So, basically, you will pay your loan not to a bank but to Apple itself.Īs for the technical part, Apple will use Mastercard's system to connect clients and merchants. The tech giant will use its own subsidiary called Apple Financing LLC to finance your spending habits.
Now comes the question: who will lend the money for your Apple Pay purchases? Well, for its Apple Pay Later feature, Cupertino won't be using the services of Goldman Sachs to loan money, as it does with Apple Card. So, if you have good financial standing with Apple and other banks and have kept your distance from fraudulent activities, you are more likely to be approved for Apple Pay Later. As Apple stated, "loans are subject to eligibility checks and approvals."Ĭupertino will also use the data on its customers for identity verification and to prevent fraud attempts.
Furthermore, the amount you will get will depend on your credit report and score.
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