Bloomberg Wealth reports that the service, internally referred to as “Apple Pay Later,” will use Apple Card partner Goldman Sachs as the lender for the proposed installment plan. As of now, the service is expected to offer Apple Pay users the option to pay overtime at the point of sale. They’ll have the choice of making a total of four payments once every two weeks with no interest or more payments over several months with interest. It appears the service will be available for purchases made in retail and online stores that accept Apple Pay, with users able to select any of their credit cards to make payments. While there is currently no information on what the interest rates for long-term payments will be, that interest will only be applied to long-term plans. Users will also be able to pay off their balance remainders early if they have the means or desire to do so. According to Bloomberg Wealth, users will have to apply for this Apple Pay Later service through their iPhone’s Wallet app. It won’t require a credit check, but applicants will need to supply a copy of their local ID as part of the process. It also isn’t tied to the Apple Credit Card, so potential users won’t have to sign up for one in order to qualify. It’s worth noting that, since Apple Pay Later is still in the developmental stages, many of these features could change or be removed entirely before it becomes available.
