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Apple now features a buy now, pay later (BNPL) function. Apple Pay Later breaks up a purchase from a partner retailer into four equal installments. Unlike some BNPL apps, Apple Pay Later reports your loan details — including repayment history — to the credit bureaus.
$75-$1,000
6 weeks
Apple Pay Later can be an easy process if you're familiar with Apple Pay and Apple Wallet functionality. Your total loan amount and details will be housed within your Apple Wallet and the entire payment process is similar to using Apple Pay.
Apple conducts a soft credit check when evaluating your application and will look at a number of factors to determine approval. Among others, it says on its website that it'll consider your credit score, credit report and any past Apply Pay Later purchase history when determining your maximum loan amount.
While financial minimums aren't explicitly stated, you must meet the following requirements to qualify for Apple Pay Later:
If your application is denied, it could be because you:
Klarna is similar to Apple Pay Later in several ways. However, Apple Pay Later streamlines the purchase process online, while Klarna allows you to pay-in-four while shopping in store. Klarna may be better if you're heading to a brick-and-mortar store, while Apple Pay Later is better for shopping from your iPhone or iPad.
PayPal's pay-in-four option is a similar financing option that breaks up purchases up to $1,500 into four fixed installments. PayPal, like Apple Pay Later, doesn't charge interest for its pay-in-four option, and has a term length of six weeks. However, PayPal offers an extended repayment term of up to 24 months for purchases over $400.
You can contact Apple at any time from your device. Once you are signed in to your Apple account, you can obtain support by phone, email or chat. Without signing in, you can also request a call immediately or schedule one at a later date.
Phone support is available seven days a week from 8 a.m. to 10:30 p.m. ET.
For users familiar with Apple's interface, especially Apple Cash and the Apple Wallet feature, the process of applying for an Apple Pay Later installment plan is fairly simple.
Here's how to apply for payment installments through a partnering merchant's website:
You can also apply for a loan directly within your Apple Wallet, even if it's your first Apple Pay Later application.
Its mobile-friendly setup makes the app convenient for Apple users who regularly use their Apple Wallet. Plus, it's affordable when compared to its competitors that charge interest. It also doesn't charge any fees, although your bank may if you have insufficient funds to make a payment.
As an added perk, Apple Pay Later includes a calendar tool that you can use to automatically track your payments, including one's you've made and your upcoming schedule. It breaks up the cost of your loan per day and alerts you when payments are due, making it easier to track multiple loan payments.
| Overall Score | 4.4 | |
|---|---|---|
| Availability | 3.7 | Apple Pay Later has a higher minimum financing amount than similar BNPL services, and it only offers one installment option. |
| Affordability | 5.0 | No APRs or fees are charged by Apple for using its BNPL service. |
| Customer Experience | 4.6 | Customer support is available by phone, email and chat, but Apple had several complaints filed against it with the CFPB over the past three years. |
The Bankrate team did a complete analysis of the features and services offered by the most well-known buy now, pay later apps in the industry. Then our experts developed a scoring system to rate these apps, focusing on three main areas:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
