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Apple Pay Later
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Apple Pay Later is best for customers who want to spread out the cost of their purchase over multiple paychecks. You’ll make payments every two weeks, which syncs up well with a bi-weekly pay period. The company doesn’t charge interest like most personal loan lenders — a major benefit for many borrowers.
Be careful. Buy now, pay later programs might entice you to buy something you may not realistically be able to afford. Just because the payments you’ll make every two weeks looks small doesn’t mean the total cost isn’t still significant. Make sure you’ve budgeted for your purchase before making it.
Apple Pay Later is a buy now, pay later (BNPL) lender that allows you to spread out the cost of an item over a series of installment payments. You’ll make the first of four payments when you purchase the item, then will pay off the rest over six weeks. Your payments will be due every two weeks.
Apple Pay Later is integrated into your iPhone’s Apple Wallet, which allows you to track and manage your loans on the go.
Apple Pay Later Details
There’s no cost to use Apple Pay Later, as the lender doesn’t charge any fees or interest. You can apply for a loan between $50 to $1,000. Apple currently is inviting select users to a prerelease version of the service, and will open it up in the coming months to everyone who’s eligible.
After you apply for a loan and Apple accepts you as a borrower, you use Apple Pay Layer for online and in-app purchases made on your iPhone and iPad with merchants that accept Apple Pay.
Apple Pay will conduct a soft credit check before you make a purchase. A soft credit check allows a lender to see your credit history without affecting your credit score. Some lenders use a hard credit inquiry, which will usually lower your credit your score temporarily. Buy now, pay later payments also will not affect your credit score, as Afterpay doesn’t report them to any credit bureau.
You need to be 18 or older to use Apple Pay Later.
Pros and Cons of Apple Pay Later
How Apple Pay Later Compares to Other BNPL Apps
Of Apple Pay Later, Affirm, and Afterpay, only Afterpay charges late fees. Late fees could increase your total cost of borrowing, so set up a proper budget to make sure you don’t fall behind.
All three companies offer a “pay in four” option, meaning you pay for your item over four installments. Additionally, each company boasts a roster of thousands of companies they have partnered with, making buy now, pay later accessible for many different types of purchases.
Apple Pay Later Frequently Asked Questions
You need to be an invited member to access its prerelease version. If you were invited, read more on how to set up Apple Pay Later on your iPhone or iPad.
Apple Pay Later is available to select invited users, but not everyone currently.
There’s no minimum credit score to qualify for Apple Pay Later, but you may be rejected for a loan if your credit isn’t in great shape.
Apple is rated an A+ by the Better Business Bureau. However, a top-notch BBB rating doesn’t always guarantee you’ll have a good relationship with a company. Talk to friends and family who have used the company to get a fuller picture of Apple. Apple hasn’t been involved in any recent controversies.
Source link: https://www.businessinsider.com/personal-finance/apple-pay-later-review
