Apple has launched its long-anticipated buy now pay later product in the US to select users.
First announced last June, Apple Pay Later allows users to split purchases into four payments, spread over six weeks—with no interest or fees.
Users can apply for loans of $50 to $1000, which can be used online and in-app purchases made on iPhone and iPad. Users can track, manage and repay their loans in Apple Wallet.
A soft credit check will be done during the application process, but Apple says there will be no impact on their record.
Apple will begin inviting select users to access a pre-release version of Apple Pay Later, with plans to offer it to all users in the coming months.
Jennifer Bailey, vice president of Apple Pay and Wallet, said: “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 to provide our users with Apple Pay Later.
“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.”
Goldman Sachs is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.