Apple Launches Its Loan Service, Apple Pay Later

iPhone maker Apple has launched a loan service, Apple Pay Later.

With Apple Pay Later, users can split the cost of an Apple Pay purchase into four equal payments over six weeks without interest or late fees.

Apple Pay Later comes as an update to Apple Pay.

Apple Pay users can apply for Apple Pay Later loans of $50 to $1,000. The loans can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.

Apple has begun inviting select users to access a prerelease version of Apple Pay Later.

Apple also plans to offer the service to all eligible users in the coming months.


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