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Apple will now loan you money with new Apple Pay Later service

No fees or interest? In this economy?!

apple pay later options
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Apple Pay Later was announced during WWDC in 2022, and as promised, Apple gave it its official launch today.

With iOS 16.4, the service is now available to randomly selected users who can apply for Apple Pay Later loans ranging between $50 to $1,000.

Users can repay the loan over six weeks without interest or fees in four payments.

Who can ‘Pay Later’?

iphone apple pay later on a purpel background

Pay Later is available in Apple Wallet for randomly selected users for the program. The service allows users to pay for qualifying items in installments rather than paying the full amount at once.

The program is currently only available for online and in-app purchases made on iOS 16.4 and iPadOS 16.4 in the United States.

How to get a loan with Apple Pay Later

To apply for a loan using Apple Pay Later in the Wallet app:

  1. Open the Wallet app.
  2. Tap on the Apple Pay Later option and apply for a loan.
  3. Wait for approval.
  4. Use the Pay Later option when you select Apple Pay at checkout for online and in-app purchases on your iPhone or iPad.

Applying for a loan using the Wallet app is a quick and simple process that won’t impact your credit score. Once approved, you can start using Apple Pay Later to make purchases and manage your finances in a more seamless way.

apple pay later screenshots on a purple background

According to Mark Gurman of Bloomberg, developers faced some “technical and engineering issues” while working on Apple’s Pay Later program, causing the program to be delayed and miss the launch with iOS 16.

However, it has been reported that iOS 17 will have fan-favorite features and may include Apple Pay Later for a wider range of users.

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Amanda is a freelance journalist who enjoys naps way too much. I fell in love with video games when I bought my N64 and Goldeneye 007 with my birthday money... it's safe to say that birthday was epic. Let's chat!

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