Apple Launches Apple Pay Later

(RTTNews) - Apple Inc. (AAPL) Tuesday launched Apple Pay Later in the U.S.

Apple Pay Later allows users to split purchases into four payments, spread over six weeks with no interest and no fees. Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.

Starting Tuesday, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.

"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," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "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 with Apple Pay Later, users can apply for a loan within Wallet with no impact to their credit. They will then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms. A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.

After a user is approved, they will see the Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad, and can use Apple Pay Later to make a purchase. Once Apple Pay Later is set up, users can also apply for a loan directly in the checkout flow when making a purchase.