What is Cherry Financing?
Cherry Financing is a “buy now, pay later” company that allows customers to pay for health and wellness purchases over time. It’s a point-of-sale financing option that offers payment plans, potentially with 0% APR, for services like dental, cosmetic, and spa treatments. Cherry provides a fast application process, often within 60 seconds, and allows for managing payments through a self-serve patient portal. It enables patients or clients to split treatment costs into manageable monthly installments.
How Cherry Financing Works
Choose from a range of monthly payment plans, with qualifying 0% APR options. Applying is simple and does not impact your credit score. If you’re approved for financing, you can use your funds immediately. Manage your payment options using Cherry’s self-serve consumer portal.
Eligibility
- Age: You must be 18 years or older.
- Payment Method: A valid bank-issued debit or credit card is required.
- Identity Verification: A photo ID (like a driver’s license) is typically needed.
- Income Verification: Cherry may request a pay stub or bank statement for income verification.
- Location: Cherry is available at participating businesses, so location within a participating provider’s network is essential.
Application Process
- Confirm Eligibility: Start by checking the eligibility criteria on the Cherry application page.
- Verify Phone Number: Provide your mobile number to receive a verification code via text.
- Soft Credit Check: Cherry performs a soft credit check, which doesn’t affect your credit score.
- Choose a Payment Plan: Select a payment plan that fits your budget.
- Checkout: The provider will send a checkout link to your phone, where you can finalize your payment plan selection and make the down payment.
- Manage Payments: Cherry provides a self-serve portal for managing payments, including options for autopay and prepayments.
Facts that You May Find Helpful Regarding Cherry Financing Approvals
Cherry Financing claims that they have approval rates of around 75%. This is quite a high rate, if accurate. The company also states that it will approve loans for individuals with FICO scores as low as 520. If you are approved for the loan, this remains valid for 120 days. However, if your application is rejected, you can always reapply in 30 days.
Industries that Use Cherry
Cherry Financing is primarily used in the health and wellness industries, including dental practices, medical spas, and cosmetic surgery centers. It allows patients to pay for treatments over time through installment plans, often with 0% APR options for qualifying applicants.
Here’s a more detailed breakdown:
- Dental Practices:Many dental offices partner with Cherry to offer financing options for procedures like orthodontics, cosmetic dentistry, and general dental work.
- Medical Spas:Cherry is used to finance services like laser hair removal, Botox and fillers, facials, and other cosmetic treatments.
- Cosmetic Surgery Centers:Cherry financing can be used for procedures like breast augmentation, liposuction, and other cosmetic surgeries.
- Other Health and Wellness:Cherry also supports businesses offering weight loss programs, BHRT (bioidentical hormone replacement therapy), IV therapy, and other health and wellness services.
How does Cherry compare?
| Feature | Cherry Payment Plans | Traditional Medical Credit (e.g., CareCredit) | Generic BNPL (e.g., Klarna) |
|---|
| Credit check | Soft only — no FICO impact | Often hard inquiry | Varies; many BNPL also soft |
| APR structure | True 0% APR plans, no deferred interest | Deferred or high APR | Often 0% if paid on time |
| Approval rate | ~80%+ for broader credit profiles | Lower threshold approvals | Depends; retail-focused, low amounts |
| Loan size | Up to $50K for cosmetic/medical treatments | Often limited plan tiers | Usually smaller ticket items |
| Use cases | Service-based clinics, elective procedures | Medical/dental expenses | Retail and e-commerce primarily |
Some Potential Advantages of Cherry Financing
The following are some of the main advantages of Cherry Financing:
- Payment Plan Flexibility. The company states that it allows for considerable flexibility regarding the payment plans which can better meet your needs.
- Fast and Simple Application. Applying online is made simple so that most people can easily do on their own without assistance.
- Short Approval Times. You may even know within minutes if your application has been approved or not
- Soft Credit Check. By only using a soft credit check, your credit score will not be affected. Other companies often use a hard credit check which can ding your credit score.
- No Hidden Fees. All fees are listed so there are no surprises for you later on.
Some Potential Disadvantages of Cherry Financing
There are some potential disadvantages of financing with this company depending on your circumstances. Two of these may be:
- Length of terms may be shorter than offerings from other companies. For large ticket items, you may want to pay over a longer period of time than is offered by Cherry Financing. CareCredit does offer longer terms for payment.
- There is no revolving credit option. If you want to pay for various services at different times in the future without having to apply each time, this revolving credit option is not offered by Cherry Financing. It is offered by CareCredit.
Benefits for Consumers & Providers
For Consumers
- True 0% APR plans available with no deferred or compounding interest.
- Soft credit check only — no impact on FICO score during application.
- Reports repayments to credit bureaus after 30 days; consistent on-time payments may positively influence credit. Missed payments may cause negative credit reporting.
- Flexible installment options with transparent terms; typical plans range 3–60 months or weekly pay‑in‑4 options.
For Providers (Doctors, Clinics, Med‑Spas)
- High approval rates (≈ 80%+) including patients with limited credit history.
- Increased case acceptance & revenue: Many providers report revenue uplift and more booked treatments thanks to accessible financing.
- Lower merchant fees than traditional credit cards and medical credit products; no setup or monthly fees.
- Cherry provides free marketing kits and support, and US-based customer service.
Save on Time & Money
- Lower your merchant fees: saving 50% of your merchant fees.
- Get paid upfront: Receive full payment in 2-3 business days. Easily improve your cash flow.
- Stop chasing payments: Cherry handles loan repayment directly with the consumer, allowing you to focus on providing care.
Unbeatable Experience
Fast Application & Instant Funding
There simple application makes it easy to speed through checkout.
Consumer-Friendly Terms
True 0% APR options, no hard credit check, and no hidden fees such as deferred, retroactive, or compounding interest.
Extraordinary Support
Speak with US-based customer support specialists, get fast resolution, and enjoy free marketing resources.
Is cherry finance is interest‑free patient financing
Cherry is a patient financing option that may offer interest-free periods, but it’s not inherently interest-free. Some plans through Cherry can have 0% APR, but it depends on factors like your credit and the specific promotion offered by the healthcare provider. Other Cherry plans will have an interest rate, so it’s crucial to review the terms carefully before agreeing to a financing plan.
- Payment Plans:Cherry often acts as a payment plan provider, allowing you to break down the cost of treatment into monthly installments.
- Not Always Interest-Free:Not all Cherry financing options are interest-free. Some plans may have an associated interest rate, which can vary based on your creditworthiness and the specific promotion offered by the healthcare provider.
- Importance of Reviewing Terms:It’s vital to carefully review the terms and conditions of any Cherry financing plan before accepting it. This includes checking for any interest rates, APR, fees, and the length of the payment plan.
- Check for Promotions:Healthcare providers may offer special promotions that include 0% APR periods with Cherry financing. Make sure to ask about any available offers.
Feedback, Reviews & Limitations
- Patients describe Cherry as “simple, seamless, and quick” to finance treatments like dental and cosmetic procedures.
- Providers note: “Cherry financing has increased our revenue by leaps and bounds…” and praise easy referral and control features.
Complaints & Caveats
- Several BBB complaints document payment disputes, refund issues, inconsistent balance communications, and difficulties in resolution after provider closures or service cancellation.
- Reddit users raised concerns that frequent Cherry applications and multiple loan accounts may harm credit more than a single hard inquiry: “Cherry makes you re-apply for a new loan every time. Common sense tells you that will hurt your credit so much worse than one hard credit check!”
- Some mention lack of transparency around loan terms or interest if payments fall behind—leading to possible simple interest charges or penalties.
Conclusion
Cherry Financing provides a quick and soft credit flexible installment payment option tailored for high-value services such as medical aesthetics, dentistry, and wellness services. The product is appealing in comparison to traditional medical credit products as it yields strong approval rates (~80%) along with 0% APR options and has been positively featured in practice case studies. However, businesses and consumers run the risk of facing issues such as billing disagreements, complicated refunds, and varying levels of fee visibility. To help maximize the benefits and minimize the risks associated with Cherry, a proactive approach—clear contracts, staff training, and active support—can work wonders.
FAQs
1. Does Cherry affect my credit score?
No—Cherry uses a soft credit check only during application, which does not affect your credit score, though missing payments may be reported and hurt your credit.
2. Are Cherry payment plans really interest‑free?
Yes, many Cherry plans offer true 0% APR with no deferred interest or compounding, provided payments are timely.
3. How does Cherry compare to CareCredit or other BNPL options?
Cherry offers higher approval rates (~80%+), supports larger healthcare-related loans, and avoids hard credit checks. Generic BNPL options are more retail-focused and may not offer large amounts or true interest‑free terms for services.
4. What are common complaints about Cherry?
Reported issues include refund disputes, unclear billing after practice closures, and credit balance inconsistencies. Some complaints emphasize multiple loans harming credit, despite soft checks.
5. Can Cherry Payment Plans help improve credit score?
Potentially—Cherry reports payment activity to major bureaus after ~30 days. On-time repayments may help credit; however, missed payments can damage it.