Apple launched this Tuesday Pay Later its Apple’s new deferred payment solution that allows users to make purchases of up to $1,000 and split the amount into four parts over six weeks. This system, designed to be used anywhere that accepts Apple Pay, is expected to become a convenient option for those who need to make purchases online but don’t want to pay the entire amount in one transaction.
One of the great advantages of Apple Pay Later is that does not generate interest, which means that users will not have to pay more for their purchase in the long term. Instead, they will be allowed to split the payment into four equal parts, each due every two weeks.
“Apple Pay Later was designed with the financial health of our users in mind, so there are no fees or interest, and scan be used and managed within Wallet, making it easy for consumers to make informed and responsible lending decisions”explained Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
Although this tool had already been presented a few months ago along with the release of iOS 16, it is not until now that Apple is beginning to release the function.
Another advantage of this new Apple payment system is its ease of use. Users will simply have to select the “Apple Pay Later” option on the payment screen, enter the amount of the purchase, and choose the payment plan that best suits their needs. Additionally, users can review their payment plans in the Apple Wallet app to keep track of their payments and due dates.
Notably, At least for now, Apple Pay Later will only be available to users who receive a special invitation from Apple. However, over the next few weeks and months this will be extended to other users in the United States.
How to apply for a loan in Apple Pay Later
From Apple they emphasize that one of the main advantages of Pay Later is that It is extremely easy to apply for a loan because it is a process that is carried out from the app itself.
To do this, as they explain, users have to enter the amount they would like to borrow and then accept the terms of Apple Pay Later. Once this is done, Apple will be in charge of carrying out a “soft credit check”, in order to verify that the person has the funds to pay the loan.
“Once a user is approved, they’ll see the Pay Later option when they select Apple Pay when paying online and in apps on iPhone and iPad, and you can use Apple Pay later to make a purchase. Once Apple Pay Later is set up, users can also request a loan directly in the payment flow when making a purchase.
Keep reading:
– How Apple Pay Later works, the new deferred payment function
– Apple Pay Later: how is this function that will allow you to pay in installments
– Personalization, text by voice and Pay Later: everything Apple announced about the new iOS 16