Synchrony Launches CareCredit Pay Later Installment Loan Product
Synchrony (NYSE: SYF) has launched 'CareCredit Pay Later,' an enhanced installment loan product designed to provide health and wellness consumers with fixed monthly payments and defined payoff timelines. This new digital offering complements the existing CareCredit revolving credit card, allowing eligible users to choose between a one-time installment loan or reusable credit through a single application process. The product is currently available at approximately 20,000 healthcare locations specializing in dental, cosmetic, vision, and audiology care, with plans for a wider rollout across CareCredit's network of 290,000 providers. To manage risk, the service utilizes Synchrony’s proprietary PRISM underwriting platform to evaluate applicants' broader financial health.
Topics: consumer credit healthcare financing installment loans product launch