We are very happy to announce yet another option available for our patients who are considering financing their plastic surgery procedure: Cherry Financing (https://withcherry.com/consumers).
For years we have partnered with CareCredit, the 1000 pound gorilla when it comes to medical care financing. Later on, we added Alphaeon which provided a financing source for some individuals who couldn’t obtain funds elsewhere.
Now you have 3 choices to consider. The one that may be best for you would depend on a variety of factors that can include:
- Your credit score
- Income
- Financing rates
- Terms and flexibility of terms
- Amount to be financed
- Fees
- Ease of application
- Impact on your credit score
- Personal preference
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.
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.
Comparing Different Financing Companies
Ultimately, you’ll likely want to compare terms of the various companies to see which one best meets your needs. Of course, you would also hope to have your application approved by that company or you would then need to select your next ranked choice.
We feel that CareCredit, Alphaeon and Cherry Financing are the best three options available for our patients who are considering financing their procedure. That is why they are made more easily available for you.
If you have other financing options that are better for you – go for it!
Applying for Your Financing Online
You can click here to go to the Plastic Surgery Financing page on our website. Once there, you can select which company that you want to make out an application for, click the hyperlink and the rest should be relatively straightforward.
If you need help regarding this, you are welcome to contact us at the Arizona Center for Aesthetic Plastic Surgery either by calling (480) 451-3000 or by sending an email.
Steven H. Turkeltaub, M.D. P.C.
Scottsdale and Phoenix, Arizona