Apple Pay Later has transitioned from its early-access beta phase to an official launch in the United States for eligible residents.
Apple Pay Later is an in-house credit program that enables customers to borrow funds ranging from $75 to $1,000 to make purchases without the need to pay the full upfront price. During its early-access phase, the initial loan amount was $50, but it has now been increased. This borrowed credit can be used for transactions on any website that supports Apple Pay, expanding beyond Apple’s own products and services.
Once the loan is approved, customers can repay it in four installments over a six-week period, without incurring any interest or fees. Eligibility for Apple Pay Later and the maximum borrowing limit are contingent on an individual’s credit rating.
