Find answers to common questions about Cherry Payment financing
While Cherry considers applicants with various credit profiles, most approvals occur for scores above 550. However, credit score is just one factor in the approval decision. Cherry also evaluates your income, employment history, debt-to-income ratio, and overall financial profile.
Even if your credit score is below 550, you may still qualify if you have strong income and low existing debt. We encourage all interested applicants to apply, as the pre-qualification process uses a soft credit check that won't impact your score.
No, the initial pre-qualification check with Cherry uses a soft credit inquiry, which does not affect your credit score. You can check your rate and see if you qualify without any credit impact.
A hard credit inquiry only occurs if you accept a loan offer and proceed with financing. This hard pull may temporarily affect your credit score by a few points, similar to applying for any loan or credit card.
Most applicants receive an instant decision within 30 seconds of submitting their application. Cherry's automated system can quickly evaluate your creditworthiness and provide immediate approval or denial.
In some cases (approximately 5-10% of applications), additional verification may be needed, which typically takes 1-2 business days. You may be asked to provide documents like pay stubs, bank statements, or identification.
To complete a Cherry financing application, you'll need:
Yes! Cherry accepts applications from self-employed individuals. You'll need to provide documentation of your income, such as recent tax returns, bank statements showing regular deposits, or profit and loss statements.
Self-employed applicants often experience slightly longer approval times as additional income verification is typically required. However, many self-employed borrowers successfully qualify for Cherry financing.
Cherry's Annual Percentage Rates (APR) range from 0% to 35.99%, depending on your creditworthiness and chosen repayment term. Your specific rate is determined by factors including your credit score, income, debt-to-income ratio, and loan amount.
Cherry frequently offers promotional 0% APR periods for qualified borrowers. These promotions require full payment within a specified timeframe (typically 6-24 months). If you pay off your balance during the promotional period, you pay zero interest.
Cherry offers financing from $250 to $25,000, covering everything from minor cosmetic treatments to major surgical procedures. Your approved amount depends on your creditworthiness and income.
Many applicants receive approval for their full requested amount, though Cherry may offer a lower amount if that better fits your financial profile. You're never required to use the full approved amount - you can finance only what you need.
Cherry provides flexible repayment terms ranging from 3 to 60 months. Shorter terms mean higher monthly payments but less total interest paid. Longer terms offer lower monthly payments but may accumulate more interest over time.
Your available terms depend on your approved loan amount and creditworthiness. Most borrowers have multiple term options to choose from, allowing you to select the monthly payment that best fits your budget.
Cherry charges no application fees, origination fees, or prepayment penalties. The only cost is the interest on your loan (if applicable). All fees and terms are disclosed upfront before you accept any financing offer.
Some healthcare providers may pass the Cherry transaction fee to patients, which would be included in your total financed amount. Always ask your provider about their fee structure.
Yes! Cherry has no prepayment penalties. You can pay off your balance at any time without additional fees. Paying early can save you money on interest charges.
If you're on a 0% promotional period, paying within that timeframe means you pay zero interest. Even outside promotional periods, early payment reduces your total interest cost.
Cherry finances a wide range of healthcare and aesthetic procedures, including:
If you're unsure whether your specific procedure qualifies, ask your provider or check with Cherry directly.
Payments are automatically withdrawn from your bank account on your chosen payment date each month. You can manage your account, view upcoming payments, and change your payment date through Cherry's user-friendly online portal or mobile app.
You'll receive reminders before each payment is due. If you need to make a manual payment or pay extra toward your principal, you can do so anytime through your account.
Cherry financing is available only at participating healthcare providers who have partnered with Cherry. Over 15,000 practices nationwide accept Cherry, including cosmetic surgery centers, dental offices, dermatology clinics, and medical spas.
Before scheduling a consultation, verify that your chosen provider accepts Cherry financing. You can also search for Cherry-accepting providers in your area on the Cherry website.
If you need to reschedule, contact your healthcare provider first. As long as funds haven't been disbursed to the provider, changes are typically straightforward.
If you need to cancel entirely before the procedure, contact both your provider and Cherry immediately. If funds haven't been released, your loan may be cancelled without impact. If funds have been released, you'll need to work with your provider on their refund policy, which Cherry will then process.
Healthcare providers can apply to become Cherry partners through a simple online application process. You'll need to provide basic business information, licensing credentials, and bank account details for receiving payments.
The approval process typically takes 1-3 business days. Once approved, you'll receive access to the provider portal, marketing materials, and staff training resources. Most practices are fully operational with Cherry within a week.
Providers typically receive payment from Cherry within 24-48 hours of treatment completion and documentation submission. This fast payment timeline improves cash flow compared to traditional payment plans or insurance reimbursement.
Cherry assumes all credit risk, meaning providers receive full payment regardless of whether the patient completes their payment plan. This eliminates collection concerns and accounts receivable management.
Cherry charges providers a transaction fee, typically between 5-8% of the financed amount. This fee can be absorbed by the practice or passed to the patient as part of the total procedure cost.
Most providers find that increased treatment acceptance and larger procedure values more than compensate for the fee. The elimination of collections work and guaranteed payment also provide significant value.
Our support team is here to help you understand Cherry financing
Or contact us: support@cherryfinancingapply.com | 1-800-CHERRY-PAY