Apple introduced its own buy now, pay later (BNPL) service called Apple Pay Later

The service enables users to apply for loans ranging from $50 to $1,000 and pay them back over four payments within six weeks without incurring interest or fees.

The new service, which is available exclusively on iPhones and iPads, is designed to help users avoid paying the full price for a product immediately. Users can apply for a loan within the Apple Wallet, which will have no impact on their credit score, but Apple warns that the loan and payment history may be reported to credit bureaus and could potentially impact users' credit.

Once approved for a loan, users can see the Pay Later option at checkout in apps and online on their devices. While the service is only available in the US and for online and in-app purchases on iOS 16.4 and iPadOS 16.4, Apple says that randomly selected users will receive invitations to obtain early access to Apple Pay Later.

The Pay Later program is managed by a new subsidiary, Apple Financing LLC, which is responsible for credit assessment and lending. The service will begin reporting Pay Later loans to US credit bureaus starting in the fall.