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.
Apple Pay Later is built right into Wallet, so users can seamlessly view, track, and manage all of their loans in one place. With Apple Pay Later in Wallet, users can easily see the total amount due for all of their existing loans, as well as the total amount due in the next 30 days. They can also choose to see all upcoming payments on a calendar view in Wallet to help them track and plan their payments. Before a payment is due, users will also receive notifications via Wallet and email so they can plan accordingly. Users will be asked to link a debit card from Wallet as their loan repayment method; to help prevent users from taking on more debt to pay back loans, credit cards will not be accepted.
Apple Pay Later was designed with privacy and security at its core. Purchases using Apple Pay Later are authenticated using Face ID, Touch ID, or passcode, and users’ transaction and loan history are never shared or sold to third parties for marketing or advertising.
Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc., which is responsible for credit assessment and lending. Apple Financing plans to report Apple Pay Later loans to U.S. credit bureaus starting this fall,5 so they are reflected in users’ overall financial profiles and can help promote responsible lending for both the lender and the borrower.
