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Apple has now allowed its customers to buy items now, and make payments on them until they are fully paid off. Users can access this feature via Apple Wallet. It allows you to take out loans of $50 to $1000 which you can apply to app purchases and online purchases with any merchant that accepts Apple Pay.
Apple’s Vice President, Jennifer Bailey stated, “Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later”. Loans that users apply for will have no impact on their credit. Instead, Apple states that there will be a “soft credit pull” to determine if you are in good financial standing.
Apply Pay Later is built right into the wallet app so users can track, manage, and make payments on things easily.