Klarna, Affirm, PayPal, Sezzle and Quadpay have a new competitor, Apple. The tech giant has formally launched its latest service, Apple Pay Later. Similar to the previously mentioned service providers, Apple’s new service will provide users with the opportunity to pay for their desired items with four interest-free payments over the course of six weeks. This service can be used for Apple Pay users on items ranging from $50 to $1,000.
“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited,” Apple executive Jennifer Bailey said.
“Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
To get started, users can apply for a loan through their Wallet. From there, users will be prompted to enter the amount that they would like to borrow. Once a “soft credit pull” is completed, users will be notified if they have been approved for their loan. If a user is approved, the Pay Later option will be available through Apple Pay during the online checkout process.