iPhone users can request loans from Apple to “buy now, pay later” and repay in four installments over six weeks with no interest.
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Apple is a little late to the party. In recent years, it has grown to rely on its services, including Apple Music, Apple TV+, iCloud storage, and financial products like the Apple Card, to drive revenue growth in a world awash in iPhones. But by building a BNPL feature directly into its devices, the company runs the risk of enticing customers who may be likely to overextend themselves financially or struggle to pay off their purchases.
The move marks another foray into financial services for the consumer tech giant, which already offers a cashless peer-to-peer payment option and a credit card. Customer payment data — including Apple Cash transactions, App Store spending and device purchases — could help Apple decide which BNPL requests to approve.
But users beware. Apple says your Apple Pay loan and payment history can impact your credit score. That means if you fail to repay on time, Apple may report that to credit bureaus. The company also performs a “soft credit pull” during the approval process to check whether you’re in a “good financial position.” Soft inquiries don’t impact your score.
“BNPL borrowers were, on average, much more likely to be highly indebted, revolve on their credit cards, have delinquencies in traditional credit products and use high-interest financial services such as payday, pawn, and overdraft compared to non-BNPL borrowers,” reads a recent report from the CFPB.
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