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Apple is going to pay for payday loans from its balance sheet

Сustomers can buy goods wherever Apple Pay is available and 25% of the cost will be paid immediately on purchase.

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Apple is going to pay for payday loans from its balance sheet. Source: depositphotos.com

This week the company announced the launch of its new pay-later feature — the clients can split their purchase into four installments for a month and a half hassle-free. According to Reuters, Apple Inc., are already working on this mechanism and are discussing sources of funding.

This feature will be available down the road with a new update when downloading the newest iOS for a device. People can borrow on this loan commission-free. Apple Inc. will monitor the borrower’s history and ability to pay. The company will take into account the person’s purchases in the AppStore and his credibility — customers will have to add all their bank cards to Apple Pay to use this service. 

Apple Financing LLC, a subsidiary of Apple, will make decisions about loans and creditworthiness particularly be an arbitrator and decide whether to give a person a loan or not. Apple Financing LLC has all the key licenses to offer lending services to citizens across all U.S. states.

We’ve reported that Apple is bringing to the table a new BNPL payment solution.

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