Synchrony Launches CareCredit Pay Later Loan Product

The new installment loan offers fixed APR and monthly payments at nearly 20,000 health and wellness locations nationwide.

Updated on Oct. 21, 2026 in Credit Cards

Synchrony Launches CareCredit Pay Later Loan Product

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Do you believe using medical installment loans is a good way to manage your healthcare expenses?

Synchrony has introduced CareCredit Pay Later, a one-time-use installment loan product designed to provide flexible payment options for medical services. It is currently available to patients at nearly 20,000 health and wellness locations across the United States.

Why it matters

The product aims to move beyond traditional one-size-fits-all financing by providing fixed terms for consumers managing medical expenses. It targets a significant market segment that prioritizes buy-now-pay-later availability when selecting healthcare providers.

Synchrony reported a 3% year-over-year increase in Health and Wellness platform purchase volume during the third quarter of 2026. Data shows that 49% of Gen Z consumers consider BNPL options influential when selecting a medical provider.

The players

Synchrony

Synchrony is a consumer financial services company that specializes in credit products for retail, health, and home sectors.

CareCredit

CareCredit is a credit brand owned by Synchrony that provides specialized financing for healthcare, dental, and veterinary procedures.

The details

Patients can access the installment loan digitally through the existing CareCredit interface, where it appears alongside the company's traditional revolving credit card. Providers manage the process through the Provider Center portal, which uses a built-in calculator to present estimated payment amounts and terms to the patient.

Q3 2026: Synchrony recorded a 3% year-over-year purchase volume increase.
October 20, 2026: Synchrony reported its third-quarter sales results.
October 21, 2026: CareCredit Pay Later launched for health and wellness providers.

Market Dynamics

This product release follows the broader shift highlighted by the PYMNTS report on healthcare payment impacts, which identifies medical expense flexibility as a primary driver for consumer loyalty. Synchrony is positioning its installment offering to compete against the rise of specialized fintech lenders currently entering the healthcare space.

Patients may find that they have new fixed-payment alternatives when paying for out-of-pocket medical costs at participating offices. The integration into the existing CareCredit calculator allows users to estimate their fixed monthly costs before committing to the loan terms.

The takeaway

Consumers should compare the fixed APR of new installment products against the interest rates of existing credit lines before selecting a payment plan. Evaluating the total cost of credit remains a critical step when financing elective or necessary medical procedures.