Apple on Tuesday introduced Apple Pay Later, which will allow users to split their purchases into four payments spread over six weeks.
Apple Pay Later users will be able to manage, track and repay their loans in their Apple Wallet, the company. Individuals will be able to apply for Apple Pay Later loans between $50 and $1,000 and use them for in-app and online purchases made through merchants that accept Apple Pay.
Users can apply for a loan within the Apple Wallet without it impacting their credit score, Apple said. Once they select the amount they would like to withdraw, a soft credit pull will be conducted to make sure they are in "a good financial position" to take on a loan, according to the release. Apple will invite select people to access a prelease version of Apple Pay Later Tuesday, and the company said it plans to expand access to all eligible users in the coming months.
Approved users will be able to see a "Pay Later" option while using Apple Pay to check out online and in apps on iPhones and iPads. They will also be able to apply for a loan directly in the checkout flow. Apple said purchases using the software will be authenticated using Face ID, Touch ID or a passcode.
The company said users will be able to see the amount due for their existing loans, as well as the total amount due in the next 30 days, in the Apple Wallet. They will be asked to link a debit card as their loan repayment method, and Apple said credit cards will not be accepted.
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