or prepayment penalty.
- No impact to credit score until an offer is accepted and submitted.
A waived interest option may be available.
No, not all of your patients or clients will get approved for a Synchrony Pay Monthly loan. Synchrony Bank determines the criteria for loan approvals.
When your patient or client prequalifies for Pay Monthly, they have two options:
- Accept the offer to complete the application. If they choose to accept the offer, they complete the application, and the loan is finalized. The provider is funded within 2 business days and your patient’s or client’s first payment will be due in approximately 25 days.
- Hold the approval for 7 days. If your patient or client chooses to hold the approval for 7 days, an email is sent to them with a link to return to accept the offer and complete the application.
They will receive a link in the welcome email to log in to a Digital Servicing portal where they will be able to review their loan details, make payments, enroll in autopay and more.
Looking for Allegro Credit?
Ready to offer more financing options to your patients or clients?
I'm enrolled with CareCredit
Reach out to your Practice Development team to learn more about offering Pay Monthly loans.
Contact usI'm new to CareCredit
Fill out our form today to enroll to accept CareCredit and offer financing options.
Get started1. Synchrony: CareCredit Installment Loan Research, November 2022
2. Synchrony: POS Installment Lenders Research, October 2022
3. Synchrony: 9th Major Purchase Journey Study, September 2023
*Subject to credit approval. Synchrony Pay Monthly loans are provided by Synchrony Bank.