Apple is working with Goldman Sachs to launch its own ‘buy now, pay later’ installment service, according to a new report. People said to be insiders on the matter have shed light on the alleged upcoming feature, claiming that consumers won’t need an Apple Card to utilize the upcoming offering, one similar to installment options from major companies like PayPal and Affirm.
The service will be called Apple Pay Later, at least according to the leak from Bloomberg. Consumers will allegedly be able to submit an application in Apple’s Wallet app to get approval for the installment payment program; the same app will reportedly be used to manage any installment plans that are taken out.
The report claims that Goldman Sachs will be the lender for these installment loans, which will reportedly come in two different flavors: an “Apple Pay in 4” option where an item is paid off with four payments, as well as a more lengthy option that’ll let consumers pay off their items over multiple months.
The Apple Pay Later feature will allegedly be available for purchases made with Apple Pay regardless of whether the user has an Apple Card. The report doesn’t include details about the interest rate consumers would pay under this offering, though the leak alleges that the short-term four-payment installment option will be interest-free.
The leak goes on to claim that Apple Pay Later won’t require users to undergo a credit check and that some of the plans, at least, won’t include processing or late fees. Beyond that, the insiders claim that Apple is still developing the buy now, pay later offering and it may make changes to current plans.