The new feature, called Apple Pay Later, lets customers split payments for purchases into four installments over six weeks, with the first installment due at the time of purchase. Apple users can also apply for a loan within the Wallet app, ranging from $50 to $1000, with no interest or fees, to make online or in-app purchases.
The installment process makes it seem like someone is paying practically nothing for the goods or service they’re acquiring, Terri R. Bradford, a research specialist in payment systems for the Kansas City Federal Reserve, previously told CNN. “So the possibility is that you could, in your mind, think of everything that you’re buying in those four installments and, as a result, take on more debt than you would if you had to pay for them in full each and every time.
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'buy now, pay later' That's called a credit card.
Not news.
SoundsOfCCTV
They have offered this for years thru citizens bank loans at 0% interest. What’s new here?
Only 28% interest rate, what a great deal by apple!
This is super dangerous for families to put groceries on a tab? If this is where we are at, and I fear we are, people will need more and more help. This only exacerbates the financial crisis. Put poor families and a larger risk.
Inflation is hitting so hard that Apple decided to say...
Apple has lost its way. It is no longer innovated but predatory.
Future Apple advertisements: Get your new Airpods + iPad Mini today for only 56 payments of $19.99!
Or what old farts would refer to as “credit” 😂
Lay-a-way, where have you been?!?!!!?
So now you can pay interest for their garbage. Great.
The country is in trouble
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