Cherry Payment BNPL - Frequently Asked Questions

Cherry Payment BNPL (Buy Now, Pay Later) is a healthcare financing solution that allows patients to pay for medical, dental, cosmetic, and veterinary procedures over time instead of paying the full amount upfront.

How it works:

• Apply: Complete a 2-3 minute online application
• Get Approved: Receive instant decision (soft credit check)
• Choose Plan: Select from 3-60 month payment options
• Get Treatment: Provider receives payment immediately
• Pay Over Time: Make affordable monthly payments

Applying for Cherry Payment is quick and easy:

Step 1: Online Application
Visit your healthcare provider's website or Cherry's site. You'll need: SSN, date of birth, contact information, and employment/income details.

Step 2: Instant Decision
Get approved in minutes with a soft credit check (no impact on credit score during prequalification).

Step 3: Choose Your Plan
Review available payment plans and select the one that fits your budget.

Step 4: Complete Treatment
Once approved, schedule your procedure. Cherry pays your provider directly.

To complete your Cherry Payment application, you'll need:

• Social Security Number (SSN)
• Date of birth
• Valid government-issued ID
• Current address and contact information
• Employment information
• Annual income details
• Bank account information (for payment setup)

Note: All information is encrypted and secured. Cherry uses bank-level security to protect your data.

Cherry Payment accepts a wide range of credit profiles. While there's no strict minimum credit score requirement, here's what to expect:

• Excellent Credit (720+): Access to best rates, highest loan amounts, longest terms, promotional 0% APR offers
• Good Credit (680-719): Competitive rates, good loan amounts, flexible terms
• Fair Credit (640-679): Standard rates, moderate loan amounts, may have shorter terms
• Building Credit (600-639): Higher rates, lower loan amounts, but approval still possible
• Limited/No Credit: Cherry may still approve with cosigner or alternative verification

Important: Cherry looks at more than just your credit score, including income, employment history, and debt-to-income ratio.

No! Cherry uses a soft credit inquiry during the prequalification process, which does NOT impact your credit score.

Here's how it works:

• Soft Pull (No Impact): Initial application and prequalification
• Hard Pull (May Impact): Only when you accept an offer and finalize your loan

You can check your rates and available plans without any risk to your credit. The hard inquiry only happens when you move forward with a specific financing plan.

Cherry Payment offers one of the fastest approval processes in healthcare financing:

• Application: 2-3 minutes to complete
• Decision: Instant to 60 seconds (most cases)
• Funding: Provider receives payment within 24-48 hours

In rare cases requiring additional verification, approval may take 1-2 business days. Cherry will notify you immediately if they need any additional information.

If your initial application is denied, you have several options:

Immediate Options:

• Apply with a cosigner who has strong credit
• Reduce the requested loan amount
• Provide additional income documentation

Reapplication Timeline:

• Wait 30 days before reapplying
• Use this time to improve your credit profile
• Pay down existing debts
• Correct any credit report errors

Alternative: Ask your provider about other financing options or payment plans they may offer directly.

Cherry Payment offers a range of interest rates based on creditworthiness:

• Promotional Plans: 0% APR for 6-24 months (with approved credit)
• Standard Plans: 9.99% - 35.99% APR
• Average Rate: Around 17-18% APR for most borrowers

Factors affecting your rate:

• Credit score and history
• Income and employment stability
• Debt-to-income ratio
• Loan amount and term length
• Type of procedure being financed

Use our payment calculator to estimate monthly payments at different rates.

Cherry Payment offers flexible repayment terms from 3 to 60 months:

• Short-term (3-12 months): Higher monthly payments, less total interest, often includes 0% APR promotions
• Medium-term (12-36 months): Balanced monthly payments, moderate interest, most popular choice
• Long-term (36-60 months): Lower monthly payments, more total interest, for larger procedures

Example: $5,000 loan at 12% APR

• 12 months: $444/month (total: $5,332)
• 24 months: $235/month (total: $5,640)
• 36 months: $166/month (total: $5,976)

Cherry Payment's fee structure is straightforward:

No Fees:

• ✅ No application fee
• ✅ No origination fee
• ✅ No prepayment penalty (pay off early anytime)
• ✅ No annual fee

Potential Fees:

• ⚠️ Late payment fee: $25-39 (if payment is more than 15 days late)
• ⚠️ Returned payment fee: $25-39 (if payment bounces)
• ⚠️ Deferred interest: On 0% APR plans, if not paid in full by end of promotional period

Tip: Set up autopay to avoid late fees and ensure you never miss a payment.

Yes! Cherry Payment allows early payoff with absolutely no prepayment penalty.

Benefits of early payoff:

• Save on interest charges
• Improve your debt-to-income ratio
• Free up credit for future needs
• Peace of mind from being debt-free

How to pay early:

• Log into your Cherry account online
• Make extra payments anytime
• Request payoff amount for full settlement
• Or call customer service for assistance

Cherry Payment finances a wide range of healthcare services:

🦷 Dental:

• Dental implants, crowns, veneers
• Orthodontics (braces, Invisalign)
• Root canals, extractions
• Cosmetic dentistry
• Full mouth reconstruction

💉 Cosmetic:

• Plastic surgery (breast augmentation, liposuction, tummy tucks)
• Facial procedures (rhinoplasty, facelifts)
• Non-surgical treatments (Botox, fillers, laser treatments)
• Body contouring

👁️ Vision:

• LASIK and vision correction
• Cataract surgery
• Premium eyewear and contacts

🏥 Medical:

• Fertility treatments (IVF, IUI)
• Hearing aids
• Weight loss surgery
• Dermatology procedures
• Chiropractic care

🐾 Veterinary:

• Emergency pet care
• Surgery and procedures
• Dental care for pets
• Specialty treatments

Finding Cherry Payment providers is easy:

Method 1: Provider Search

• Visit Cherry's official website
• Use their provider locator tool
• Filter by specialty and location
• View participating practices in your area

Method 2: Ask Your Provider

• Call your current healthcare provider
• Ask if they accept Cherry Payment
• Many providers display Cherry logos on their website

Method 3: Provider Website

• Check payment options on provider websites
• Look for financing or payment plan sections
• Cherry is often listed alongside other payment methods

Yes! You can use Cherry Payment for multiple procedures, but there are some guidelines:

Same Provider, Same Visit:

• Include all procedures in one financing application
• Get approved for the total amount
• Single monthly payment

Different Providers or Visits:

• You can have multiple active Cherry loans
• Subject to credit approval and available credit
• Each loan has separate payments
• Total credit limit based on creditworthiness

Example: You could finance dental implants, LASIK surgery, and a cosmetic procedure with three separate Cherry loans, as long as you qualify for the combined monthly payments.

Your first payment is typically due 30 days after your loan is funded (when your provider receives payment from Cherry).

Timeline Example:

• Day 1: Complete procedure, Cherry funds provider
• Day 5: Receive welcome email with account details
• Day 30: First payment due
• Ongoing: Monthly payments on same day each month

Important: Check your loan documents for your specific first payment date. It will also be clearly stated in your welcome email and online account.

Cherry Payment offers several convenient payment methods:

1. Automatic Payments (Recommended):

• Set up autopay from your bank account
• Payment automatically withdraws on due date
• Never miss a payment, avoid late fees
• Can be set up during application or anytime after

2. Online Payments:

• Log into your Cherry account online
• Make one-time payments via bank account or debit card
• Schedule future payments
• Available 24/7

3. Phone Payments:

• Call Cherry customer service
• Make payment over the phone
• Speak with representative if you have questions

4. Mail Payments:

• Send check or money order
• Include account number on payment
• Allow extra time for mail processing

If you miss a payment, here's what to expect:

Grace Period (1-15 days late):

• Reminder email or text sent
• No late fee yet in most cases
• Make payment ASAP to avoid further consequences

After 15 Days Late:

• Late fee charged ($25-39)
• Additional phone/email reminders
• Risk of credit score impact

After 30+ Days Late:

• Late payment reported to credit bureaus
• Potential additional fees
• Account may be sent to collections
• Serious credit score damage

If You're Struggling: Contact Cherry immediately if you're having trouble making payments. They may offer hardship programs or payment arrangements to help you avoid default.

Yes! Cherry Payment typically allows you to request a payment due date change.

How to request:

• Log into your online account
• Look for payment settings or due date change option
• Or call customer service to request change

Restrictions:

• May only be able to change once per year
• Account must be in good standing
• Change takes effect next billing cycle
• Some promotional plans may not allow changes

Tip: Choose a due date that aligns with your payday for easier budgeting.

Cherry Payment and CareCredit are both popular healthcare financing options, with some key differences:

Cherry Payment Advantages:

• ✅ Faster approval process (instant vs. 1-2 days)
• ✅ More modern, user-friendly online platform
• ✅ Often better rates for average credit scores
• ✅ Simpler application process
• ✅ Newer technology and mobile app

CareCredit Advantages:

• ✅ Larger provider network (300,000+ providers)
• ✅ Credit card format (reusable revolving credit)
• ✅ Longer track record (30+ years)
• ✅ More promotional periods available

Best Choice: Cherry for quick, one-time procedures with simpler approval. CareCredit if you need ongoing healthcare financing or have a long-term provider relationship.

Cherry Payment and medical credit cards serve different purposes:

Cherry Payment (Installment Loan):

• Fixed payment amount
• Fixed loan term
• One-time use for specific procedure
• Predictable payoff date
• May have lower rates for fixed terms

Medical Credit Card (Revolving Credit):

• Variable payments (minimum required)
• Reusable for multiple procedures
• Credit available after you pay down balance
• More flexibility, but risk of long-term debt
• May have higher APR on unpaid balances

Best for Cherry: Single large expense, want predictable payments, prefer to pay off in set timeframe.

Best for Credit Card: Multiple ongoing procedures, want reusable credit, comfortable with revolving payments.

Common reasons for denial include:

• Low credit score: While Cherry accepts various credit profiles, scores below 550 may be declined
• High debt-to-income ratio: Too much existing debt relative to income
• Recent negative items: Bankruptcies, collections, or late payments
• Limited credit history: Not enough credit history to evaluate
• Verification issues: Information couldn't be verified

Next steps: Read our detailed guide on what to do if denied.

Before Applying:

• Check your credit report for errors
• Pay down credit card balances below 30%
• Ensure all information is accurate
• Have stable employment documentation ready

During Application:

• Start with a lower amount if unsure
• Include all sources of income
• Double-check all entered information
• Apply at providers offering promotional rates

Loan cancellation depends on timing:

Before Treatment/Service:

• Contact Cherry immediately to cancel
• If funds haven't been disbursed, cancellation is typically straightforward
• No fees for cancellation before funding

After Treatment/Funding:

• You're responsible for the loan amount
• You can pay off early without penalty
• For refunds, work with your healthcare provider

Yes, Cherry Payment reports your payment activity to major credit bureaus (Experian, Equifax, TransUnion).

This means:

• ✅ On-time payments can help build your credit score
• ✅ Successfully paying off the loan improves credit mix
• ⚠️ Late payments will negatively impact your score
• ⚠️ Defaulting can severely damage credit

Tip: Use Cherry Payment as an opportunity to build credit by making all payments on time.

Yes! Cherry Payment works with many veterinary clinics for pet healthcare financing.

Common vet procedures financed:

• Emergency surgeries
• Dental cleanings and extractions
• Orthopedic procedures (ACL repair, hip surgery)
• Cancer treatments
• Routine care when needed

Ask your veterinary clinic if they accept Cherry Payment financing.