Apple has rolled out its Buy Now, Pay Later offering in the U.S., allowing users to split purchases into four payments, spread over six weeks with no interest and no fees.
Users can apply for Apple Pay Later loans of US$50 to US$1,000, which can be used for 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 that the user is in a good financial position before taking on the loan.
Users will be able to easily track, manage, and repay their Apple Pay Later loans in the Apple Wallet.
Apple will invite select users to access a pre-released version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.
Jennifer Bailey
“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,”
said Jennifer Bailey, Vice President of Apple Pay and Apple Wallet.
“Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
This article first appeared on Fintech News America.
