All you need to know on how does Apple Pay Later Work and how to apply!
Apple introduces Apple Pay Later in the U.S. Designed with users’ financial health in mind, Apple Pay Later allows users to split purchases into four payments, spread over six weeks with no interest and no fees.
“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, Apple’s 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.”
How does Apple Pay Later Work?
- Must have Apple product and Apple wallet.
- Link a debit card from Wallet to repay loan. CREDIT CARDS NOT ACCEPTED.
- Split purchases into four payments.
- Paid every other week for 6 weeks.
- No interest and no fees.
- Users can easily track, manage, and repay their Apple Pay Later loans in one convenient location in Apple Wallet.
- Apple Pay Later works online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
- Goldman Sachs is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.
How to apply for Apple Pay Later?
- Users can apply for Apple Pay Later loans of $50 to $1,000 in Wallet.
- Users can also apply for a loan directly in the checkout flow when making a purchase.
- They will then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms.
- A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.
- After a user is approved, they will see the Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad, and can use Apple Pay Later to make a purchase.
What’s in your Apple Wallet?
- Users can seamlessly view, track, and manage all of their loans in one place.
- Easily see the total amount due for all of their existing loans, as well as the total amount due in the next 30 days.
- Choose to see all upcoming payments on a calendar view in Wallet to help them track and plan their payments.
- Users will also receive notifications via Wallet and email so they can plan accordingly.
When does Apple Pay Later begin?
- Starting March 28 Apple began inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.
Apple Pay Later was designed with privacy and security at its core. Purchases using Apple Pay Later are authenticated using Face ID, Touch ID, or passcode, and users’ transaction and loan history are never shared or sold to third parties for marketing or advertising.
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