Before taking on more debt, be sure to review your current financial situation and evaluate if you'll be able to pay off what you owe before it becomes unmanageable. However, a late payment could negatively impact your ability to get a loan in the future and possibly hurt your credit score.Īs with credit cards, buy now pay later services can put you at risk of piling on debt faster than you realize if you're not careful. Loan amount limit: Between $30 and $1,500.Payback timeframe: 4 payments over 6 weeks first payment is due at time of purchase.You'll need to link a debit card connected to your Apple Wallet as your loan repayment method.Īpple says users will be able to view, track and manage all of their loans within their Apple Wallet and will be able to see the total amount of their existing loans as well as the total amount due within the next 30 days.Īpple is the latest to enter the growing micro-loan space and joins popular BNPL services such as Affirm, Afterpay, Klarna and PayPal's "Pay in 4" option. Purchases using the new service will be authenticated using Face ID, Touch ID or a passcode.Īfter Apple Pay Later is initially set up, you'll also be able to apply for a loan right at checkout. If you're is approved for the loan, you'll see the Pay Later option when you use Apple Pay online or make in-app purchases on iPhones and iPads. This process won't impact your credit score and is done to ensure you're in a "good financial position" before taking on the loan, according to the company's press release. Prior to making a purchase, Apple Pay Later users can apply for a loan between $50 and $1,000 and use it for in-app purchases or to buy products online through retailers that accept Apple Pay.Īfter you indicate the amount you would like to borrow, Apple conducts a soft credit check, which reviews your credit score to get an idea of how well you're managing your current credit.
0 Comments
Leave a Reply. |