Loan amount limit: Between $30 and $1,500.Payback timeframe: 4 payments over 6 weeks first payment is due at time of purchase.You'll need to link a debit card connected to your Apple Wallet as your loan repayment method.Īpple says users will be able to view, track and manage all of their loans within their Apple Wallet and will be able to see the total amount of their existing loans as well as the total amount due within the next 30 days.Īpple 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. Purchases using the new service will be authenticated using Face ID, Touch ID or a passcode.Īfter Apple Pay Later is initially set up, you'll also be able to apply for a loan right at checkout. If you're is approved for the loan, you'll see the Pay Later option when you use Apple Pay online or make in-app purchases on iPhones and iPads. This process won't impact your credit score and is done to ensure you're in a "good financial position" before taking on the loan, according to the company's press release. If they don't do so quickly, you will have to keep making your Pay in 4 payments in the meantime.Prior to making a purchase, Apple Pay Later users can apply for a loan between $50 and $1,000 and use it for in-app purchases or to buy products online through retailers that accept Apple Pay.Īfter you indicate the amount you would like to borrow, Apple conducts a soft credit check, which reviews your credit score to get an idea of how well you're managing your current credit. It is up to either of them to refund your money.
But if you simply want to return an item or cancel a service, you go about it in the same way as you always would: by contacting the retailer or the service provider.
What if I don't like what I've bought?įirst of all, you will have Purchase Protection from PayPal on any items you buy using Pay in 4. You can't use Pay in 4 if your purchases amount to less than $30, and your shopping cart value cannot exceed $1,500. You could even log into your PayPal account and pay the whole thing off at once if you're feeling flush. You can, however, make extra or unscheduled payments. The actual dates and amounts you need to pay are clearly detailed when you apply for Pay in 4. This timescale is handy for many Americans, who get paid every two weeks, and it means that the short-term loan is done and dusted within six weeks. You have to make the three remaining payments every two weeks. You'd still be expected to stump up for the cost of the item or service. If a payment doesn't go through, the debt wouldn't suddenly get wiped. You need to make sure there is sufficient money available on your cards or in your bank account. Can I use my PayPal balance to repay the loan? Oh, and applying doesn't affect your credit score either - Pay in 4 only makes a soft credit check. Those payments are taken from the debit card, credit card or bank account you specified when you applied for Pay in 4. You simply have to pay your first installment right away and then pay off the rest on the dates that are set. You don't need to pay any set-up fees, and there are no late fees, either. You don't get charged a penny, so you're getting an interest-free loan. It's one of the few installment plans that doesn't cost the buyer anything extra. One of the big benefits of Pay in 4 is it makes its money by charging the retailer a small fee for enabling the transaction.
0 kommentar(er)
