On Tuesday, Apple launched Apple Pay Later, which allows Apple Pay users to split purchases into four interest-free payments paid over six weeks without an additional fee. Apple Pay Later promises to disrupt up the Buy Now Pay Later industry.
Apple 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. Here’s how Apple Pay Later compares.
Apple Pay Later
• Interest rate: 0%
• Payback timeframe: 4 payments over 6 weeks
• Loan amount limit: $50 to $1,000
• Fees: $0Affirm
• Interest rate: 0% to 36%
• Payback timeframe: 1 to 48 months
• Loan amount limit: Up to $25,000
• Fees: No late fees. However, a late payment could negatively impact your ability to get a loan in the future and possibly hurt your credit score.Afterpay
• Interest rate: 0%
• Payback timeframe: 4 payments over 6 weeks
• Loan amount limit: Variable, but increases the more you use Afterpay. A long-term user will typically have access to more funds than a new user.
• Fees: Late fee of $8 or 25% of the transaction, which ever is lessKlarna
• Interest rate: 0% to 29.99%
• Payback timeframe: Up to 24 months
• Loan amount limit: Variable and is based on factors such as your payment history with Klarna and your outstanding balance.
• Fees: Up to $7PayPal’s “Pay in 4”
• Interest rate: 0%
• Payback timeframe: 4 payments over 6 weeks; first payment is due at time of purchase
• Loan amount limit: Between $30 and $1,500
• Fees: $0
MacDailyNews Note: You can use Apple Pay Later at participating online and in-app merchants that accept Apple Pay.
What you need
• Be 18 years of age or older.
• Be a U.S. citizen or a lawful resident with a valid, physical U.S. address that’s not a P.O. Box.
• Set up Apple Pay with an eligible debit card on your device. You can only make Apple Pay Later down payments using a debit card.
• Set up two-factor authentication for your Apple ID and update to the latest version of iOS or iPadOS.
• You might need to verify your identity with a Driver License or State-issued photo ID.
Set up in Apple Wallet
Add Apple Pay Later to your Apple Wallet to get started with your first application:
- On your iPhone, open the Wallet app. On your iPad, go to Settings and tap Wallet & Apple Pay.
- Tap Add the add button.
- Tap Set up Apple Pay Later, then tap Continue.
- Follow the onscreen instructions to apply for an Apple Pay Later loan. When you’re asked to input your requested amount, enter the total value of the purchase you plan to make using Apple Pay Later including estimated shipping and taxes.
- Tap Next, then verify your name, date of birth, and address.
- Review your personal information, then tap Agree & Apply.
- Review your payment plan information and loan agreement details, then tap Add to Wallet.
You can use your Available to Spend amount to make a purchase up to 30 days after you’re approved.
More info: https://support.apple.com/en-us/HT212967
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