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Apple’s “buy now, pay later” option using Apple Pay for checkout, Apple Pay Later, is being tested by a small group of US Apple Pay users, the company announced on Tuesday. The function was initially unveiled in June 2017 at Apple’s yearly developer conference.
There is no method to request access to Apple Pay Later, and you must have iOS 16.4 or newer installed to be eligible for an invite. It’s arbitrary.
With the Wallet app, you’ll get a notification if you’ve been chosen so that you can apply and get pre-approved for your first transaction. Requesting a loan between $50 and $1,000 is possible. You will be required to validate your personal information during the enrollment process, and Apple will verify your information and run a light credit check to make sure you are in good financial standing.
Once you’ve been accepted, you can utilize the loan amount to make an online or app purchase that includes Apple Pay as a payment method. Users will soon be able to apply for Pay Later loans while using Apple Pay at checkout.
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The complete loan amount will be paid back over six weeks in four payments. At checkout, you must make the initial payment. Subsequent payments will be charged to your debit card every two weeks. Credit cards are not accepted as payment because Apple wants to support its customers in making wise financial decisions.
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Pay Later has no fees or interest associated with it. Apple will not impose any additional fees on you even if you miss a payment. Pay Later might not be available to you in the future, though.
Your Pay Later loans will not currently be reported to any credit bureaus. Nevertheless, when Apple makes Pay Later accessible to everyone this autumn, the firm will also start reporting your loans to the credit bureaus, and any late or missed payments might affect your credit score.
Users of Pay Later are not constrained to a particular loan. You can manage all of your payments and even display your payment plan on a calendar right in the Wallet app on your iPhone. Any additional loan you request will require a soft credit check.