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\n

Apple\u2019s going to handle the lending for its new buy now, pay later (BNPL) service, and doesn\u2019t plan on shifting that responsibility to a financial service, according to reports from Bloomberg<\/em><\/a> and CNBC<\/a>. The company\u2019s subsidiary, Apple Financing LLC, is reportedly licensed to provide lending services and will remain separate from Apple\u2019s main business.<\/p>\n
Apple announced its BNPL service, Pay Later<\/a>, at its annual Worldwide Developers Conference (WWDC) on Monday. The service will let users make a purchase through Apple Pay, and then pay back that amount in four equal installments over the course of six weeks with no interest.<\/p>\n
\nIt\u2019s the first time Apple will take on financial responsibilities<\/q><\/aside>\n<\/div>\nThis isn\u2019t Apple\u2019s first foray into finances, but, as Bloomberg <\/em>notes, it is the first time it\u2019s taking on financial responsibilities including credit checks and lending. It currently partners with Goldman Sachs to carry out these tasks for its Apple Card credit card<\/a>, with the financial firm playing a smaller, but not insignificant part in Apple\u2019s new Pay Later service. People will have to use Apple\u2019s Mastercard-based credit card, which is issued by Goldman Sachs, in order to use Pay Later. Bloomberg<\/em> notes that Apple Financing doesn\u2019t have its own bank charter (so no, Apple\u2019s technically and legally not a bank).<\/p>\n
According to CNBC, Apple will run soft credit checks when a person applies for its Pay Later Service. The outlet also reports that Apple won\u2019t extend additional credit to users who miss payments, and that they also won\u2019t count against a user\u2019s overall credit score \u2014 Apple reportedly won\u2019t report missed payments to credit bureaus. It\u2019s unclear how much Apple will let users spend, but CNBC predicts Apple Pay Later will have a cap of about $1,000. We also don\u2019t know whether Apple will charge a late fee for missed payments, and the company didn\u2019t immediately respond to The Verge<\/em>\u2019s request for comment.<\/p>\n
\n<\/aside>\nApple\u2019s move to consolidate financial services under one \u2014 albeit separate \u2014 roof indicates a potentially harder push into finances in the future. It also signals a wider goal of keeping users in its ecosystem. With Apple offering access to its Card and new Pay Later service from within Apple Pay, you\u2019re virtually locked into owning and holding onto your iPhone to easily use most of its features. Pay Later is set to roll out to customers in the US first, before expanding later to other countries.<\/p>\nBNPL services have come under fire for the potential risk they pose to consumers, and Apple\u2019s Pay Later is no exception<\/a>. Customers who use these services are more likely to overdraft<\/a>, and many struggle<\/a> to repay their loans. Existing BNPL services like Klarna, Affirm, and Afterpay have come under scrutiny<\/a> from government regulators<\/a> over the potential risks they pose to consumers.<\/p>\n<\/div>\n

<\/br><\/code><\/p>\n
Source: https:\/\/www.theverge.com\/2022\/6\/8\/23160400\/apple-kind-of-bank-now-pay-later-bnpl-financial-services<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: Apple\u2019s going to handle the lending for its new buy now, pay later (BNPL) service, and doesn\u2019t plan on shifting that responsibility to a financial service, according to reports from Bloomberg and CNBC. The company\u2019s subsidiary, Apple Financing LLC, is reportedly licensed to provide lending services and will remain separate from Apple\u2019s main business. […]<\/p>\n","protected":false},"author":1,"featured_media":7560,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,8],"tags":[9],"class_list":["post-7559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apple","category-technology","tag-apple"],"yoast_head":"\nApple\u2019s kind of a bank now - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/06\/09\/apples-kind-of-a-bank-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apple\u2019s kind of a bank now - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Apple\u2019s going to handle the lending for its new buy now, pay later (BNPL) service, and doesn\u2019t plan on shifting that responsibility to a financial service, according to reports from Bloomberg and CNBC. 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