Apple Pay Later Financing Feature Continues Rolling Out to iPhone Users

A pre-release version of Apple Pay Later continues to roll out to randomly selected iPhone users, as noted by tech enthusiast Will Sigmon. Built into the Wallet app, the "buy now, pay later" feature lets qualifying customers split a purchase made with Apple Pay into four equal payments over six weeks, with no interest or fees.

Apple Pay Later
iPhone users will see an "Early Access" banner for Apple Pay Later in the Wallet app if they are selected, and a notice will be sent to their Apple ID email. There doesn't appear to be any way to force an invite, but those who wish to try Apple Pay Later must be a U.S. resident, 18 or older, and update their iPhone to iOS 16.4 or later.

Apple Pay Later early access began in late March, and Apple said it plans to offer the feature to all eligible users "in the coming months."

iPhone users can apply for a $50 to $1,000 loan in the Wallet app with no impact to their credit, according to Apple. After entering the amount they would like to borrow and agreeing to the Apple Pay Later terms, a soft credit check will be initiated. Once a user is approved, Apple Pay Later will be available as an option when using Apple Pay.

Apple Pay Later screenshots
In the Wallet app, users can view, track, and manage loans, with upcoming payments shown on a calendar and payment reminders sent via the Wallet app and email. Users must set up a debit card as a loan repayment method, with credit cards not accepted.

Apple Pay Later credit assessment and lending is handled by Apple Financing LLC, a subsidiary of Apple. The service is based on the Mastercard Installments program, so merchants that accept Apple Pay do not need to do anything to implement it. Apple published a series of support documents with additional information.

Apple has not said if or when the feature will launch in other countries.

Related Roundup: Apple Pay

Top Rated Comments

mthomas184 Avatar
8 months ago

If you have to split up a $50 to 1k purchase, you're doing many things wrong.
Oh teach us the financial ways oh rich one.
Score: 13 Votes (Like | Disagree)
Attirex Avatar
8 months ago
If you have to split up a $50 to 1k purchase, you're doing many things wrong.
Score: 8 Votes (Like | Disagree)
Attirex Avatar
8 months ago

Oh teach us the financial ways oh rich one.
Here you go:

1. If you can't pay cash for it, don't buy it. (excepting large purchases like houses, cars, and HVAC systems, office buildings, etc)
2. Or more simply, just don't buy it.

After I got into CC debt years ago, I live by this rule and haven't had a CC balance since the mid-Nineties.
Score: 6 Votes (Like | Disagree)
neuropsychguy Avatar
8 months ago

If you have to split up a $50 to 1k purchase, you're doing many things wrong.
Maybe but some of us might split up a larger purchase (>$500) to get a little more interest on the money. For $1000 at 4.2% interest, paying over 6 weeks might net 2 - 3 dollars. That might not be worth it for many people but it's something.

However, it's not nearly as good as using a card that offers even 1% cash back ($10 on $1000 purchase). So if someone can get even a basic rewards credit card, it's better just to use that or save up until they have the money up front.
Score: 4 Votes (Like | Disagree)
AbSoluTc Avatar
8 months ago
Not sure how I feel about this with others like Klarna, Affirm and the like. It's a great feature but some of the stuff I have read about what's being financed (groceries) is not good. Features like this should be used sparingly and should not be relied on regularly. Just like credit cards, treat this with respect and not like free money. Otherwise you can find yourself in hot water.

It's helpful to split a large purchase over time as long as you budget for it and have the money.
Score: 4 Votes (Like | Disagree)
Apple$ Avatar
8 months ago
I'm hoping this feature could be expanded internationally!
Score: 3 Votes (Like | Disagree)

Popular Stories

apple card 1

Apple Ending Apple Card Partnership With Goldman Sachs

Tuesday November 28, 2023 3:09 pm PST by
Apple is ending its credit card partnership with Goldman Sachs, according to The Wall Street Journal. Apple plans to stop working with Goldman Sachs in the next 12 to 15 months, and it is not yet clear if Apple has established a new partnership for the Apple Card. Apple and Goldman Sachs will dissolve their entire consumer partnership, including the Apple Card and the Apple Savings account....
ios 17 namedrop

Police Departments and News Sites Spreading Misinformation About How iOS 17 NameDrop Feature Works

Monday November 27, 2023 5:11 pm PST by
Apple with iOS 17.1 and watchOS 10.1 introduced a new NameDrop feature that is designed to allow users to place Apple devices near one another to quickly exchange contact information. Sharing contact information is done with explicit user permission, but some news organizations and police departments have been spreading misinformation about how functions. As noted by The Washington Post,...
Apple Logo

Apple Discontinued These 5 Products This Year

Monday November 27, 2023 7:03 am PST by
As the end of 2023 nears, now is a good opportunity to look back at some of the devices and accessories that Apple discontinued throughout the year. Apple products discontinued in 2023 include the iPhone 13 mini, 13-inch MacBook Pro, MagSafe Battery Pack, MagSafe Duo Charger, and leather accessories. Also check out our lists of Apple products discontinued in 2022 and 2021. iPhone Mini ...
iOS 17

iOS 17.1.2 Update for iPhone Likely to Be Released This Week

Monday November 27, 2023 8:24 am PST by
Apple will likely release iOS 17.1.2 this week, based on mounting evidence of the software in our website's analytics logs in recent days. As a minor update, iOS 17.1.2 should be focused on bug fixes, but it's unclear exactly which issues might be addressed. Some users have continued to experience Wi-Fi issues on iOS 17.1.1, so perhaps iOS 17.1.2 will include the same fix for Wi-Fi...
iOS 17

Everything New in iOS 17.2 Beta 4

Tuesday November 28, 2023 12:18 pm PST by
Apple is wrapping up development on iOS 17.2, with the update expected to come out in December. While we're getting to the end of the beta testing period, Apple is still tweaking features and adding new functionality. We've rounded up everything new in the fourth beta of iOS 17.2. Default Notification Sound Under Sounds & Haptics, there's a new "Default Alerts" section that allows you to ...
All New CarPlay Five New Features Article 2

What to Expect From All-New CarPlay, Still Listed as Coming 'Late 2023'

Tuesday November 28, 2023 7:44 am PST by
At WWDC in June 2022, Apple previewed the next generation of CarPlay, promising deeper integration with vehicle functions like A/C and FM radio, support for multiple displays across the dashboard, increased personalization, and more. Apple's website still says the first vehicles with support for the next-generation CarPlay experience will be announced in "late 2023," but it has not shared...
Google Drive

Some Google Drive Users' Files Have Mysteriously Vanished

Tuesday November 28, 2023 3:55 am PST by
Google Drive users have been warned not to disconnect their account within the Google Drive for desktop app, after a spate of reports of files going missing from the cloud service. Alarm bells began ringing last week on Google's community support site when some users reported files mysteriously disappearing from Google Drive, with some posters claiming six or more months of data had...