Apple Pay Later is a feature introduced by Apple in the US that allows users to split purchases into four payments, spread over six weeks with no interest and no fees. It is designed with users’ financial health in mind and is available for eligible purchases between $75 and $1,000 made on iPhone or iPad devices at most websites and apps that accept Apple Pay.
To apply for an Apple Pay Later loan, users need to be 18 years of age or older, be a U.S. citizen or a lawful resident with a valid, physical U.S. address thats not a P.O. Box, and have an iPhone or iPad updated to the latest version of iOS or iPadOS. Users can apply quickly and seamlessly at checkout by choosing Apple Pay at checkout when shopping online or in apps, then tapping the Pay Later tab to start the application.
Apple Financing LLC, a subsidiary of Apple Inc., is responsible for credit assessment and lending, and plans to report Apple Pay Later loans to U.S. credit bureaus starting this fall, so they are reflected in users’ overall financial profiles and can help promote responsible lending for both the lender and the borrower.
Some key features of Apple Pay Later include:
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No impact on credit score: There is no impact to the users credit score when applying for an Apple Pay Later loan, and theyll know in seconds if theyre approved.
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Easy to use: Apple Pay Later is a feature of Apple Pay, giving users the same simple, secure, and seamless shopping experience that Apple Pay is known for.
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Security: Powerful security features like Face ID, Touch ID, and a passcode help ensure that the user is the only one making an Apple Pay Later purchase on their iPhone or iPad.
Apple Pay Later is subject to eligibility and approval, and is available only in the U.S. It may not be available in all states and is not available in U.S. territories.
