![]() ![]() ![]() ![]() If it is working in your state, the financing option should be available both online and in-app on the best iPhones with iOS 16, iPadOS 16, and macOS Ventura. It's currently unclear which states the service will be available when it launches. The fine print on the Apple Pay Later purchase screen also mentions that loans may not be available in every state. While the company is surely planning to bring the service to additional countries, it is currently unclear which countries are next on the list or when the service could come their way. While it is unclear what kind of penalty may happen if your bank account does not allow overdrafts, Apple has said that "a user's card-issuing bank may charge a fee if the user's debit card account contains insufficient funds." Which countries can use Apple Pay Later?Īpple has confirmed that Apple Pay Later will only be available in the United States when the service launches this fall. It appears that while users of the service will be able to manually make a payment early, Apple Pay Later payments will be automatically deducted from your bank account on the date that each payment is due. Does Apple Pay Later charge any fees?Īpple says that Apple Pay Later will charge "zero interest and no fees of any kind." However, it is currently unclear what will happen if you manage to miss one of your payments.Īpple Pay Later will be fee-free minus any possible overdraft fees from banks. Once you make a purchase using Apple Pay Later, you will be able to manage your payments in the Wallet app.Īs Apple showed in a screenshot of the Apple Pay Later section of the Wallet app, you'll be able to see a number of helpful information including the total amount of payments due, how much is due in the next 30 days, and a breakdown of all of your upcoming payments. How do I manage my Apple Pay Later payments? Approved loans will expire after 30 days. Apple Pay, a mobile payment service launched in 2014, and the Apple Card." That indicates that, in addition to your credit score and report, Apple may also use your relationship history with the company to determine your worthiness of a loan through the new payment service.Īccording to that report, "When customers sign up, they’re asked to give an amount they would like to borrow and then the system comes back with an approved total - similar to the Spending Power feature for American Express cards." The process, which will be integrated into the Wallet app, will require those who apply to provide a government ID card, social security number, and two-step verification on their Apple ID account. If approved, you'll see the option to use Apple Pay Later when making an Apple Pay purchase.Īpple Pay Later loans can range from between $50 and $1,000.Ī report in February 2023 from Bloomberg says that "the new service will let Apple leverage its trove of data on customers, including their spending at company retail outlets, App Store transactions, and services like Apple Cash peer-to-peer payments. You can apply for Apple Pay Later while making an Apple Pay purchase or within the Wallet app. ![]() Apple is using its own subsidary, Apple Financing LLC, to handle the credit checks, decision-making, and lending for Apple Pay Later. In order to use Apple Pay Later, you will need to apply for and receive approval for the service.Īpple Pay Later is technically a lending service, so Apple will need to run a credit check and make a decision on whether or not to offer you the loan that will be used to finance a purchase. ![]()
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