How to use Apple Pay Later: everything you need to know

In recent years, buy now, pay later services have grown in popularity in the US. Even Apple announced such a service called Apple Pay Later. If you are an Apple user, you may be wondering how exactly Apple’s new pay in 4 service works and how to use it. Well, in this article, we will explain things like how to use Apple Pay Later and what you will need in order to take advantage of Apple's latest financial service. Let's dive in.

What is Apple Pay Later?

Apple Pay Later is a buy now, pay later service. It allows you to purchase something online and pay it off over six weeks in four equal payments without any interest or fees. It's part of Apple Pay, and you can add it to the Wallet app on your iPhone — if you are an eligible user, that is.

Apple Pay Later is completely safe to use. The service needs confirmation through Face ID, Touch ID, or a passcode for making any transactions. Also, Apple states that it doesn't share or sell its users' transactions and loan histories to third parties. However, the company also says that "your Apple Pay Later loan and payment history may be reported to credit bureaus and impact your credit." So we guess you will need to be on point with your payments in order to have a spotless credit score.

Where is Apple Pay Later available?

Apple Pay Later is currently only available in the United States, excluding Hawaii, Nevada, New Mexico, Wisconsin, and the U.S. territories. So if you don't live in the states where Apple Pay Later is available, you can't use Apple's new financial service.

When did Apple Pay Later become available?

On March 28th, 2023, Apple announced that it had started inviting randomly selected users to access a prerelease version of Apple Pay Later, with plans to make the service accessible to more people in the following months. Apple Pay Later is not available to all users in the US, at least not at the moment.
How does Apple Pay Later work?

Apple users can request Apple Pay Later loans ranging from $50 to $1,000, which can then be utilized for purchases from websites and stores that accept Apple Pay. The loans can be repaid in four equal installments over a period of six weeks. And the best thing is that there is no interest or fees and the approval takes seconds.

For example, if you want to buy a pair of Jordans from Amazon that cost $455 and prefer not to pay the entire amount right away, you can use Apple Pay Later to order the shoes and pay for them in four installments of $113.75 every two weeks. You will pay the exact sum of $455 without any fees or interest. However, the first installment is due at the time of purchase. Also, Apple does a "soft credit pull" during your application process to check whether you can repay the desired sum or not.