Apple has launched Apple Pay Later in the US, allowing customers to split payments for purchases into four interest-free payments over six weeks, to tap into the growing trend of buy now, pay later services.
Loans ranging between $50 and $1,000 can be applied for online and via iPad or iPhone. Select customers will get access to a prerelease version of the product.
Apple will compete with firms such as Klarna and Afterpay, which require shoppers to download apps and link bank accounts, and may perform a soft credit check to assess borrowers’ financial health.
