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Previous spending history to determine Apple Pay Later credit worthiness

Apple Pay Later
Apple Pay Later

The launch of Apple Pay Later is said to be weeks away, and with that, we are finding out more information on just how the buy-now-pay-later service will function.

Apple Pay Later is said to enable those who make purchases with Apple Pay from a device like an iPhone and then pay for their overall purchase with four payments over the course of six weeks. It will be a free service for Apple Pay users and have no fees on it.

According to Bloomberg’s Mark Gurman, Apple is said to be determining credit worthiness of being able to use Apple Pay Later by analyzing a user’s spending history with hardware and software purchases through Apple.

Those that have a good credit background with those types of purchases through Apple are more than likely to be accepted to use Apple Pay Later. Other factors like a credit check and history with other services like Apple Card could play into acceptance too.

While there is no announced launch date right now, it is rumored to launch with iOS 16.4 and only be available in the United States initially. It has additionally been said to be the first Apple-backed financial service the company has ever done, meaning no third-party will be involved, according to 9to5Mac.

Apple Store employees have been said to be testing out Apple Pay Later.

What are your thoughts on Apple Pay Later? Comment below or let us know on Twitter at @appleosophy.

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