On Tuesday (28), Apple announced its newest service, “Apple Pay Later,” which will allow users to buy now and pay later. This means purchases can be divided into four payments spread over six weeks.
The tech giant joins other companies like Affirm, Afterpay, and PayPal, which already offer this type of service.
Users of Apple Pay Later will be able to manage, track, and pay their loans in their Apple Wallet, the company stated in a press release. Individuals can request loans from Apple Pay Later between $50 and $1,000 and use them for purchases made through the app and online at merchants that accept Apple Pay as a payment method. The loan has no interest or fees.
Users can apply for a loan in the Apple Wallet app without affecting their credit score. A “soft” credit check is performed to verify that the user is in “good financial standing,” according to the statement.
The company said users will be able to see the amount due on their existing loans, as well as the total amount due in the next 30 days in the Apple Wallet. Users will need to link a debit card as the loan payment method. Credit cards will not be accepted.