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payment plans helps in US recession

The US economy has slowed its growth over the past few years. There are several indicators of the same as well as contributing factors. All you have to do is read the news about massive layoffs in the tech sector to know that the economy is on a downward spiral.

Did You Know?

In the first quarter of 2023, the US economy only expanded by 1.1%. Not sounding alarmist, but profound question marks about the economy's health exist.

All this has taken a toll on the purchasing power of the American consumer. They find it harder to pay for necessities like food, gas, electricity, and healthcare. The silver lining, if any, in this dark cloud is healthcare payment plan providers. These companies are helping Americans afford necessary medical treatments by loaning them specific amounts or providing flexible payment plans

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In this post, we will share information about three such companies and their offering to the American people. 

How the Recession Has Impacted Payment Plan Providers

While recession and inflation have made most businesses raise the prices of their services, payment plan providers have been an exception. These businesses are still providing their customers with affordable payment plans. Also, the interest rates charged by them are nominal. 

These companies play a significant role in making essential healthcare services more affordable and accessible. With healthcare expenses off their shoulders, people can focus on other aspects of their lives to improve their economic conditions. 

Leading Healthcare Payment Plan Providers and Their Services


CareCredit has been in business for over 30 years. Since then, it has made it easier for Americans to pay their medical bills. CareCredit assists its customers in financing medical treatments for themselves, their families, and their pets. They offer a unique medical credit card that more than 240,000 locations accept across the US.

◾CareCredit’s Advantages For Customers

It provides easy payment plans to its customers, allowing them to make monthly payments. Also, healthcare providers can get their payments within only two business days. As mentioned above, CareCredit is accepted at over 240,000 locations across the US and is used to make payments for various healthcare and wellness services. 

These services include dental, veterinary, vision, cosmetic, hearing, primary care, and other related services. There are 11 million CareCredit cardholders in the US. These cardholders achieve their wellness goals by making more manageable payments. 

◾Who Can Qualify for a CareCredit Medical Credit Card?

CareCredit carries out a soft credit check to see if you prequalify for their card. This soft check does not negatively impact your credit score if you get rejected. Once a customer qualifies, it conducts a hard credit check to determine whether their application can be approved. 

◾Payment Terms and Interest Rates of CareCredit?

Loan DurationAPR
24 months17.90%
36 months18.90%
48 months19.90%
60 months20.90%

Note: For qualifying purchases of $200 or more on the CareCredit credit card, it does not charge any interest if you pay the balance in full within 6, 12, 18, or 24 months.


Sunbit is a California-based fintech company that capitalizes on artificial intelligence and machine learning to help customers qualify for various loans. It aims to ease the financial burdens of its customers by assisting them in financing essential expenses like auto repair, dental care, eye care, and even veterinarian services. 

◾Sunbit’s Services Help Customers and Merchants

Sunbit offers a credit card service that helps make payments with no fees. Also, it provides a unique point-of-sale technology that customers can access at over 19,000 locations. These locations include auto dealership service centers, optical practices, dental offices, and specialty healthcare services. 

Sunbit endeavors to simplify payment processing for customers through technology. 

◾The Advantages Include:

  • 90% of people are approved
  • 30-second application
  • No hard credit check
  • No fees or penalties

◾Eligibility Check for Sunbit’s Services

It performs a soft credit check for all applicants. It means that this credit check does not impact their credit rating. However, accepting a loan to complete a purchase can affect your credit score. Also, if you open an account, your credit score might change. 

◾The State-Wise Loan Amount and Interest Rate Details of Sunbit

StateLoan AmountAPR Range
Colorado$1,000 or less0-35.99%
Over $1,000 but not more than $3,0000-20.99%
Over $3,0000-14.99%
ConnecticutLess than $5,0000-35.99%
$5,000 to $15,0000-24.99%
Over $15,0000-11.99%
(Additional Restrictions: Maximum principal limit $15,000, at any one time)
HawaiiUp to $1,500Additional Restrictions: Maximum loan amount: $1,500
(3-month plans not available if a loan is more than $500)
Maine$2,000 or less0-29.99%
Over $2,000 to $4,0000-23.99%
Over $4,0000-17.99%
MassachusettsLess than $1,0000-17.99%
$1,000 to $6,0000-22.99%
Over $6,0000-19.99%
New York0-15.99%


Denefits is the best payment plan software in the US today. We offer businesses the opportunity to provide easy payment plans to their customers. We serve a plethora of industries across the country. 

Denefits aims to make healthcare services more accessible and affordable for customers and help all businesses enhance their revenue. Denefits is a leading alternative to Care Credit as well as an alternative to Sunbit. 

◾The Denefits advantages

At Denefits, we offer payment plans with no processing fees. We also give customers the option to choose payment plans with deferred interest. It means they don’t have to pay interest for the first three months. 

Denefits assures businesses of recurring monthly payments even if their customers miss a payment. Also, Denefits does not reserve any payments, so businesses can start receiving payments from the first month. 

Below are some of the essential advantages of Denefits:

  • No credit checks
  • 95% approval rate
  • Instant approvals
  • Easy integration with the business’s website
  • Protected payments for businesses
  • Accounts receivable service to help enterprises recover payments
  • Option to split or pass on transaction fee with a customer

All these benefits and more make Denefits one of the best healthcare payment plan software in the US today. 

Denefits interest rates 
While other payment providers are increasing interest rates, Denefits is lowering them. Our plans even offer customers a chance to defer their interest for the first three months*. If they pay off the entire amount within that time, they pay zero interest on the entire contract. 

Final Thoughts

All these payment plan software are helping customers and businesses manage the impact of a slowing economy. Because of them, people can access healthcare regardless of their financial situation. 

The option to make monthly payments helps businesses gain more customers than they would otherwise lose. We hope for the next financial quarter to bring some good news. However, trends need to look more hopeful. Till then, Americans are glad to have businesses that offer flexible payment plans to customers. 

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