The service which is still in the testing phase will evaluate borrowers based on their spending history Read more at straitstimes.com.
LOS ANGELES – With Apple pushing into the lending business with a “buy now, pay later” service, the company is laying out rules for how it will approve transactions. One key factor: whether you have been a good customer in the past.but still in the testing phase – will evaluate borrowers based on their spending history and even which of the company’s devices they own.
Apple Pay Later loan offers expire after 30 days and applications will sometimes require a copy of a government identification card, full social security number and two-step verification on an Apple account, according to the notes in the test version of the service. Loan status with Apple Pay Later won’t affect access to other company services.
The new service will let Apple leverage its trove of data on customers, including their spending at company retail outlets, App Store transactions and services like Apple Cash peer-to-peer payments. Apple Pay, a mobile payment service launched in 2014, and the Apple Card, which debuted in 2019, have given the company an even closer connection to consumers’ financial lives.
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