Apple Inc. AAPL has reportedly unveiled the lending criteria for its soon-to-launch “buy now, pay later” service as part of an ongoing test with the company employees — and it’s all about customer history.
What Happened: Apple’s buy now, pay later service will consider borrowers based on their spending history and take cognizance of which company devices they own, reported Bloomberg, without citing any specific sources.
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The company will also look into whether customers have applied for an Apple Card and the other cards linked to their Apple Pay accounts.
The lending criteria were disclosed during the ongoing test of the service with Apple employees. The evaluation determines which applicant is suitable for lending money and for how much. Currently, most testers are seeing loan approvals for $1000 and below.
Apple Pay Later loan offers expire after 30 days. Sometimes, the company could ask applicants for a copy of a government identification card, social security number and two-step verification on an Apple account, the report noted, citing notes in the test version of the service.
However, whether an applicant is eligible to borrow money via this service will not impact their ability to access other services.
Why It’s Important: Apple’s “buy now, pay later” was first announced in June 2022. Earlier this month, Apple CEO Tim Cook said the service “will be launching soon.”
The service allows consumers to split any Apple Pay purchase into four equal installments over six weeks without paying additional interest or fees.
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