Now you can buy that iPhone or MacBook in installments with Apple Pay Later.

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Sometimes you don’t have a choice when to buy a new tech gadget – like when your phone is stolen or you have an important paper due on Monday and the only thing that pops up on your laptop screen is a sad Mac icon. Let’s say it’s the week you owe your mortgage or rent. Now you have a cash flow problem.

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These consumers may be happy to hear that Apple will offer its own “buy now, pay later” plan this will allow them to divide the purchase into parts.

But unlike when you buy a phone over the air and make 24 or 36 installments, the time frame is much shorter. Apple Pay purchases can be divided into four equal payments and you have six weeks to pay without interest or fees. However, you would incur them if you still had a balance after six weeks.

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“Embedded in Apple Wallet and designed with users financial well-being in mind, Apple Pay Later makes it easy to view, track, and redeem Apple Pay Later payments in Wallet,” the company said in a statement. Press release Monday.

Apple hasn’t given a launch date for the service. But if the tradition continues, the “buy now, pay later” option will likely become part of the iOS 16 release in the fall, like many other features being promoted on Worldwide Developers Conference This week.

It’s not just the Apple Store that’s good: You can use Apple Pay Later wherever Apple Pay is accepted online or in the app.

Users can apply for the service through their Apple wallets or during the checkout process.

However, not all viewers were impressed by the news. Some were even worried, saying it was a bad idea from a personal finance standpoint.

“This is how you get into debt” commented by one Twitter user.

“It’s literally Klarna.” said another.

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Credit: www.usatoday.com /

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