Apple began inviting selected US users to Apple Pay Later on 28 March. It’s a prerelease; wider eligible access is planned over the coming months.
The $50–$1,000 loans split purchases into four payments over six weeks. Apple charges no interest or fees, though banks can charge insufficient-funds fees. Repayment requires a debit card. Users manage their loans in Wallet.
Loans need approval. Availability may exclude some states and doesn’t include US territories. Eligible online and in-app purchases use Apple Pay on iPhone or iPad with iOS 16.4 or iPadOS 16.4; some merchants are excluded.
Apple Financing LLC, Apple’s subsidiary, handles lending and credit assessments. Mastercard Installments enables the service; Goldman Sachs issues the Mastercard payment credential used for purchases.
Photo: Apple logo on an iMac. © Håkan Dahlström, 2010 (CC BY 2.0, via Wikimedia Commons). Resized and cropped.
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