Apple Pay Later: payment in 4x without fees will be limited to only 1000 dollars
Apple recently lifted the veil on a new payment system that will allow consumers to pay for their items in 4x free of charge, but it should be quite limited, especially in terms of the maximum amount.
Last week, Apple introduced Apple Pay Later, a major update to Apple Pay that will allow users to split the cost of a purchase into four equal payments over six weeks, without interest or fees. Apple Pay Later will be available wherever Apple Pay is accepted, i.e. in stores, but also on applications or on websites.
Behind the credits granted, we will not find a bank as is usually the case, but Apple itself. In effect, it is the subsidiary Apple Financing LLC which will take care of providing loan services to consumersbut it would seem that the American giant is not ready to grant loans to amounts that are too high.
You won’t be able to buy an iPhone 13 Pro Max with Apple Pay Later
The Wall Street Journal reports that Apple will set a maximum lending limit per transaction: $1,000. To prevent fraud, Apple would use your Apple ID information. This limit should therefore be fixedand will not be increased even if your credit rating is good or your Apple ID has no payment history or problems.
“ Pay-per-transaction plans will be capped at $1,000, and the amount consumers will be approved for will depend on their credit reports and scores. Apple will also consider its own information about millions of customers for identity verification and fraud prevention, those affected said. Applicants whose Apple ID has been in good standing for a long time and who have no indication of fraud are more likely to be approved “.
It should be noted thatApple will therefore not allow consumers to afford the iPhone 13 Pro Max, the top-of-the-range model in the series. Indeed, the smartphone was marketed at 1099 dollars in America. Consumers who want to pay for their phone in instalments will therefore have to settle for the 13 Pro model, at $999. We also know that the prices of the next iPhone 14 models could increase, which will therefore automatically exclude all Pro models.
Source: Wall Street Journal