![]() Yet that's where the risk of BNPL services lies: they tempt you to spend more than you can afford - and data shows that many BNPL users do.īefore you use Apple Pay Later or another similar service, consider why you want to take on this debt. If you're an avid Apple user, the convenience of Apple Pay Later makes it an appealing choice. ![]() Apple Pay Later, however, doesn't charge any fees (Afterpay and Zip both charge late fees, and Zip also charges fees on each installment).Īnother unique feature of Apple Pay Later is that it will report loan and payment history to credit bureaus, which could affect users' credit scores. All of these services only offer one loan option of four interest-free payments over six weeks. The app will send you a notification before payment is due and you'll also receive an email reminder.Īpple Pay Later is very similar to other BNPL services - particularly Afterpay, Zip and 'Pay in 4' with PayPal. Additionally, you can keep an eye on your upcoming payments in a calendar view. In your Wallet app, you can also keep track of how much you owe on all your Pay Later loans, as well as the total amount due in the next 30 days. If you're approved, you'll see the Pay Later option when you check out using Apple Pay online or the app at eligible retailers. Note that if your credit score is lower than 620, you might get rejected. At this point, Apple Financing will perform a soft credit pull to check if you qualify. You'll need to enter the amount you want to borrow and agree to the terms and conditions. If you have been invited to try Apple Pay Later, you can get started by applying for a loan in your Wallet app. The service spreads the amount over four interest-free installment payments: you'll make the first payment when you buy the item and pay off the rest over six weeks, with each payment due every two weeks. Applying only results in a soft credit check, meaning there won't be a hard inquiry to affect your credit.Īvailable loan amounts range from $50 to $1,000. Randomly selected Apple users can apply for a loan using their Apple Wallet app and divide a purchase into four equal payments. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds ![]() ![]() ![]() Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |