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Apple announced a new pay later feature to the Apple Pay digital wallet. Apple Pay Later allows users to split payments over six weeks with no interest or fees.
Users can easily track, manage, and repay the Apple Pay Later loans in the Apple Wallet. Apple offers $50-$1000 loan options for Pay Later users.
“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” says Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet.
To start using the new Apple Pay feature, users apply for the loan without any impact to their credit scores. Using the app, they input the amount they would like to borrow. Once approved, users will see the Pay Later option at checkout.
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