Apple today announced the new Apple Pay Later financing option in the U.S. The new Apple Pay Later service will allow users to split their purchases into four payments, spread over six weeks with no interest and no fees. Also, users can easily track, manage, and repay their Apple Pay Later loans in Apple Wallet.
Also, users can apply for Apple Pay Later loans of $50 to $1,000. And this money can be used for any online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.
Once Apple Pay Later is set up, users can apply for a loan directly in the checkout flow when making a purchase. To repay Apple Pay Later loans, credit cards will not be accepted.
Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc., which is responsible for credit assessment and lending. Also, Apple Financing will report Apple Pay Later loans to U.S. credit bureaus starting this fall. So, users’ overall financial profiles will be affected by Apple Pay Later.
Apple Pay Later is enabled through the Mastercard Installments program.
Apple Pay Later Availability
From today, randomly selected users in the US running iOS 16.4 and iPadOS 16.4 will be invited to get early access to a prerelease version of Apple Pay Later via Wallet and through their Apple ID email.