The new installment loan product is now available at select audiology locations, giving patients a fixed-APR, defined-payoff alternative to the existing CareCredit revolving credit card — all through a single application.
CareCredit, a Synchrony solution, has introduced CareCredit Pay Later, an enhanced and rebranded installment loan product designed to give health and wellness consumers — including audiology patients — an additional way to plan and pay for care. The product is available at nearly 20,000 health and wellness locations, including select audiology care providers, with planned expansion across CareCredit’s full network over time.
CareCredit Pay Later is a single-use installment loan offering fixed monthly payments, a clear payoff timeline, and a fixed APR for defined care expenses. It is presented digitally alongside the existing CareCredit revolving credit card, so eligible consumers can compare options and choose the product that best fits their budget — all through one credit application.
For audiology practices already enrolled in CareCredit, the addition of Pay Later represents a meaningful expansion of the payment options they can offer patients considering hearing aids, cochlear implant-related services, and other elective hearing care not typically covered by insurance.
One Application, Two Product Paths
Through a single credit application, eligible consumers can access:
- CareCredit Pay Later: A one-time-use installment loan with fixed monthly payments, a fixed APR, and a defined payoff timeline.
- CareCredit Credit Card and CareCredit Rewards Mastercard: Reusable revolving credit products offering special financing options accepted at more than 290,000 provider and retail locations nationwide.
Providers can now also modify loan amounts before funding, creating greater flexibility to accommodate treatment plan changes and helping ensure financing stays aligned with care decisions. An updated payment calculator — available directly from the Provider Center portal homepage — now incorporates CareCredit Pay Later and uses each provider’s specific promo mix to generate more accurate estimated payment amounts.
Underwriting Through Synchrony Prism
To support responsible credit access, CareCredit utilizes Synchrony Prism, Synchrony’s proprietary underwriting platform. Prism evaluates an applicant’s broader financial health — looking beyond static credit scores to assess active lines of credit, debt-to-income indicators, and existing loan commitments that may not appear on traditional credit reports.
CareCredit’s Fair Financing Principles (FFP) initiative accompanies the product, connecting consumers with product comparison guides, budgeting tools, and an educational consumer guide on managing credit commitments responsibly.
Research Underscores the Role of Payment Clarity in Care Decisions
The launch is backed by two CareCredit consumer research studies — Well, Informed (May 2026) and 2026 CareCredit Path to Purchase (March 2026) — that together surveyed 4,105 respondents. The findings point to a direct link between payment transparency and patient decision-making:
- 58% of consumers worry about how much care will cost, and 51% say it’s not always clear what out-of-pocket expenses will be.
- 77% say knowing the total cost of care upfront is very or extremely important.
- 80% say payment options influence which provider they select, and 50% would consider switching providers if billing became too cumbersome.
- 41% say they would likely postpone care if they could not pay using credit, and 46% would postpone if required to pay full price upfront.
The data underscore a persistent challenge in audiology: elective hearing care — from hearing aids to assistive devices — often falls outside insurance coverage, often making payment flexibility a critical factor in whether patients move forward with recommended treatment.
Industry Perspective
“When it comes to health and wellness, a ‘one-size-fits-all’ payment plan doesn’t work for everyone,” says Beto Casellas, executive vice president and CEO of Health & Wellness at Synchrony, in a release. “With CareCredit Pay Later, consumers now have more options to choose from based on their purchase, monthly budget, and preferences. By expanding these choices, we’re empowering people to plan and pay for the care they want.”
Provider Benefits and Administrative Support
CareCredit manages all billing and collections for enrolled providers, streamlining the payment experience for practice staff and protecting providers against payment delays and defaults, according to the company. By offering an expanded suite of payment options through a single application, practices can address a broader range of patient financial situations — a consideration that may be particularly relevant for audiology providers working with patients who face high out-of-pocket costs for hearing technology.
CareCredit describes itself as the only health and wellness financing platform and network that offers revolving credit, installment loans, promotional financing solutions, and broad provider acceptance across more than 290,000 healthcare locations nationwide.
Providers and consumers can learn more at carecredit.com.
