Apple Pay Later will let you Apply for Loans on your Phone
For your ease of mind, Apple Pay Later is set to let you pay purchases off over four payments
Apple is making a move to show that it cares about everyone’s mental well-being. In the US, it launched Apple Pay Later to test if the system will work among several users. Basically, you’ll be able to make online or in-app purchases with the option to pay it back over four payments. It will also make sure the Apple security measures protect you and your funds.
There are also discussions about applying for loans for up to $1,000. Don’t get too excited; you’ll only receive it if you’re in good financial standing. When you apply for one, Apple Pay Later will check your financial records to make sure you can afford to pay it back every four weeks.
The main reason Apple is launching this product is apparently to help users with their mental health. There are no interest fees, and the company doesn’t seem to be making extra money from it. It’s also reporting all transactions to the US credit bureau.
Here’s what Jennifer Bailey said about it as Vice President of Apple Pay:
“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later. Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
Well, for the most part, they do genuinely seem concerned about users, letting them still make purchases even if they don’t have the complete amounts to pay for them. I don’t know if credit is such a good idea in this day and age with economic issues, but at least you don’t pay more than you need to. Just make sure you remain in good standing with them.
News Source: Apple
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