About Company
Cherry stands out as a leading payment plans company in the US, offering a seamless experience for medical practices looking to provide payment flexibility to their patients. With an industry-leading 75% approval rate, Cherry enables practices to cater to a broader patient base, allowing them to secure the services they need through manageable monthly payments. The company's cutting-edge technology ensures a lightning-fast patient application process, delivering immediate funding and granting patients the ability to pay over time. This commitment to a consumer-first approach and a frictionless checkout process not only benefits patients but also empowers practices to enhance sales and retain a loyal clientele.
Cherry's platform incorporates a buy now, pay later model, allowing patients to determine approval amounts through a soft credit check, without impacting their credit score. The application process is straightforward, requiring minimal patient and practice involvement. The company's dedication to high approvals and a straightforward contract type provides a reliable solution for medical practices across various specialties, including dental, plastic surgery, and general medical treatments.
Key Features
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Buy Now, Pay Later. Cherry technologies allow more patients to enjoy services immediately and pay over time, reducing financial barriers to accessing healthcare.
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Flexible Payment Options. Patients can choose from various payment plans ranging from 3 to 60 months, with 0% APR options available, tailoring the payment structure to their needs.
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Soft Credit Check. Cherry conducts a soft credit check, allowing for quick approval decisions without adversely affecting the patient's credit score.
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Transparent Approval Process. Practices can determine approval amounts and verify patient identity through the application process, ensuring a transparent and secure financial arrangement.
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Reporting to Credit Bureaus. Cherry may report the status of patients' accounts to Equifax, contributing to their credit history.
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No Repayment Responsibility for Practices. Cherry assumes the credit risk, relieving practices of any responsibility for the repayment of patients' contracts.
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Refund Flexibility. The platform allows for both full and partial refunds within the first 60 days, providing flexibility in handling transaction-related matters.
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Convenient Invoicing. Practices can seamlessly invoice transactions using Cherry, simplifying the payment process and ensuring accurate and inclusive amounts.
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Marketing Support. Cherry offers insights and materials for practices to effectively market the payment plans, encouraging increased case acceptance and patient retention.
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Versatility Across Medical Specialties. Trusted by over 10,000 medical practices, Cherry accommodates various specialties, including dental, plastic surgery, and general medical treatments.
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Customizable Payment Plans. Practices can tailor payment plans to meet the specific needs of their patients, promoting affordability and satisfaction.
Pros and Cons
Pros
Cons
Reliability
As a BBB-accredited business, Cherry demonstrates its commitment to ethical business practices, transparency, and a high standard of service. This accreditation signifies that Cherry has met and continues to uphold the rigorous standards set by the BBB, providing both medical practices and patients with an assurance of credibility and trustworthiness in their financial transactions.
Cherry establishes itself as a reliable financial ally for medical practices by offering a secure and efficient payment plan platform. Boasting an industry-leading 75% approval rate, the company demonstrates a commitment to reliability, ensuring that a significant proportion of patients can access the services they need. The platform's transparent approval process, including a soft credit check and verification of patient identity, contributes to the reliability of transactions, assuring both practices and patients of a secure financial arrangement.
How to Apply for a Cherry Loan?
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Choose Your Application Method. Visit the medical practice's website or social media pages to find the unique Cherry application link. If you're physically at the location, scan the Cherry QR code to access the provider's unique application link. The next option is to ask the medical practice to send you an application link via text message, either in person or over the phone.
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Complete the Application. Once you have the application link, click on it to initiate the application process. You'll be prompted to provide necessary information, including personal details and financial information.
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Receive Instant Approval Decision. After applying, Cherry conducts a soft credit check to determine approval amounts and verify your identity. The approval decision is made within seconds, allowing you to know the outcome immediately.
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Review Approval Amount and Payment Plan Options. If approved, you'll receive information about your full approval amount. This information is typically sent via email or accessible by logging into the Practice Portal.
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Choose Your Payment Plan. Once approved, and when you're ready to proceed with your service, the practice will provide you with a checkout link for the total amount of the service. You can then choose the payment plan that best fits your needs.
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Provide Down Payment. Patients are required to provide a bank-issued credit or debit card to process the required down payment at the time of checkout.
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Accept Payment Plan Contract and Process Payment. After the card is verified, you can accept the payment plan contract and proceed with processing the payment. This completes the checkout process, and the practice is paid upfront.
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Wait for Funding. Following the successful completion of the transaction, practices typically receive upfront payment within 2-3 business days.
Conditions and Requirements
Conditions
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Cost Savings. Practices can save up to 50% on fees, enhancing the financial attractiveness of Cherry as a payment solution.
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Immediate Funding. The platform offers immediate funding to practices, ensuring a swift and reliable financial arrangement.
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Buy Now, Pay Later Model. Cherry's innovative approach allows patients to access services promptly and pay over time, reducing financial barriers.
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Flexible Payment Plans. Patients can choose from a variety of payment plans, ranging from 3 to 60 months, with 0% APR options available, enhancing affordability.
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Soft Credit Check. Cherry conducts a soft credit check, allowing for quick approval decisions without adversely affecting the patient's credit score.
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Transparent Approval Process. Practices can determine approval amounts and verify patient identity transparently, fostering a secure financial arrangement.
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Credit Reporting. Cherry may report the status of patients' accounts to Equifax, contributing to their credit history.
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No Repayment Responsibility for Practices. Cherry assumes the credit risk, relieving practices of any obligation for the repayment of patients' contracts.
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Refund Flexibility. The platform allows for both full and partial refunds within the first 60 days, offering flexibility in handling transaction-related matters.
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Convenient Invoicing. Practices can seamlessly invoice transactions using Cherry, streamlining the payment process and ensuring accuracy.
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Marketing Support. Cherry provides insights and materials to help practices effectively market payment plans, fostering increased case acceptance and patient retention.
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Versatility Across Specialties. Trusted by over 10,000 medical practices, Cherry accommodates various specialties, including dental, plastic surgery, and general medical treatments.
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Customizable Payment Plans. Practices can tailor payment plans to meet the specific needs of their patients, promoting affordability and satisfaction.
Requirements
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Age Requirement. Applicants must be at least 18 years of age to be eligible for a Cherry loan.
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Valid Bank-Issued Debit or Credit Card. Patients need a valid bank-issued debit or credit card for the required down payment at the time of checkout.
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Credit Score. While a soft credit check is conducted, there is no specified minimum credit score mentioned. However, applicants may need a credit score of at least 520.
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Social Security Number. Applicants are typically required to provide a social security number during the application process.
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Online Banking Account (Possibly). In some cases, applicants may be asked to connect their online banking account.
Ways to Receive the Money
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Direct Deposit to Bank Account. Medical practices are required to provide Cherry with their bank account number and routing number during the setup process. Once a transaction is completed, Cherry transfers the full amount of the purchase (less a practice fee) into the practice's bank account via an Automated Clearing House (ACH) transfer. Practices can expect to receive the funds directly into their bank account within 2-3 business days after the completion of the transaction.
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ACH Electronic Transfer for Future Payments. Patients who have opted for future payments can make equal monthly payments on their Cherry account via ACH electronic transfer from their checking account.
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Debit Card or Credit Card Payments. Patients can use a bank-issued debit card or credit card for both the initial down payment at the time of checkout and subsequent monthly payments. Payments made through credit cards or prepaid debit cards are subject to a 2.99% processing fee for the patient, providing an additional option for payment.
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Refund Process. In the event of a refund, the practice initiates the process within the transaction tab of the Practice Portal. Full or partial refunds are available, depending on the circumstances, with transactions older than 60 days considered ineligible for refunds through the Cherry platform.
Products
Cherry's core offering is its payment plans, allowing patients to access medical services immediately and pay over time. These payment plans cover a wide array of medical treatments and procedures, enabling patients to manage their expenses more effectively.
Other Personal Loans
Reasons for Getting Rejected for a Cherry Loan
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Low Credit Score. A low credit score is a common factor in loan rejections. If an applicant's credit score falls below Cherry's criteria, it may impact the approval decision.
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No Credit Record. Applicants without an established credit history may face challenges in obtaining approval, as there is limited information for the lender to assess their creditworthiness.
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Recent Bankruptcies. Recent bankruptcies on an applicant's financial record may be a reason for rejection, as they can be indicative of higher financial risk.
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Insufficient Income. Cherry may assess an applicant's income as part of the approval process. If the income is deemed insufficient to cover the proposed payment plan, it could lead to rejection.
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Age Requirement Not Met. Cherry requires applicants to be at least 18 years old. Failure to meet this age requirement may result in the rejection of the loan application.
How to Repay a Cherry Loan?
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Initial Down Payment. At the time of checkout for the medical service or treatment, patients are required to make an initial down payment using a bank-issued debit or credit card. This down payment is processed immediately to initiate the service.
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Accept Payment Plan Contract. After the down payment is made, patients must accept the payment plan contract. This contract outlines the terms of the payment plan, including the total amount, monthly payment amounts, and the duration of the plan.
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Provide Bank-Issued Debit or Credit Card. Patients need to provide a bank-issued debit or credit card for the required down payment and subsequent monthly payments. This card is used to process payments throughout the payment plan.
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Verification and Approval. The provided card is verified to ensure the necessary funds are available for the down payment. If approved, the patient can proceed with the payment plan.
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Monthly Payments. Patients can make monthly payments on their Cherry account via ACH electronic transfer from their checking account, or they can use a bank-issued debit card or credit card for ongoing payments.
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Payment Methods and Fees. Patients have the flexibility to choose the payment method that suits them best. Payments made via credit card or prepaid debit card are subject to a 2.99% processing fee, while ACH or bank-issued debit card payments do not incur additional fees.
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Accessing Patient Portal. Patients can log into the Patient Portal provided by Cherry to access their account information, view payment history, and make payments. The Patient Portal serves as a centralized platform for managing their repayment.
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Early Repayment Option. Patients have the option to pay off the loan early at any time without incurring additional fees or penalties. They can log into the Patient Portal and select the "Pay Off Contract" option to complete early repayment.
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Refund Process. If a refund is necessary, the practice can initiate the process within the transaction tab of the Practice Portal. Full or partial refunds are available within the first 60 days, with certain limitations.
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Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
